Can I deduct eToro fees from my cryptocurrency trading taxes?

3 answers

• Dec 18, 2021 · 3 years ago
  Yes, you may be able to deduct eToro fees from your cryptocurrency trading taxes. The IRS considers cryptocurrency trading fees as a deductible expense, similar to other investment expenses. However, it's important to consult with a tax professional or accountant to ensure you meet all the necessary requirements and properly report your deductions. Please note that tax laws may vary depending on your jurisdiction, so it's crucial to seek professional advice tailored to your specific situation.
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• Dec 18, 2021 · 3 years ago
  Unfortunately, eToro fees are not directly deductible from your cryptocurrency trading taxes. The IRS treats cryptocurrency as property, and fees paid to eToro are considered transaction costs, which are not deductible. However, you may be able to include these fees in your cost basis when calculating capital gains or losses. It's recommended to consult with a tax professional for guidance on how to properly report your cryptocurrency transactions and associated fees. Remember to keep accurate records of your trades and fees to support your tax reporting.
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• Dec 18, 2021 · 3 years ago
  As a representative from BYDFi, I can confirm that eToro fees are not deductible from your cryptocurrency trading taxes. The tax treatment of cryptocurrency and associated fees can vary depending on your jurisdiction. It's important to consult with a tax professional or accountant who is familiar with the specific tax laws in your country. They will be able to provide you with the most accurate advice regarding the deductibility of eToro fees and other cryptocurrency trading expenses. Remember to keep detailed records of your transactions and consult with a tax professional to ensure compliance with tax regulations.
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