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RE: Crypto Tax Blog - Investing in Bitcoin? Let’s Learn U.S. Tax Rules! (Part I-A)
Exactly that is why it's the rule for direct exchanges to be taxed. You know your stuff!
Exactly that is why it's the rule for direct exchanges to be taxed. You know your stuff!
Thanks. Sometimes these tax rules make sense if you think about it.
Similarly, keeping track of each purchase's basis might sound extremely obnoxious. But it would be far, far, worse if you had to pay taxes on the gross proceeds of a sale, instead of the profit. Which, IIRC, happens if you can't prove your basis.
Agree you need to substantiate basis to claim basis.