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Are there any specific tools or software available to help determine the cost basis for cryptocurrency transactions on a 1099-B?

Hvid KristiansenDec 31, 2023 · a year ago1 answers

Can anyone recommend any specific tools or software that can be used to accurately determine the cost basis for cryptocurrency transactions on a 1099-B form? I'm looking for something that can handle the complexities of calculating the cost basis for various types of cryptocurrency transactions, such as buying, selling, trading, and receiving as income. It would be great if the tool or software can also take into account factors like fees, commissions, and other transaction costs. Any suggestions?

Cryptocurrency
Cost Basis
1099-B

1 answers

  • Abdul KhadharSep 06, 2023 · 2 years ago
    When it comes to determining the cost basis for cryptocurrency transactions on a 1099-B form, there are a few tools and software options that you can consider. One popular choice is CoinTracker, which offers a user-friendly interface and supports a wide range of cryptocurrencies. Another option is Koinly, which provides a comprehensive suite of features for tracking and calculating the cost basis of your cryptocurrency transactions. Additionally, some cryptocurrency exchanges, such as Binance, offer built-in tools for calculating the cost basis of your transactions. These tools can be a valuable resource for accurately reporting your cryptocurrency gains and losses on your tax return. Remember to consult with a tax professional for specific advice based on your individual circumstances.

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