Tax Tip: Uncle Sam Will Be Looking for Your Cryptocurrency Trades

Calling all traders! Check your Form 1099-B your broker and make sure its error-free before you prep your tax return. And while your cryptocurrency trades may not be on it, they still need to make their way onto it. Watch!
Updated

If you traded a stock, bond, mutual fund or another investment -- including cryptocurrencies -- listen up.

You should have received a Form 1099-B - Proceeds from Broker and Barter Exchange Transactions that reports your trades.  Whether you get a hard copy or an email saying its available look at it, because these things have been known to have errors. You need this form when you sit down to prepare your tax return (if you haven't already!) and you want it to be accurate.

Just know this -- you probably are not going to get a 1099-B for your cryptocurrency trades.

And yet -- they still need to be reported or you risk a knock on the door from Uncle Sam.

Watch this video to hear why.

Be sure to follow me @tracybyrnes for more tax tips this season.

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