Cryptocurrency cost basis is the original value of an asset for tax purposes. When you sell or trade a cryptocurrency, you need to report the cost basis to the Internal Revenue Service (IRS). This helps the IRS determine if you have made a profit or loss on the sale. There are a few different ways […]
How To Calculate Bitcoin Taxes
The Internal Revenue Service (IRS) treats Bitcoin and other digital currencies as property for federal tax purposes. This means that general tax principles that apply to property transactions also apply to transactions involving digital currencies. The following are some important points to keep in mind when calculating Bitcoin taxes: – The fair market value of […]
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