How do I report a cryptocurrency gain to the IRS?

As a taxpayer interested in understanding the intricacies of reporting cryptocurrency gains to the IRS, I'm wondering how I should approach this process. Specifically, I'm curious about what steps I need to take to accurately document and declare any profits I've made through cryptocurrency transactions. I understand that the IRS treats cryptocurrency as a property, but I'm unclear on the specific procedures and documentation required. Can you explain how to determine the value of cryptocurrency gains, calculate the appropriate tax liability, and what forms or documents need to be submitted to the IRS? Additionally, are there any common pitfalls or areas of confusion I should be aware of while navigating this reporting process?