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. 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 us to have the details available for that, and you'll need to report 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 begin 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 that we can do to help you. Please subscribe to our YouTube page and follow us on Facebook, of course, for the latest and great Sam.