8508 2023-2024 Form

Instructions and help about About Form 1097 BTC, Bond Tax Credit

hello my name is katie senoras with st norris wealth management and in this video we're going to talk about cryptocurrency and your tax return let's get going [Music] cryptocurrencies are taxed as property ing to the irs virtual currency guidance if you would like to read more you can go to web browser of your choice search for irs virtual currency guidance you will see ires.gov website click on the link and you will see irs notice 2014-21 that's six-page pdf file that provides your additional information regarding the treatment tax guidance on cryptocurrencies now let's talk about what tax statement can you expect this year from exchanges first one it's form 1099-b form 1099 b simply a summary of your capital gains and losses for the past year this statement will least description of the property date you purchase it date you sold how much you sold it for your cost basis specified short term gain or loss and any possible federal income tax withheld i would like to point out that you m