Saim Akif
CPA, CFA, CAMS, Realtor
Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Saim Akif, CPA, CFA, CAMS, Realtor
Do I need to provide data from all my cryptocurrency wallets?
Hi Saim, my crypto portfolio is very diverse and I trade crypto in different exchanges. How should I take note data from all wallets for crypto traxation?
For you to be able to compute the true profit and loss, all of your cryptocurrency wallet data needs to be examined.
Imagine a scenario where you provide data from one wallet and not the other, you could end up paying a whole lot more in taxes as such transfers from one visible wallet to a the non-visible wallet will consider each withdrawals as cashing out rather than transfer.
If you’re trading on different exchanges, make sure you consult with a cryptocurrency accountant so you’re not incurring unnecessary taxes or penalties.
© Saim Akif, 2021