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Reporting Gain/Loss to IRS question

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by COINS NEWS 80 Views

This is my first bullrun actually putting large amounts of money in. I'm doing my best to keep track each transaction, but it can be a bit difficult with different wallet types, Dexs and Cexs, etc. Wondering if this method works for IRS filing :

I reviewed my bank account statements and found every deposit towards crypto. Summed all of that up, let's say 30,000$ was deposited. This 30k is allocated to 25 different cryptos.

Let's say in 12 months, my account is worth 210k and I just want to get out.

Now my bank account says -30k +210k. So 180k capital gain

Is it as simple as that? Do they need to know the 278 trades I made to get to that point? All the gains and losses overtime? Or do they only care about the final result?

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submitted by /u/DarkNubentYT
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