Taxes

In continuing effort to make cryptocurrency easy and accessible to everyone, downloadable trade history and balance records are available to assist in tax preparation and reporting.

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Do I need to pay Cryptocurrency tax?

Yes, you are required to report losses as well as gains on all H2cryptO exchange transactions. The Internal Revenue Service holds all investors liable for reporting income and transactions. Cryptocurrency is considered “property” for IRS purposes and is similar to a capital asset (stock or bond). H2cryptO provides all transaction history available to clients for this purpose.

If you require a record of your balance or trade history, a .csv file can be downloaded from the trading section of the H2cryptO exchange:

Cryptocurrency laws are different in every country.

 

H2cryptO does not provide tax advice, tax forms, or tax statements, but the following documents may be helpful:

  1. Form Q36-Q38 is available as a trusted guideline to report.
  2. Form 8949 is available to report capital gains and losses. You can download the transaction report to assist with this document.
  3. Form 1099-MISC (Miscellaneous Income) can be used to report any rewards/fees from staking or any other promotional form of income(educational reward, airdrop).
  4. Form 1040(Schedule D) can be used as well for gains and losses reporting. This form will summarize all information to report capital gains.

H2cryptO is not responsible for providing any tax advice. We suggest you consult with a licensed tax consultant and or CPA.

Download the H2cryptO app from Android/iOS app stores.

H2cryptO’s client service department is available live 24/7/365 LIVE
support to assist with any mobile related issues.

1-307-888-4H2O (4426)

 

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