Calculating your crypto taxes? Learn the basics of cost basis and wash sale rules and how Binance Tax can help estimate your taxes. In this guide, we’ll cover everything you need to know about cost basis — including four popular methods What is Cost Basis? In simple terms, the cost basis represents an asset’s original purchase price plus any additional costs at the time of…
In this guide, we’ll cover everything you need to know about cost basis — including four popular methods What is Cost Basis? In simple terms, the cost basis represents an asset’s original purchase price plus any additional costs at the time of purchase, such as fees, commissions, or other expenses. For example, when you purchase an asset on Binance, the initial cost basis would include the asset’s purchase price and the 0.1% trading fee on our platform. Gains or losses are then calculated by subtracting the cost basis from the asset’s sale price.
In such cases, the method used to calculate the cost basis becomes critical and can significantly impact the amount of taxes owed on the sale of an asset. Crypto traders and investors must understand the various methods available and which are acceptable in their relevant tax jurisdictions.
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