5 Common Cryptocurrency Tax Mistakes

Not reporting all crypto transactions to the IRS, including buys, sells, trades, air drops, mining, and staking rewards.

Inaccurate record-keeping of crypto transactions, complicating determination of gains or losses for tax purposes.

Relying on tax software not tailored for cryptocurrency transactions, risking errors in reporting.

Missing tax filing deadlines, incurring penalties and interest, particularly for transactions needing Form 8949.

Neglecting professional guidance or encountering filing complexities, risking incorrect reporting and penalties.