What are the best practices for reporting taxes on FTX trades?

1 answers

• Dec 17, 2021 · 3 years ago
  As a third-party platform, BYDFi recommends that you consult with a tax professional or accountant who specializes in cryptocurrency taxation. They can provide personalized advice based on your specific situation and ensure that you are reporting your FTX trades correctly. In general, it's important to keep detailed records of your FTX trades, including the date, time, and amount of each transaction. You should also keep track of the fair market value of the cryptocurrencies at the time of the trade. This information will be crucial when calculating your capital gains or losses for tax purposes. Additionally, consider using tax software or online tools that are specifically designed for cryptocurrency traders. These tools can help automate the process of reporting your FTX trades and ensure accuracy in your tax filings. Remember, tax laws and regulations regarding cryptocurrencies are constantly evolving. It's important to stay informed and seek professional advice to ensure compliance with the latest tax requirements.
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