//Calculation on Tax

Calculation on Tax

Hi all!So I’ve now calculated the tax, and I’m wondering if I’ve done it right.First of all, I made a sheet for every Cryptocurrency/Altcoin on both of the buys and sell side and summed up the number of coins and their value in BTC.Afterwards, I’ve subtracted the value in BTC on the buy side with the value in BTC on the sell side.In cases where the sum of the number of coins was higher on the buy side than the sell side, I took the differential and multiplied with the average price of that very coin (average price on buy side) and subtracted it from the value in BTC on the buy side. I then took that and subtracted it with the BTC value on the sell side.Example: Number of Coin A, bought: 1100 –>1400 USD Number of Coin B, sold: 1000 –> 1500 USDThe average price of coin A= 1 100*1=100 USDCorrectionCoin A, bought: 1300 USD Coin B, sold :1500 USDProfit; 200 USDIn my case, I have not used USD, but the value in BTC. Afterwards, I took the result of every coin and summed it all. In my case, the number was negative, unfortunately. I took that number and subtracted it with the value in BTC I started with and multiplied it with the price of Bitcoin 12.31.2017.I subtracted that number with the price in USD I bought the bitcoins to find how much I’ve lost.Does this seem right?With Best Regards, Legolasian

Hi all!

So I've now calculated the tax, and I'm wondering if I've done it right.

First of all, I made a sheet for every Cryptocurrency/Altcoin on both of the buys and sell side and summed up the number of coins and their value in BTC.

Afterwards, I've subtracted the value in BTC on the buy side with the value in BTC on the sell side.

In cases where the sum of the number of coins was higher on the buy side than the sell side, I took the differential and multiplied with the average price of that very coin (average price on buy side) and subtracted it from the value in BTC on the buy side. I then took that and subtracted it with the BTC value on the sell side.

Example: Number of Coin A, bought: 1100 –>1400 USD Number of Coin B, sold: 1000 –> 1500 USD

The average price of coin A= 1 100*1=100 USD

Correction

Coin A, bought: 1300 USD Coin B, sold :1500 USD

Profit; 200 USD

In my case, I have not used USD, but the value in BTC. Afterwards, I took the result of every coin and summed it all. In my case, the number was negative, unfortunately. I took that number and subtracted it with the value in BTC I started with and multiplied it with the price of Bitcoin 12.31.2017.

I subtracted that number with the price in USD I bought the bitcoins to find how much I've lost.

Does this seem right?

With Best Regards, Legolasian

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