If you trade in stocks or crypto, or even get paid in crypto, you could be taxed. Lisa Greene-Lewis offers expert advice on what to watch for if you sell investments, get paid in crypto and if you have investment losses.Lots of people getting involved in the stock market these days and the cryptocurrency market. So what do you need to know? And how do you save money? Lisa Greene-Lewis, TurboTax expert and CPA, is here with us right now. Look, the world is open now. Lots of people are trading.
Now, people are paying people in crypto. So if you're being paid in it, it's going to be like a wage, or you could be paid as a contractor. So that's going to show up on -- if you're paid as a contractor, what you're paid in crypto, it's going to show up on a 1099. And then with that, if you're paid in it, you're also going to have another transaction when you sell the crypto. And then it's going to be looked at as an investment.Right.
So don't forget that especially, if you had carry forward losses from previous years, you don't want to forget to include that on your tax return because that can also lower your taxes.I will say, that that's one of the perks to using TurboTax. The system remembers and will carry it forward for you. We had talked in an earlier video about uploading all our trades. Let's talk about that now too. Because if people are day trading, so to speak, there can be hundreds of them.Right.