How can I accurately calculate gains and losses for my digital currency trades on the 2024 form 8949?

1 answers

• Feb 19, 2022 · 3 years ago
  As a representative from BYDFi, I can provide some guidance on accurately calculating gains and losses for your digital currency trades on the 2024 form 8949. It's important to keep detailed records of all your trades, including the date, amount, cost basis, and fair market value of each trade. By subtracting the cost basis from the fair market value, you can determine the gain or loss for each trade. Make sure to report all your trades on the form 8949 and include any applicable fees or commissions. If you're unsure about how to accurately calculate gains and losses, consider consulting a tax professional or using tax software to ensure compliance with tax regulations.
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