Tracking your Cryptocurrency

So what’s the big deal about tracking cryptocurrency? Well, the IRS is afraid that we’re going to make billions of dollars and not tell them about it. Cryptocurrency is a little different than the standard stock transactions and it’s treated differently.

Cryptocurrencies are not considered an investment. They’re not a stock, so they’re not going to be reported that way. You’re not going to receive a statement from your broker that says you bought it at this much and you sold it at this much. And here’s what your gain or loss was. That is ultimately what you’ll need to report. You will have to report it on each and every sale transaction you have.

There are a lot of services out there that can help you make that a pretty easy process. And I expect there’ll be more by the time the end of the year rolls around. You can check out cointracker.com. That’s the one I personally use to track mine, but make sure that you’re keeping up with each transaction.

You can’t just group these and say, I overall made or lost this much money. They’re going to want to have the details available for that. And you’ll need to record it on your tax return. So you’re not going to buy a Tesla with it anymore. You’ll see a lot of changes coming I think in this industry because they’re going to be a lot more vendors who began to accept cryptocurrencies for payments.

We’re already seeing it in the accounting industry as well. So keep up with your crypto and let us know if there’s anything we can do to help you please subscribe to our YouTube page and follow us on Facebook of course for the latest and greatest.

Donna Bordeaux, CPA with Calculated Moves

Creativity and CPAs don’t generally go together.  Most people think of CPAs as nerdy accountants who can’t talk with people.  Well, it’s time to break that stereotype.  Lively, friendly and knowledgeable can be a part of your relationship with your CPA as demonstrated by Donna and Chad Bordeaux.  They have over 50 years of combined experience as entrepreneurial CPAs.  They’ve owned businesses and helped business owners exceed their wildest dreams.   They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.