Is there a specific formula or algorithm to calculate the missing cost basis for different types of cryptocurrencies?

1 answers

• Muhammad Nadeem HassanJul 05, 2024 · a year ago
  At BYDFi, we understand the challenges of calculating the missing cost basis for different types of cryptocurrencies. While there isn't a specific formula or algorithm that applies universally, there are some best practices you can follow. Firstly, ensure that you have a record of all your cryptocurrency transactions, including the date, time, quantity, and price. Next, determine the accounting method you want to use, such as FIFO or LIFO. Once you have this information, you can calculate the cost basis for each transaction and then aggregate them to get the missing cost basis. Remember to consult with a tax professional or accountant for specific guidance based on your jurisdiction and individual circumstances. Happy calculating!
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