How can Laslo determine the basis of the crypto coins he received from the airdrop?

3 answers

• Dec 25, 2021 · 3 years ago
  Determining the basis of crypto coins received from an airdrop can be a bit tricky. One way to calculate the basis is by using the fair market value of the coins at the time of the airdrop. Laslo can check the price of the coins on reputable cryptocurrency exchanges or use historical price data to determine the fair market value. Once he has the fair market value, he can use it as the basis for calculating any gains or losses when he sells or trades the coins in the future.
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• Dec 25, 2021 · 3 years ago
  Hey Laslo, determining the basis of the crypto coins you received from the airdrop is important for tax purposes. To calculate the basis, you need to know the fair market value of the coins at the time you received them. You can find this information by checking the price of the coins on popular cryptocurrency exchanges or using historical price data. Once you have the fair market value, you can use it to calculate any gains or losses when you decide to sell or trade the coins. Don't forget to keep track of all your transactions for tax reporting!
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• Dec 25, 2021 · 3 years ago
  Laslo, determining the basis of the crypto coins you received from the airdrop is crucial for accurate accounting. At BYDFi, we recommend using the fair market value of the coins at the time of the airdrop as the basis. This can be obtained by checking the price of the coins on reputable exchanges or using historical price data. By calculating the basis, you'll have a clear understanding of your gains or losses when you sell or trade the coins in the future. Remember to consult with a tax professional for specific guidance on reporting your crypto transactions.
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