How can I calculate my capital gain or loss from cryptocurrency trading?

1 answers

• Barbara-BahbiApr 01, 2021 · 5 years ago
  Calculating your capital gain or loss from cryptocurrency trading is crucial for tax purposes. It's important to keep track of all your trades and gather the necessary information, such as the cost basis and fair market value of each cryptocurrency involved in the trades. The cost basis is the original purchase price, while the fair market value is the price at the time of the trade. By subtracting the cost basis from the fair market value, you can determine your capital gain or loss. If you're unsure about the process, consider using a cryptocurrency tax software or consulting with a tax professional to ensure you're accurately calculating your gains or losses.
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