How does Coinbase calculate gains and losses for tax purposes?

3 answers

• Dec 16, 2021 · 3 years ago
  Sure! When it comes to calculating gains and losses for tax purposes, Coinbase follows the FIFO (First-In, First-Out) method. This means that the first cryptocurrency you purchased will be considered the first one sold when calculating gains or losses. It's important to keep track of your transactions and the purchase prices of your cryptocurrencies to accurately calculate your gains and losses for tax purposes. Remember to consult with a tax professional for specific advice based on your individual situation.
  515258
• Dec 16, 2021 · 3 years ago
  Coinbase calculates gains and losses for tax purposes using the FIFO (First-In, First-Out) method. This method ensures that the first cryptocurrency you purchased is considered the first one sold when determining gains or losses. It's crucial to maintain accurate records of your transactions and the corresponding purchase prices to comply with tax regulations. If you're unsure about how to calculate your gains and losses, it's always a good idea to seek guidance from a tax professional who specializes in cryptocurrency taxation.
  534178
• Dec 16, 2021 · 3 years ago
  Hey there! When it comes to calculating gains and losses for tax purposes, Coinbase uses the FIFO (First-In, First-Out) method. This means that the first cryptocurrency you bought will be considered the first one sold when determining your gains or losses. It's important to keep track of your transactions and the prices at which you purchased your cryptocurrencies. This information will help you accurately calculate your tax obligations. Remember, it's always a good idea to consult with a tax professional who can provide personalized advice based on your specific circumstances.
  584146