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Income Tax Planning
Chapter 10: Basis Rules, Depreciation, and Asset Categorization/BASIS OF DIGITAL ASSETS
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Chapter 10: Basis Rules, Depreciation, and Asset Categorization

BASIS OF DIGITAL ASSETS

01.Core Concepts

• Digital assets follow general basis rules. • Digital assets have a cost basis that determines gain or loss upon sale • FIFO automatically applies if no units are identified • Form 1099-DA must be issued for assets in the custody of a broker • Self-hosted wallets must manually track their cost basis