Is it possible to calculate the cost basis for crypto assets that are missing?

3 answers

• Nov 24, 2021 · 3 years ago
  Yes, it is possible to calculate the cost basis for crypto assets that are missing. One way to do this is by keeping track of all your transactions and purchases. By maintaining a detailed record of your crypto transactions, including the date, amount, and price at the time of purchase, you can calculate the cost basis for your missing assets. This information can be obtained from your exchange or wallet provider. Additionally, you can consult with a tax professional or use specialized software that can help you calculate the cost basis for your crypto assets.
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• Nov 24, 2021 · 3 years ago
  Calculating the cost basis for missing crypto assets can be challenging, but it is not impossible. It requires thorough record-keeping and documentation of all your transactions. By maintaining accurate records of your purchases, sales, and transfers, you can determine the cost basis of your missing assets. It is important to keep track of the date, amount, and price at the time of each transaction. If you are unsure about how to calculate the cost basis, it is recommended to seek advice from a tax professional or use specialized software designed for crypto tax calculations.
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• Nov 24, 2021 · 3 years ago
  At BYDFi, we understand the challenges of calculating the cost basis for missing crypto assets. While it can be difficult to determine the original purchase price of these assets, there are steps you can take to estimate the cost basis. One approach is to use the fair market value of the missing assets at the time of acquisition. This can be determined by looking at historical price data from reputable sources. However, it is important to note that this method may not provide an exact cost basis and consulting with a tax professional is always recommended to ensure compliance with tax regulations.
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