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Record keeping is an important part of any investment transaction. With the rising popularity of cryptocurrencies, we have had many clients ask us what records they need to maintain regarding their transactions in virtual currencies.
The Internal Revenue Code and regulations require taxpayers to maintain records that are sufficient to establish the positions taken on tax returns. Taxpayers should maintain, for example, records documenting receipts, sales, exchanges or other dispositions of virtual currency and the fair market value of the virtual currency.
Reconciling crypto transactions can be complicated. Our office is experienced in reconciling transactions generated in a variety of cryptocurrency exchanges. Please contact our office for more information on the reconciliation and reporting of cryptocurrency.