How can I calculate my profits from cryptocurrency trading in 2018?

1 answers

• Bhavish NadarJul 18, 2021 · 5 years ago
  Calculating your profits from cryptocurrency trading in 2018 is crucial for evaluating your investment performance. Here's a step-by-step guide: 1. Collect all your trading records for the year, including buy and sell orders, transaction fees, and any other relevant information. 2. Determine the cost basis of each cryptocurrency you bought. This is the total amount you paid for the cryptocurrency, including any fees. 3. Calculate the fair market value of each cryptocurrency you sold. This is the price at which you sold the cryptocurrency. 4. Calculate the capital gain or loss for each cryptocurrency by subtracting the cost basis from the fair market value. 5. Sum up the capital gains and losses for all your cryptocurrency trades in 2018. 6. Consider any transaction fees or other expenses related to your trading activities. 7. Seek advice from a tax professional to ensure accurate reporting and compliance with tax regulations. By following these steps, you'll have a clear understanding of your profits from cryptocurrency trading in 2018.
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