@Cynthiad66, big thank you!
so basis calculation without use of fiat currency is what I’m struggling with at the moment.
the exchange was Bitcoin to SiaCoin. I know how much Bitcoin was spent in the transfer, but obviously the price of Bitcoin fluctuates every moment.
is there a GAAP method to estimate basis of an asset for asset exchange when you don’t know the exact value of the assets at the time of the exchange?
The two ways I can think of doing this are:
1. Using average daily price of Bitcoin on that day and use that as my basis, or;
2. take the price at the beginning of the day and at the end of the day, find the rate of change and figure out what the straight line price was at the time of the exchange.
any thoughts?
thanks again!
