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1. Don’t try to hide crypto trades from the IRS
2. Crypto tax is your individual responsibility
3. Disclose previously avoided crypto taxes
4. Understand the basics of crypto tax
5. Hodl long-term vs short-term
6. Pick your cost basis wisely
When calculating the cost basis of your #CryptoTax there are different ways, depending on which country you live in, that you can use 🧮.
— Koinly (@koinly) August 18, 2021
7. Losses matter too
8. Harvest tax loss
Profits & losses from #crypto are subject to Capital Gains Tax.
Profit: When you dispose of crypto and make a profit, this is subject to CGT.
Loss: When you dispose of crypto & make a loss, there's no tax. You can usually offset these losses against any gains in most countries. pic.twitter.com/dgMn0La0Ju
— Koinly (@koinly) January 21, 2022