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(Canada) I have the amounts/dates of every crypto purchase I've made, haven't bought any in a year. Not cashing out now, but for when I do, what does filing my taxes on it look like?

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by COINS NEWS 87 Views

Title, I bought various crypto, but 90% BTC, bit of eth and then bit of matic, sol etc throughout 2022. I never traded pairs, always bought the crypto, moved it straight to my current cold wallet and it's been there for over a year.

I'm just curious, I'm eventually going to send chunks at a time of it to an exchange and sell in %s as price goes up. I'm just not sure how to calculate the gains. Like I would understand let's say I bought 2k BTC overall, it's now worth 5k. If I sell it all, 3k gain, waited a year so it's classified long term gains so 50% taxable, and then my income bracket would make it a 15% of 1500 so 225?

But if I sell in parts it gets very complicated no? What BTC am I selling, which of those purchases? Cus I bought at various price points, how do I know if this 100$ of BTC is from the 16k etc lows or if it was when I bought some at 23k? I'm assuming there's apps and stuff or something to track my wallet and see where everything came from and when. I'm tech savvy enough, but as far as finances and taxes go I'd just like an ELI5 version. As of right now I just bought, stored, and there's no taxable events to factor in.

Any input very appreciated :)

submitted by /u/AgreeableMedic
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