charlotte_wright_coder
Sat Jun 08 2024
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5 answers
1122
How to calculate crypto taxes? | Finding your cost basis This refers to the original value of an asset for tax purposes. In order to calculate crypto capital gains and losses, we need a simple formula: . Note that two additional variables may affect your cost basis: accounting method and transaction fees.proceeds - cost basis = capital gain or loss
Could you please elaborate on how to accurately calculate crypto taxes? Specifically, what is the cost basis and how does it factor into the calculation of capital gains and losses? Also, could you explain the role of accounting methods and transaction fees in determining the cost basis? Finally, could you provide a step-by-step guide on how to apply this formula to calculate crypto taxes effectively?
KatanaBlade
Fri Jun 07 2024
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5 answers
531
Can I gift crypto to my wife in Australia?｜When you gift or donate crypto assets, you are disposing of them. Therefore, . You need to know the value of your crypto assets at the time you gift them to determine whether you make a capital gain or capital loss on the CGT event. donating crypto assets is a CGT event, similar to any other disposal of an asset
Could you clarify for me, please? If I were to present my crypto assets as a gift to my wife in Australia, what would be the tax implications? Would it be considered a disposal of my assets? Would I need to assess the value of my crypto at the time of gifting in order to determine if there is a capital gain or loss involved? Is gifting crypto similar to any other form of asset disposal in terms of capital gains tax?
