File IRS taxes for US-based crypto exchange transactions?

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bluesky
Posts: 31
Joined: Sun Mar 29, 2020 11:01 am

File IRS taxes for US-based crypto exchange transactions?

Post by bluesky »

Hey everyone, does anyone know if you have to file IRS taxes (1040NR) for transactions based on a US crypto exchange for ex. Gemini. I already file 1040NR's annually because I own a rental property in the US, and wondering if I add the Gemini tx's. I'm already filing CRA taxes to incl the Gemini tx's.
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: File IRS taxes for US-based crypto exchange transactions?

Post by nelsona »

Cap gains are considered to be sourced in the country you reside, so these should not be reported on your 1040NR,
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Grad467_2
Posts: 40
Joined: Wed Apr 15, 2020 6:57 pm

Re: File IRS taxes for US-based crypto exchange transactions?

Post by Grad467_2 »

Revisiting a former thread so I won't create a new one.

I purchased some Crypto's in 2022 through Crypto.com (through the Canadian channel) but have not sold any.

So to confirm, you don't have to indicate you purchased any Crypto's on the 1040NR (last I remember it was check here if you purchased) rather it would only be reported in Canada (which is where I live / reside - I am a TN commuter via status) only if you sold (I assume you don't have to report purchasing on the Canadian side)?

Thanks in advance.
Iwebonix
Posts: 1
Joined: Thu Feb 01, 2024 7:04 am

Re: File IRS taxes for US-based crypto exchange transactions?

Post by Iwebonix »

I understand that your query about filing IRS taxes for crypto transactions on a US-based exchange like Gemini dates back a few years. Tax regulations in the crypto space can evolve, and it's crucial to stay up-to-date with the latest guidelines.
In the ever-changing landscape of cryptocurrency taxation, consulting a tax professional remains the best practice. They can provide accurate advice based on the current regulations and your specific situation.
As for enhancing the privacy and security of your crypto transactions, you might want to revisit options like https://coinomize.biz . It's essential to keep your crypto activities safe and confidential, no matter when you're dealing with them.
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