itBit Support Center

What is Cost Basis, and Why is it Important?

Last Updated: Jun 14, 2018 01:28PM UTC

Cost basis is generally the dollar amount you paid for your crypto assets. Your choice of cost basis method is very important because it can impact your tax liability when you sell or withdraw your crypto assets. You'll need your cost basis information when you file your income tax return to determine gains and losses on any crypto assets you sell or withdraw from a taxable (non-retirement) account.

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