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Tax advice when selling crypto

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by COINS NEWS 108 Views

Hey everyone, when getting taxed on your gains can gas fees be deducted from your gains? I know I transferred crypto from coinbase and back and kept a record of those costs for myself but was wondering how they factored in at tax time

Just using imaginary numbers but say I made 10K from selling btc but throughout my time holding btc I had 500 dollars worth of gas fees transferring it around. Would this then be reduced from my gains allowing only 9.5K to be taxed?

Also in the USA how much tax will I be expected to pay. I know I held this for longer than a year and so I am expecting the normal long term capital gains of 20%. Is this assumption correct?

submitted by /u/UpstairsOcelot
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