How can I calculate my capital gains tax from Coinbase Pro trades?

3 answers

• Nov 25, 2021 · 3 years ago
  Calculating your capital gains tax from Coinbase Pro trades can be a bit tricky, but I'll try to break it down for you. First, you'll need to gather all your trade data from Coinbase Pro, including the date, time, and price of each trade. Next, you'll need to determine the cost basis of each trade, which is the amount you paid for the cryptocurrency. Subtract the cost basis from the selling price to calculate your capital gain or loss for each trade. Finally, add up all your capital gains or losses for the year and report them on your tax return. It's always a good idea to consult with a tax professional for specific advice based on your individual situation.
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• Nov 25, 2021 · 3 years ago
  Calculating capital gains tax from your Coinbase Pro trades is important to ensure compliance with tax laws. To calculate your capital gains, you'll need to determine the cost basis of each trade, which is the original purchase price of the cryptocurrency. Subtract the cost basis from the selling price to calculate your capital gain or loss. Keep in mind that if you held the cryptocurrency for less than a year, it may be subject to short-term capital gains tax rates. If you held it for more than a year, it may qualify for long-term capital gains tax rates. It's recommended to keep detailed records of your trades and consult with a tax professional for accurate calculations and advice.
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• Nov 25, 2021 · 3 years ago
  Calculating capital gains tax from your Coinbase Pro trades can seem overwhelming, but it doesn't have to be. Start by gathering all your trade data, including the purchase price, selling price, and date of each trade. Next, determine the cost basis of each trade by subtracting any fees or commissions from the purchase price. Subtract the cost basis from the selling price to calculate your capital gain or loss. Remember to keep track of your trades throughout the year and consult with a tax professional for personalized advice. Happy calculating!
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