Selling, exchanging, or spending a digital asset can require tax reporting. Receiving digital assets as compensation or rewards can raise different income questions. Simply holding an asset is not the same activity as disposing of it.
An exchange statement may not include the full acquisition history, especially after transfers between wallets or platforms. Keep dates, quantities, values, fees, and records showing the basis of assets disposed of. Distinguish a transfer between your own wallets from an actual exchange or payment.
Provide information from every relevant platform and wallet, not just the one that issued a tax form. A missing form does not automatically remove a reporting obligation, and missing basis should be investigated rather than guessed.
Your next steps
- Export complete transaction histories before losing platform access.
- Identify wallet transfers and taxable transactions separately.
- Reconcile income, proceeds, and acquisition basis.
General education, not individualized tax or legal advice. Illustrations use stated assumptions and do not promise a refund or tax saving.
Make this relevant to your situation.
ML Taxes & Accounting can review your income, records, and goals before you make a tax decision.
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