Calculating tax on bitcoin.tax
I exchanged ETH for an altcoin using binance. In bitcoin.tax a transaction is either a buy or a sell. How should i calculate the tax on this transaction? I guess it's a Buy order with "first in first out" calculation (what does this term btw)
When you buy say ADA with ETH, https://bear.tax calculates it as a taxable transaction. You sell ETH to USD and buy ADA with USD... Which means you need to have usd price for both ADA and ETH at that moment.
Who the fuck cares? Do you report tax when you give your kid 10 bucks for ice cream?
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Your first purchase its your first sale