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Accounting and Tax Considerations for Cryptocurrency
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WebJun 24, 2024 · Calculating crypto taxes using FIFO Using FIFO for crypto taxes, Marie’s cost basis will be the first 0.5 BTC she purchased in 2024. In this case, it is the purchase … WebSep 24, 2024 · The IRS taxes cryptocurrencies like bitcoin as property. This means that each time you spend, trade, or exchange cryptocurrency, that triggers a taxable event. The amount of income tax and capital gains tax owed in a tax year is determined by three factors: The amount paid to acquire the asset (cost basis) WebSep 19, 2024 · What does this mean for tax & accounting professionals? All this talk of regulation and subsequent action surrounding cryptocurrencies means that now is the … escape salon and spa boston