Does the exchange you use provide a form? The IRS doesn't care if you were long or short -- all they care is the capital gain (or loss). Pretty sure this would fall under Schedule D.
hold up, can you clarify? shorting is where you sell the asset first and then buy it back at a lower price to make a profit. but if you bought spot and then sold it at a lower price you made a loss.
you said you shorted the asset but then said you bought it and then sold it.
but basically bc is right, if you made money (well done kek) then you just report the total gain for the year.
Does the exchange you use provide a form? The IRS doesn't care if you were long or short -- all they care is the capital gain (or loss). Pretty sure this would fall under Schedule D.
i thnk that is called fomo and uh you report the loss.
I noticed this year that taxact.com added a question regarding crypto. I’ve been using them for years. They do have free option.
The obedience runs deep.
hold up, can you clarify? shorting is where you sell the asset first and then buy it back at a lower price to make a profit. but if you bought spot and then sold it at a lower price you made a loss.
you said you shorted the asset but then said you bought it and then sold it.
but basically bc is right, if you made money (well done kek) then you just report the total gain for the year.
i was shorting crypto perpetual contracts