The proceeds amount on the yearend cryptocurrency transaction statement shows the net cash proceeds from your crypto sales.
This means that it shows the total value of your crypto sales for the tax year but does not account for how much you paid to buy the crypto (your cost basis).
Other transaction summary definitions:
- Price = execution price of crypto bought or sold (price at exchange)
- Value = value of crypto bought or sold at time of transaction. Fees are not considered to be part of the value of the crypto, they are the ‘cost of doing business’
- Buy = amount after fees (bank takes fees first, then crypto is bought with the remainder)
- Sell = amount before fees (bank takes fees after crypto is sold, customer receives the remainder)
- Amount = crypto amount bought/sold at exchange
- Fees = total of fees paid to do transactions
Vast Bank does not provide tax or legal advice. Nothing within these FAQs or within the yearend cryptocurrency transaction statement should be considered tax advice.