Step 1. |
Add Crypto Transactions: Enter all of your crypto transactions into CoinTxx (purchases, sales, exchanges, gifts - start with your first ever purchase below).
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Step 2. |
Get Cost Basis for Sales/Exchange Transactions For each sales/exchange transaction we must assign purchase transaction(s) (and/or portions of a purchase transaction) to determine the cost basis. This can be done with one of 3 methods (FIFO, LIFO or Custom):
FIFO: |
First In/First Out(FIFO) This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. The oldest purchase transactions will be assigned first.
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LIFO: |
Last In/First Out(LIFO) This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. The latest purchase transactions will be assigned first.
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Custom: |
This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. Only purchase transactions of your choosing will be assigned.
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Step 3. |
Capital Gains Report: A Capital Gains Report will be automatically generated for you. The format is very similar to IRS form 8949
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