If you don’t post the bases of the coins, you will be taxed on 100% of the proceeds, even if you had a loss.
Your basis (also known as your “cost basis”) is the amount you spent to acquire the virtual currency, including fees, commissions and other acquisition costs in U.S. dollars. Your adjusted basis is your basis increased by certain expenditures and decreased by certain deductions or credits in U.S. dollars. For more information on basis, see Publication 551, Basis of Assets.
- Maintaining a record of the cost basis is your responsibility.
- Many of the coin-based platforms will assist you with this.
- If the cost basis is missing, you will have to enter it manually.
If you know the date you acquired the coins, this may help Historical Cryptocurrency Prices
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