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January 31, 2022

Traded cryptocurrency in 2021? Here's how to approach taxes

  • Which cryptocurrency activity is reportable?
    • By SABRINA PARYS
    NerdWallet

    iStock image
    If all you did was purchase cryptocurrency with U.S. dollars, and those assets have been sitting untouched in an exchange or your cryptocurrency wallet, you shouldn’t need to worry about reporting to the IRS this year.

    Professionals have a major piece of advice for those who traded cryptocurrency for the first time last year: Take your tax prep seriously.


     
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