Yes, all of the calculations are done in US dollars. Cost basis, total proceeds, and net gain or loss are also shown in USD.
Yes
IRS form 8949, IRS form 89499 Aggregated, CSV for accountants, TurboTax Online CSV, TurboTax CD TXF, TaxAct CSV.
For the US, Fyn currently supports FIFO, LIFO, and Specific ID accounting methods.
Transferring cryptocurrency from one digital wallet to another digital wallet is not considered to be a taxable event, as long as you maintain ownership of it. If the transfer fee was paid using crypto, then that fee is a disposal of cryptocurrency and is considered to be a taxable event. You would need to determine the capital gain or loss attributable to the crypto that was used to pay the fee, using its value at the time the fee was paid.
Yes. Generally, if you hold the asset for more than one year before you dispose of it, your capital gain or loss is long-term. If you hold it for one year or less, your capital gain or loss is short-term.
Yes, losses realized on one cryptocurrency can offset gains realized on another cryptocurrency.
Yes, realized capital losses on crypto may be used to offset gains realized on the disposal of other capital assets. If your capital losses exceed your capital gains, the amount of the excess capital loss that you can claim to lower your income is up to $3,000. Any remaining capital losses can be carried forward for use in future years.
Your basis (also known as your “cost basis”) is the amount you spent to acquire the cryptocurrency, including fees, commissions and other acquisition costs in U.S. dollars.