If you want to know your gains or losses, you need to know your basis. It’s really just as simple as finding the original purchase price of your coin in FIAT + acquisition costs. For example, did you buy one Bitcoin at $14,000 + pay $290 in fees? Your basis is […]
You’re probably asking yourself, “What in the heck is realization?” In regular-people-speak, it has to do with when you sell an asset.
It’s a grey area but, yes, crypto taxes are a thing. The IRS may have classified virtual currency as “property” but that doesn’t change the fact that, in some cases, it still falls under the tax code for “income”.