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Total Tax owed on Crypto ?

I'm new

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Hi guys, I'm Xavier from Perth.

Been wondering a question for a while and will post an example


If I wanted to cash out Crypto, but had wins & losses, how would this work? Need a very easy explanation.

So lets say I bought a Crypto and made $10000 profit
Then I bought another Crypto and make $15000 Profit
Then I had a a few losses and lost $5000, 2000, and 3000. Leaving a total of $15000 left and wanting to cash out $15000

How would the tax work, since I had a 10,000 loss on the initial 25,000 so now only 15,000 up. 
Would that be $15,000 - 10,000 = Profit of $5000? Due to the loss? 



How exactly does it work with losses and how is it deducted not sure how it works.

Thanks

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Most helpful response

Devotee

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You need to work out the cost base for each crypto you bought. This will help you work out the capital gain or loss for each. Unfortunately you can't pool them all together because it sounds like you bought them on different dates and each at a different purchase cost depending on the market
1 REPLY 1

Most helpful response

Devotee

Replies 0

You need to work out the cost base for each crypto you bought. This will help you work out the capital gain or loss for each. Unfortunately you can't pool them all together because it sounds like you bought them on different dates and each at a different purchase cost depending on the market