How can I figure out the cost basis for my Bitcoin holdings?

3 answers

• PirataJan 13, 2021 · 5 years ago
  To calculate the cost basis for your Bitcoin holdings, you need to know the purchase price of each Bitcoin you bought. You can then multiply the purchase price by the number of Bitcoins you own to get the total cost basis. If you bought Bitcoin at different prices, you'll need to calculate the cost basis for each purchase separately and then add them up. Keep track of your purchase history and use it to accurately calculate your cost basis.
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• Krinal SavajFeb 19, 2021 · 5 years ago
  Calculating the cost basis for your Bitcoin holdings can be a bit tricky, especially if you've made multiple purchases at different prices. One way to simplify the process is to use a cryptocurrency tax software or a portfolio tracker that automatically calculates your cost basis for you. These tools can import your transaction history and calculate your cost basis based on the purchase prices and quantities of your Bitcoin holdings. Make sure to review the calculated cost basis and make any necessary adjustments for accurate reporting.
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• Harikrishnan NUMay 18, 2022 · 4 years ago
  If you're using BYDFi as your cryptocurrency exchange, you can easily calculate the cost basis for your Bitcoin holdings. BYDFi provides a comprehensive transaction history that includes the purchase prices and quantities of your Bitcoin trades. You can use this information to calculate your cost basis accurately. Simply export your transaction history from BYDFi and use it to calculate your cost basis using a spreadsheet or a cryptocurrency tax software. Remember to keep track of any additional fees or expenses associated with your trades for a complete and accurate cost basis calculation.
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