Can I deduct trading fees on my crypto taxes?

3 answers

• Jan 09, 2022 · 3 years ago
  Yes, you may be able to deduct trading fees on your crypto taxes. The IRS treats cryptocurrencies as property, so the fees you pay to buy or sell them can be considered as investment expenses. However, it's important to consult with a tax professional or accountant to ensure you meet all the requirements and properly report your deductions. Please note that tax laws can vary depending on your jurisdiction, so it's best to seek professional advice to determine if you're eligible for this deduction.
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• Jan 09, 2022 · 3 years ago
  Unfortunately, trading fees on cryptocurrency transactions are not deductible on your taxes. The IRS considers cryptocurrencies as property, and trading fees are seen as transaction costs rather than investment expenses. Therefore, they are not eligible for deduction. It's always a good idea to consult with a tax professional or accountant to get accurate information regarding your specific situation. Remember to keep track of your trading fees and other transaction costs for accurate reporting and compliance with tax regulations.
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• Jan 09, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, trading fees can be deducted on your crypto taxes. As cryptocurrencies are treated as property, the fees incurred in buying or selling them can be considered investment expenses. However, it's important to consult with a tax professional to ensure compliance with tax laws and regulations in your jurisdiction. Keep in mind that tax laws can vary, so it's always a good idea to seek professional advice to determine if you're eligible for this deduction.
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