Who have you used for Crypto Taxes

[Fightrepreneur]

Hi TFLF.
Just quit my slowlane job to pursue TFL.
Im sitting on 5-6 figures of cryptocurrency profit and I really have no idea how to handle cashing any of it out. I want to get out a down payment for a duplex to start house hacking as my rent is a fortune (moving to a LCOL area from a super HCOL) which will stretch my savings months if not years while I pursue my first venture. I pulled out 10k this year already and have no idea how to pay taxes on it, H&R block was clueless

Has anyone cashed out 20-50k+ of crypto assets and how did you do it tax wise?

 

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[Tom.V]

Hi TFLF.
Just quit my slowlane job to pursue TFL.
Im sitting on 5-6 figures of cryptocurrency profit and I really have no idea how to handle cashing any of it out. I want to get out a down payment for a duplex to start house hacking as my rent is a fortune (moving to a LCOL area from a super HCOL) which will stretch my savings months if not years while I pursue my first venture. I pulled out 10k this year already and have no idea how to pay taxes on it, H&R block was clueless

Has anyone cashed out 20-50k+ of crypto assets and how did you do it tax wise?

If these gains were experienced by holding the coins for more than a year(and live in the US), then you would qualify for the long term capital gains tax rate. If less, then expect full short term capital gains tax rate based on your income tax rate.

 

[Fightrepreneur]

If these gains were experienced by holding the coins for more than a year(and live in the US), then you would qualify for the long term capital gains tax rate. If less, then expect full short term capital gains tax rate based on your income tax rate.

If these gains were experienced by holding the coins for more than a year(and live in the US), then you would qualify for the long term capital gains tax rate. If less, then expect full short term capital gains tax rate based on your income tax rate.

I have been holding some for over a year. This was my understanding as well. My question is more about HOW to pay this tax. At H&R block the lady said I needed some receipt. My bank statement shows money showing up from a crypto trading platform. I don't have something to show the tax people other than that.