What are the different methods to calculate the cost basis of my cryptocurrency holdings?

1 answers

• Khanh BùiSep 17, 2024 · a year ago
  At BYDFi, we recommend using the FIFO method to calculate the cost basis of your cryptocurrency holdings. This method is widely accepted and provides a fair and consistent way to determine the cost basis. However, it's important to consult with a tax professional or accountant to ensure compliance with tax regulations in your jurisdiction. Remember, calculating the cost basis accurately is crucial for determining your capital gains or losses when you sell your cryptocurrencies.
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