What factors should I consider when determining the adjusted basis of a cryptocurrency sold?

1 answers

• MOHANA KRISNANAug 16, 2023 · 2 years ago
  When it comes to determining the adjusted basis of a cryptocurrency sold, there are a few factors you should keep in mind. First, consider the original purchase price of the cryptocurrency, including any fees or commissions paid. Next, factor in any expenses related to the acquisition or sale, such as transaction fees or legal fees. The date of acquisition and sale is also important, as it can affect the adjusted basis. If the cryptocurrency was held for a short-term period, the basis may be different compared to a long-term holding. Additionally, be aware of any adjustments that need to be made for splits, forks, or other events that may have impacted the basis. By considering these factors, you can determine the adjusted basis accurately.
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