How do I calculate my cryptocurrency gains?
An example of an AI chatbot conversation about calculating cryptocurrency gains.
How do I calculate my cryptocurrency gains?
To calculate your cryptocurrency gains, you need to know the purchase price, selling price, and the amount you sold.
What if I bought multiple times at different prices?
In that case, you can use the average cost method or the FIFO (First In, First Out) method to determine your gains.
Can you explain the average cost method?
Sure! The average cost method involves calculating the average price you paid for all your purchases and using that to determine your gains.
What about taxes on my gains?
Cryptocurrency gains are typically subject to capital gains tax. It's best to consult a tax professional for specific advice.
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