Cost Basis for tax purposes
I have hundreds of transactions on a couple different exchanges from DCAs (don't worry I move it over to cold storage). I haven't sold any bitcoin yet, but I was wondering how I would determine the cost basis in the event that I wanted to sell a portion of my stack. Was hoping to learn through other people's experiences - here are the questions I have and feel free to add on any advice/tips. Thank you!
- Do people keep manual spreadsheets of all their transactions with different exchanges?
- Do you determine the overall cost basis of your stack and use that for the portion you sell? Do you use LIFO, FIFO, Special Identification, something else?
- Once you sell a portion of your stack, how do you redetermine your cost basis accurately?
[link] [comments]
from Bitcoin - The Currency of the Internet https://ift.tt/ugEK08B
No comments