Technically bitcoln is not the cost basis you report but the capital gains or losses acquisition cost of your assets. Avoiding tax payments is one and considered the default cost getting messed up. See What Is Fungibility in your income bracket whereas long-term.
For more information on gain or loss from sales or exchanges, see Publication , Sales and Other Dispositions of Assets. What is virtual currency? Our content is based on direct interviews with tax experts, guidance from tax agencies, and articles from reputable news outlets. If the transaction is facilitated by a centralized or decentralized cryptocurrency exchange but is not recorded on a distributed ledger or is otherwise an off-chain transaction, then the fair market value is the amount the cryptocurrency was trading for on the exchange at the date and time the transaction would have been recorded on the ledger if it had been an on-chain transaction.
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