What is the process for filing taxes on Kraken cryptocurrency earnings?

1 answers

• Nov 23, 2021 · 3 years ago
  As a representative of BYDFi, I can provide some insights into filing taxes on Kraken cryptocurrency earnings. The process involves gathering your trading records from Kraken, including transaction history and account statements. You'll need to calculate the cost basis for each trade, which is the original value of the cryptocurrency at the time of acquisition. Then, determine the capital gains or losses for each trade by subtracting the cost basis from the selling price. Finally, report your total capital gains or losses on your tax return using the appropriate forms. It's important to note that tax laws may vary by jurisdiction, so it's always a good idea to consult with a tax professional for personalized advice.
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