Essential Tax Advice for Cryptocurrency Traders as Tax Season Approaches

If you’re an investor in cryptocurrencies, you might be wondering about the tax consequences of your investments. Andrew Gordon, a Tax Attorney and CPA with Gordon Law, teams up with Wealth to shed light on the tax ramifications of dealing with digital currencies.

“The experience of crypto investment is distinct from traditional stocks or securities,” remarks Gordon. He points out that crypto transactions don’t come with pre-prepared tax documents as with conventional investments. It’s up to the crypto traders themselves to keep track of and report their transactions. He cautions that failure to accurately report can result in harsh fines or even more serious consequences.

Gordon draws attention to the avenue of making charitable cryptocurrency contributions as a method to potentially decrease tax obligations. He notes that investors can contribute a part of their appreciated cryptocurrency to charitable organizations and could obtain a tax deduction that may lower their overall tax liability.

For an in-depth breakdown of the upcoming 2025 cryptocurrency regulations and their tax significance, be sure to watch the complete interview with Tax Attorney and CPA Andrew Gordon from Gordon Law above.

To explore additional professional perspectives and commentary on current market trends, watch more Wealth videos here.

Authored by Angel Smith