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Get your taxes done using TurboTax
An exchange from crypto X to crypto Y is a sale of crypto X. The gain/loss for crypto X is the proceeds - cost - fees. Put more simply, how much did you net when sold or exchanged less how much did you lay out to buy it - all in USD. The purchase price for crypto Y in this scenario is equal to the proceeds from crypto X. I'm pretty good at tracking all kinds of data for my investments including capital gain/loss using FIFO. I've been doing it for decades. I would consider myself expert with Excel and have built some pretty cool spreadsheets for that very purpose. That said crypto adds a whole new level of complexity particularly since the fraction of a coin bought and sold is so precise and you are dealing with so many currency conversions. This year I purchased a subscription to Koinly cryptocurrency tax software. Sorry TurboTax - love your product, but in this regard, you just aren't there yet. Maybe next year. Koinly linked to my coinbase and did everything for me - every transaction, and everything I needed to enter for my taxes. I'm told if you use TurboTax online, you can link your Koinly output directly. I have the downloaded software so I had to manually enter each transaction. It took a little time, but I am comforted knowing I did it right.