Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Hey Saim, my major part of the earnings are received using crypto currency. I have no idea how to file tax return using this model, can you please help?
Each time you receive a payment in cryptocurrency, you need to record the FMV in USD at that particular time. All payments to be reported on the Schedule C of your Tax Return (assuming you are a contractor and do not have a corporation).
I’d also recommend speaking directly with a cryptocurrency accountant, as they will be able to provide specific guidance for the particulars of your case.
© Saim Akif, 2021