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Business & farm
Thank you @GiseleD for clarifying this for me. So I'm pretty sure I understand you correctly here - this is how I'm understanding it:
The FMV of the 0.32 BTC was $1665.09 on the date of RECEIPT (This value goes in as self-employed income - it also goes in as the "Cost Basis" on the Schedule D).
The FMV of the 0.32 BTC on the date of SALE was $1632.40
$1665.09 - $1632.40 = $32.69
So a $32.69 dollar loss is what I would input as "Sale Proceeds", correct?
Would the "Date of Purchase" field be the date of BTC receipt?
And one last question - would the "Sale Proceeds" include fees that I was charged by the exchange?
‎July 8, 2020
11:46 AM