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belovedxiaomin20
February 22, 2025
Question

Crypto tax question

  • February 22, 2025
  • 1 reply
  • 0 views

Cost basis and proceed

If I spent $2000 to purchase ETH and got $2300. Then my cost basis would be $2000 and my proceed will be $2300, Am I right?

Thanks

    1 reply

    JohnB5677
    JohnB5677
    February 23, 2025

    Yes, Crypto is subject to Capital Gains, and the Purchase Price (Spent) is the basis, and the Selling Price is the proceeds.  

    This will determine the amount of gain or loss.

     

    The dates of the trades are critical.

    • Short-term gains (held <1 year) are taxed at 10%-37%; 
    • Long-term gains (held >1 year) at 0%, 15%, or 20%.

    See the TurboTax video, and links on posting Cryptocurrency

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