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RE: Crypto Tax Blog - Investing in Bitcoin? Let’s Learn U.S. Tax Rules! (Part I-A)

in #money7 years ago

Thanks. Sometimes these tax rules make sense if you think about it.

Similarly, keeping track of each purchase's basis might sound extremely obnoxious. But it would be far, far, worse if you had to pay taxes on the gross proceeds of a sale, instead of the profit. Which, IIRC, happens if you can't prove your basis.

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Agree you need to substantiate basis to claim basis.