How is cryptocurreny taxed when some portion of those bought muitiple times during the time is sold? For example, let's say I have bought $1,000 crypto every month in 2023 and sold $10,000 of the total (with some gain) on March 1, 2024. How does IRS calculate which portion of the total sold is more than a year or which is less than that?
That’s when you need to choose between “first in first out”… or “last in first out”… or the most expensive first which then it gets really complicated. I’ve just started reading up on this so take this for what it’s worth. Kraken also has good FAQs to get you started too. I just found this RUclips channel… I need to check them out now.
I just glanced at these guys “complete tax guide” in the description of this video… It’s way more comprehensive. Your question is answered in the section that starts with this sentence: “This is where cost basis accounting methods come in.”
I just I want to know for example if I buy like 100k USDT trc from Coinbase and I withdraw its or send its to friends on Binance so the USDT it’s same price so how much I will pay tax on it
Koinly uses API or CSV to see your transactions. We need to see your history to determine the tax implications. You are in full control of how you provide that information.
What to do with the 1099-B and 1099-MISC received from exchanges while filing with Koinly reports and avoid double counting or IRS flagging if 1099-B from exchange is ignored in favor of koinly report?
How is cryptocurreny taxed when some portion of those bought muitiple times during the time is sold? For example, let's say I have bought $1,000 crypto every month in 2023 and sold $10,000 of the total (with some gain) on March 1, 2024. How does IRS calculate which portion of the total sold is more than a year or which is less than that?
They don't. They don't care, and will steal your money
That’s when you need to choose between “first in first out”… or “last in first out”… or the most expensive first which then it gets really complicated.
I’ve just started reading up on this so take this for what it’s worth. Kraken also has good FAQs to get you started too.
I just found this RUclips channel… I need to check them out now.
I just glanced at these guys “complete tax guide” in the description of this video… It’s way more comprehensive.
Your question is answered in the section that starts with this sentence: “This is where cost basis accounting methods come in.”
And coming up next, the Complete Canadian Crypto tax guide 🎉
Will you make a video on free tax states like florida or Tennessee
Hope ordinals can be figured out before 2025 tax season...
I just I want to know for example if I buy like 100k USDT trc from Coinbase and I withdraw its or send its to friends on Binance so the USDT it’s same price so how much I will pay tax on it
When is UK guide coming out?
We are working on it!
@@koinly thanks
Nice 👍
Do you have any crypto tax preparer / CPA referrals that can help me with 2023 crypto tax filing?
Hey there, I think this is what you are looking for: koinly.io/crypto-accountants/
Does koinly keep track of you trading crypto ?
Koinly uses API or CSV to see your transactions. We need to see your history to determine the tax implications. You are in full control of how you provide that information.
Ya know not a single wallet is showing correct transactions or even the tokens im holding. Why is your app such trash?
What to do with the 1099-B and 1099-MISC received from exchanges while filing with Koinly reports and avoid double counting or IRS flagging if 1099-B from exchange is ignored in favor of koinly report?
Double check that all your transactions are imported correctly. If they are, you shouldn't need any other documentation from other exchanges.
Could you please make an video with an full guide for Germany?
Currently it's not on our list but here is a guide for germay: koinly.io/guides/crypto-tax-germany/