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Ensure Complete Transaction History
- Provide all historic transactions, including from defunct exchanges, for accurate tax reporting.
- Use tools like CoinTracker to reconcile and correct any incomplete or inconsistent transaction data manually if needed.
Rising Crypto Tax Enforcement
- US government enforcement on crypto tax compliance is increasing with audits and information requests.
- Governments prioritize tax compliance but rely on users to report all wallets and transactions fully.
Optimize Taxes with Record-Keeping
- Use unique identification accounting for cost basis to potentially lower crypto taxes by selecting which assets are sold.
- Consider reporting lost or hacked coins conservatively and stay informed about ongoing tax clarifications.