How can I calculate my tax liability for trades made on Kucoin?

2 answers

• RolandApr 06, 2021 · 4 years ago
  Calculating your tax liability for trades made on Kucoin is crucial to avoid any potential issues with the tax authorities. To calculate your tax liability, you'll need to gather all the necessary trading data, including transaction history and trade details, from Kucoin. Once you have this information, you can determine the cost basis of each trade, which is the original value of the asset you traded. This can be calculated by considering factors such as the purchase price, fees, and any other costs associated with the trade. After calculating the cost basis, you can calculate the capital gains or losses for each trade by subtracting the cost basis from the sale price. It's important to keep accurate records of your trades and consult with a tax professional to ensure you're correctly calculating and reporting your tax liability.
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• alan wangJan 19, 2021 · 5 years ago
  Calculating your tax liability for trades made on Kucoin can be a bit overwhelming, but don't worry, I've got your back! First, gather all your trading data from Kucoin, including transaction history and trade details. Then, determine the cost basis of each trade, which is the original value of the asset you traded. This can be calculated by taking into account factors such as the purchase price, fees, and any other costs associated with the trade. Once you have the cost basis, calculate the capital gains or losses for each trade by subtracting the cost basis from the sale price. Finally, make sure to report these gains or losses on your tax return. If you're unsure about any step of the process, it's always a good idea to consult with a tax professional for expert advice and guidance.
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