Then, I sell my 0.49 ETH on GDAX.

Then, I sell my 0.49 ETH on GDAX.

I transferred 0.Two ETH and 0.Three ETH te separate transfers from GDAX to Binance (GDAX does not charge a toverfee for this).

Then, I transferred back from Binance to GDAX all 0.Five ETH, but since Binance charges a 0.01 ETH withdraw toverfee, I now only have 0.49 ETH te my GDAX account.

Then, I sell my 0.49 ETH on GDAX.

Assuming I would like to report taxes, how do I take into account the 0.01 ETH ter transfer toverfee assuming the following:

0.Two ETH wasgoed purchased at $100

0.Three ETH wasgoed purchased at $120

0.49 ETH wasgoed sold at $400 (within a year)

Te other words, what’s the best way to report thesis two transactions on form 8949 (https://www.irs.gov/pub/irs-pdf/f8949.pdf)?

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Grain of salt disclaimer:(Consultatie a professional, lawyer, registeraccountant, doctor spil I’m a pc engineer, musician, and painter I’m clearly none of those.)

I hope this is a clear explanation of how hacienda gains taxes work te común.

Here’s an example of what I would do normally assuming a FIFO tax treatment:

You need to pay tax on your caudal gains but you want to subtract your cost voet from the total value you sold for spil the onderstel is not taxed spil a build up. (Note that if you can’t prove the cost onderstel I believe the entire sale of 0.49 at 400 would be considered taxable)

that you need to pay tax on (income tax if under 12 months, 15% if it’s a long term build up)

Very first find the cost fundament. (0.Two*100)+(0.Three*120)=20+36=$56 (this is your cost voet)

(I’m going to round your 0.49 eth up to 0.50 spil a clear example with round numbers)

Then compute the amount generated from the sale (I’m calling this a sold value) 0.Five*400= $200 (this is your sold value te my example equation)

Now find the hacienda build up using the equation below: sold value – cost ondergrond = renta build up 200-56=$144

For long term gains overheen 12 months it’s 15% * your build up minus the cost poot

144*0.15=$21.50 due ter taxes.

For brief term build up (held under 12 months, spil is your case) the build up is considered income.

144*your tax rate = what you owe to the IRS spil this wasgoed a caudal build up. This gets added to your AGI so if you have an AGI of 200,000 your AGI is now 200,144 and the 144 gets taxed spil ordinary income.

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2 Responses

  1. fludderbye says:

    Yes, I will do a celebratory dance ter gevelbreedte of the idiots who repeated the same misinformation on this thread. Again, simply because a financial company warns people ahead of time of potential misconduct does not liquidate the liability.

  2. Havinababy says:

    I think they said by January 1, 2018…so hopefully bitcoin contant’s blockchain dangles around at least long enough for people that have money ter coinbase

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