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RE: San Francisco Run. USA Cryptocurrency Tax.
Exchanges should make your transactions easily exportable to excel. It would surely make the data manipulation process a lot easier.
Exchanges should make your transactions easily exportable to excel. It would surely make the data manipulation process a lot easier.
They made it sound like excel made is super simple. Simple process, lots of variables.
Well usually you have to calculate the weighted cost of each crypto you have bought and sold during the year. And calculate your adjusted cost base based off that. Just remember that all of your exchange fees are also included in your adjusted costs base. So you must also incorporate that into your adjusted cost base. To make it even more simple, you can just take all of your exchange fees and just reduce your total taxable capital gains by the total amount you spent on exchanges. There are a bunch of other items that are deductible as well. Once you set up all the formulas, it will be quite easy to do the math in subsequent years.
Great comment thank you.
:) thanks for the upvote