Saim Akif
CPA, CFA, CAMS, Realtor
Cryptocurrency and Virtual Currency Accounting
Real Estate and Construction Accounting
Saim Akif, CPA, CFA, CAMS, Realtor
Can I just look at my end portfolio balance to determine my crypto profit and loss?
Good afternoon Saim, can we take help from end portfolio in calculating crypto taxation?
Yes and No
Yes, if you just conducted one transaction only.
No, if you conducted more than one transaction, including buying, selling, exchanging.
At every sell, withdraw and exchange, a taxable event occurs. In most cases, you cannot just take the difference of your portfolio balance from start vs end and determine your Tax liability.
Definitely worth speaking with a cryptocurrency accountant, at least for a consultation.
© Saim Akif, 2021