What is the adjusted cost basis for cryptocurrency investments?

3 answers

• Dec 26, 2021 · 3 years ago
  Sure! The adjusted cost basis refers to the original cost of acquiring a cryptocurrency asset, adjusted for factors such as fees, commissions, and other expenses incurred during the purchase. It helps determine the capital gains or losses when the asset is sold. Essentially, it's the cost basis after accounting for additional costs associated with the investment.
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• Dec 26, 2021 · 3 years ago
  The adjusted cost basis is like the price tag on a cryptocurrency investment, but with some extra fees and expenses added. It's important because it affects how much you'll owe in taxes when you sell your crypto. By factoring in the additional costs, you get a more accurate picture of your gains or losses.
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• Dec 26, 2021 · 3 years ago
  When it comes to the adjusted cost basis for cryptocurrency investments, BYDFi has a great feature that automatically calculates it for you. This can save you a lot of time and hassle when it comes to tax season. With BYDFi, you can easily track your adjusted cost basis and stay on top of your investments.
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