The IRS views convertible virtual currency as property, not foreign currency. As such, taxpayers must record and track the tax basis of each unit of virtual currency held in order to property report ...

The tax calculations required for cryptocurrency investments heighten your return’s complexity, and often lead taxpayers to make mistakes during the filing process. For crypto users who use multiple ...

Every crypto investor eventually faces an important question: When I sell my crypto, how do I determine which coins I have actually sold? Because each of these digital assets is purchased at different ...

The IRS provided temporary relief that allows eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of, or transferred during the ...

Learn what inventory accounting is, how it works, and key methods like FIFO, LIFO, and WAC. Includes real-world examples, tips, and best practices. I like to think of inventory accounting like ...

Calculating the cost basis of cryptocurrency for tax purposes involves considering purchase prices, transaction fees and events such as hard forks or staking rewards. In the context of ...

Selling mutual funds? Choose the right cost basis method to manage taxes efficiently and maximize your gains. Explore ...