Filing your taxes on cryptocurrency on SoFi might make the following easier to execute. There’s no legal way to avoid paying taxes on your cryptocurrencies. The good news is that you don’t have to pay taxes on what you own. Regarding capital gains, which are laws taxing income made from investments, you are only taxed on your earnings. Being a successful crypto investor calls for you to understand capital gains taxes and how to file them with your normal taxes each year. This overview goes through the steps and needs for you.
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The first thing to understand about bitcoin accounting is that you are the accountant. The safety of your coins, their location and administration are entirely up to you. This includes the work you must do to file your taxes. In order to properly file capital gains, you need to track your trading orders. 2021 ushers in a new era where individuals become their own banks, accounting for money received, lost and invested. Take a look at the following steps you need to take when tallying your trades for capital gains:
Avoiding penalties in the future calls for you to file your gains properly. According to the experts at SoFi, you want take the following steps to make sure you abide by tax laws and protect your money:
Filing capital gains isn’t complicated. Be sure to do your part, pay your fees and keep your account eligible for trading.
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