Can I deduct trading fees from my taxes when day trading crypto?

3 answers

• Dec 30, 2021 · 3 years ago
  Yes, you may be able to deduct trading fees from your taxes when day trading crypto. However, it is important to consult with a tax professional or accountant to ensure that you meet the necessary requirements and guidelines set by your country's tax laws. They will be able to provide you with accurate information and advice based on your specific situation. Keep in mind that tax laws can vary, so it's crucial to stay informed and comply with the regulations in your jurisdiction.
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• Dec 30, 2021 · 3 years ago
  Unfortunately, trading fees incurred from day trading crypto are generally not deductible from your taxes. The IRS (Internal Revenue Service) treats cryptocurrency as property rather than currency, which means that trading fees are considered as part of the cost basis of your crypto assets. However, it's always recommended to consult with a tax professional to get personalized advice based on your individual circumstances and the tax laws in your country.
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• Dec 30, 2021 · 3 years ago
  According to BYDFi, a digital currency exchange, trading fees incurred from day trading crypto can be deducted from your taxes. However, it's important to note that tax laws can vary depending on your jurisdiction. It's always advisable to consult with a tax professional or accountant who specializes in cryptocurrency taxation to ensure that you are following the correct procedures and guidelines. They will be able to provide you with accurate information and advice based on your specific situation.
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