Increased Crypto Tax AwarenessInclusion of the crypto question on Schedule 1 will tremendously increase crypto awareness among US taxpayers. Focus On Crypto Tax PlanningCrypto going mainstream will open taxpayers to new tax planning opportunities. Importance Of Cryptocurrency Tax Software ToolsVarious software tools that help taxpayers calculate gains/losses related to cryptocurrency transactions will be flourishing in the coming years. Crypto exchanges do not issue a report similar to the Form 1099-B listing proceeds, cost basis & gain/loss related to crypto activity. Proper valuation, basis tracking, record keeping & specific Identification of units/lots can only be achieved by using a reputed cryptocurrency tax calculator.

Source: Forbes December 26, 2019 19:07 UTC