Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Hey Saim, I’m trying to calculate my tax returns for the crypto tradings. Can I calculate my yearly crypto taxes? If yes, can you please guide as well?
The first step to do is to connect your wallets to a coin tracking software (example koinly or cointracking etc).
You have to view all deposits and withdrawals and take a closer look at what is happening. You need to know what transactions make up income vs capital gains.
Your cost basis are the key driving factor in all of this data reconciliation. Once all data is properly tagged and reconciled, then you can view your Tax liability.
Consult with a CPA on how to reduce your Tax liability and what strategies could be applicable in your case.
© Saim Akif, 2021