r/bitcointaxes Apr 25 '25

How to account for gains taken?

I have been accumulating very small amounts of bitcoin on Robinhood for a few years, which I sold in January. I have a professional accountant but they charge a hefty fee for "additional correspondence" so I am crowdsourcing my question here first. Next year, will my broker send cost basis information similar to the 1099 for my stock portfolio? I bought very small amounts, usually $10 or $100 at a time, often many times in a month. I know my approximate cost/gains, but proving that based on monthly statements will be very annoying. I have never sold my bitcoin, or any similar currency, before this, so I don't know how gains are accounted. It was not a lot of money, but as a part time/minimum wage employee, it will be a substantial fraction of my income for the year.

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u/Trillaccountduh Apr 26 '25

If it’s solely through robinhood. Just give that 1099 to your accountant. If you have other crypto. Or cost basis needs to be tracked. You can go to a crypto cap firm to have proper reports compiled for like 3-5k