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You still need the fiat exchange value at the time of buying/selling the cryptocurrencies (unless you only assume "token for token" trades), which is not stored
by hobofan 9y ago
You still need the fiat exchange value at the time of buying/selling the cryptocurrencies (unless you only assume "token for token" trades), which is not stored on the blockchain.
- hkmurakami 9y agoFwiw IRS has a table for the FX exchange rate you can use for tax purposes for a given year (maybe date too?). We used this data for international subsidiary tax compliance for US tax reporting. I wonder if the IRS will actually able to provide such benchmark data for at least the common coins.
- JumpCrisscross 9y agoAren’t those data trivial to procure for the common cryptocurrencies? For uncommon ones, just ask the user to find the price on dates X, Y and Z.
- iamdave 9y agoA given day could have multiple instances of open/close price n for any number of trading intervals though couldn't it?
- JumpCrisscross 9y agoThe IRS is usually fine with reasonable approximations. Tax lawyers and preparers are familiar with this problem; their input could inform a compliant system. Disclaimer: I am neither a lawyer nor a tax expert. This is not legal nor tax advice. Talk to a CPA about your tax situation.
- iamdave 9y agoAhh okay. Thanks for the correction.