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Help with tax question.

Help with tax question.

Litecoin Reddit

Reddit / Litecoin Reddit 44 Views

I believe I understand how to calculate the tax for transactions that are equivalent. For example, let’s say I bought 0.25 litecoin for $28.83, 0.1 litecoin for $13.71 and 0.15 litecoin for 13.26. The total is $55.8. If I sold 0.5 litecoin for $44.77 there would be a loss of $11.03. I’m also using the FIFO method here for the quantities and prices of the first coins I bought.

However, how would you make the same calculation if for example I bought 0.25 litecoin at $28 and then the next purchase was 1 litecoin for $88 and I then sold 0.5 litecoin for $43? Do I add the price of the 0.25 litecoin with the price of the 1 litecoin in order the find my base then in future calculations have to subtract the 0.5 litecoin I used in that first calculation from that 1 litecoin?

submitted by /u/Lagstradamus
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