► Wondering about taxes and forms? We’re here to help answer questions regarding 2024 taxes for your Crypto IRA. Whether you’re new to IRAs or just need some pointers, iTrustCapital is here to provide some info!

Interested in learning more about retirement accounts, Crypto IRAs, or the iTrustCapital software platform? Head to iTrustCapital.com now. ◄

Chapters:
00:00 Intro
00:17 Factoring a Traditional IRA into Yearly Taxes
01:06 Factoring a Roth IRA into Yearly Taxes
01:31 Outro

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DISCLAIMER
This video is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.

iTrustCapital is not an exchange, funding portal, custodian, trust company, licensed broker, dealer, broker-dealer, investment advisor, investment manager, or adviser in the United States or elsewhere. iTrustCapital is not affiliated with and does not endorse any particular cryptocurrency, precious metal, or investment strategy.

Cryptocurrencies are a speculative investment with risk of loss. Precious metals are a speculative investment with risk of loss. Cryptocurrency is not legal tender backed by the United States government, nor is it subject to Federal Deposit Insurance Corporation (“FDIC”) insurance or protections. Clients do not receive a choice of custody provider. The self-directed purchase and sale of cryptocurrency through a cryptocurrency IRA have not been endorsed by the IRS or any regulatory agency. Historical performance is no guarantee of future results.

Some taxes and conditions may apply depending on the type of IRA account. ​​Investors assume the risk of all purchase and sale decisions. iTrustCapital makes no guarantee or representation regarding investors’ ability to profit from any transaction or the tax implications of any transaction. iTrust Capital does not provide legal, investment or tax advice. Consult a qualified legal, investment, or tax professional.

iTrustCapital makes no representation or warranty as to the accuracy or completeness of this information and shall not have any liability for any representations (expressed or implied) or omissions from the information contained herein. iTrustCapital disclaims any and all liability to any party for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this information, which is provided as is, without warranties.

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UPDATED: Crypto IRA Prep for the 2024 Tax Season

As the popularity of cryptocurrencies continues to grow, more and more people are turning to cryptocurrency IRAs as a way to invest in digital assets. However, with the IRS cracking down on crypto taxes, it’s important to stay updated on the latest regulations and guidelines to ensure that your investments stay in compliance with the law.

Here are some important steps to take to prepare for the 2023 tax season:

1. Keep Detailed Records: One of the most important aspects of ensuring that your crypto IRA stays compliant is keeping detailed records of all your transactions. This includes keeping track of the dates, amounts, and values of all your trades, as well as any fees and commissions associated with them.

2. Report Your Gains and Losses: When it comes to taxes, the IRS treats cryptocurrencies as property rather than currency. This means that any gains or losses from your crypto investments are subject to capital gains tax. Make sure to report all your gains and losses accurately and on time to avoid penalties.

3. Consult with a Tax Professional: With the ever-changing landscape of cryptocurrency regulations, it’s a good idea to consult with a tax professional who is knowledgeable about crypto taxes. They can help you navigate the complexities of reporting crypto gains and losses on your tax return and ensure that you are in compliance with the law.

4. Consider Using a Crypto IRA Provider: If the thought of navigating crypto taxes on your own seems daunting, consider using a crypto IRA provider. These companies specialize in helping individuals invest in cryptocurrencies through their IRAs and can help you stay compliant with tax regulations.

As the 2023 tax season approaches, it’s important to stay informed and prepared when it comes to reporting your crypto investments. By following these steps and staying updated on the latest regulations, you can ensure that your crypto IRA stays in compliance with the law and that you avoid any potential penalties or fines.

Disclaimer: This article is for informational purposes only and should not be construed as legal or financial advice. Consult with a tax professional or financial advisor for personalized guidance.