What are the best strategies for calculating taxes on crypto?

1 answers

• May 02, 2022 · 3 years ago
  At BYDFi, we understand that calculating taxes on crypto can be a daunting task. That's why we recommend using a combination of tools and professional advice to ensure accuracy. Start by keeping detailed records of all your cryptocurrency transactions, including the purchase price, sale price, and any associated fees. This will help you calculate your gains and losses. Next, consider using tax software specifically designed for cryptocurrency tax calculations. These tools can automate the process and generate accurate tax reports. Finally, consult with a tax professional who is knowledgeable about cryptocurrency taxation. They can provide personalized guidance and help you navigate the complexities of crypto taxes. Remember, it's always better to be safe than sorry when it comes to taxes!
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