8 ms·
I don't think it's quite as straightforward as people are making it out to be here, especially when considering forks. If you bought BTC a year ago and sell BCH
by bitthrow 9y ago
I don't think it's quite as straightforward as people are making it out to be here, especially when considering forks. If you bought BTC a year ago and sell BCH (or BTC) today, what was your purchase price?
There are currently a couple of dozen Bitcoin forks, each with arguably equal claim to be the true successor. So it's difficult enough if you bought before all the forks and are selling all of your BTC in one go now, but lord help you and your accountant if you've bought or sold any inbetween some of the forks.
- beedrillzzzzz 9y agoIt seems like forks, smart contracts and related complexities (most recently noticed ETH -> WETH on radarrelay.com), coins/tokens that function in different ways (minting), all seem like they can affect record keeping for taxes in interesting ways... at the very least making it difficult to point to transactions and call them simple trades.
- dahdum 9y agoAt least for USA exchanges, only Bitcoin Cash has a marketplace so it's the only one I tracked. I put a cost basis of $0 at the time of fork, and paid short term capital gains on the sale.
- crazypyro 9y agoCould you argue that the cost basis of your bitcoin was changed because BCH is similar to a stock dividend that is reinvested?
- dahdum 9y agoMaybe, but I've read CPA advice on just declaring as income. Seems to be the most conservative approach and didn't change the tax substantially for me.