How can I calculate capital gains tax on my cryptocurrency holdings?

2 answers

• JRKDec 28, 2023 · 2 years ago
  Calculating capital gains tax on your cryptocurrency holdings might sound like a headache, but fear not! Here's a simple guide to help you out. First, gather all the necessary information, such as the dates and amounts of your cryptocurrency transactions. Next, determine the cost basis of each cryptocurrency you sold. This is the original value of the cryptocurrency when you acquired it. Subtract the cost basis from the sale price to calculate your capital gain or loss. Finally, apply the appropriate tax rate to determine the capital gains tax. Remember to keep accurate records and consult with a tax professional if you have any doubts.
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• JRKJan 25, 2023 · 3 years ago
  Calculating capital gains tax on your cryptocurrency holdings might sound like a headache, but fear not! Here's a simple guide to help you out. First, gather all the necessary information, such as the dates and amounts of your cryptocurrency transactions. Next, determine the cost basis of each cryptocurrency you sold. This is the original value of the cryptocurrency when you acquired it. Subtract the cost basis from the sale price to calculate your capital gain or loss. Finally, apply the appropriate tax rate to determine the capital gains tax. Remember to keep accurate records and consult with a tax professional if you have any doubts.
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