How can I calculate my tax liabilities for cryptocurrency investments on Robinhood?

1 answers

• tim strongDec 27, 2024 · a year ago
  Calculating tax liabilities for cryptocurrency investments on Robinhood is an important step to ensure you're meeting your tax obligations. Here's a simple guide to help you get started. First, gather all your transaction history from Robinhood, which should include details of your buys, sells, and any other transactions. Next, determine the cost basis for each transaction, which is the original value of the cryptocurrency at the time of the transaction. This information can usually be found in your transaction history. Once you have the cost basis, you can calculate the capital gains or losses for each transaction by subtracting the cost basis from the selling price. Finally, make sure to report these gains or losses on your tax return. If you're unsure about any step, it's always a good idea to consult with a tax professional for personalized advice and guidance.
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