. Question 7 of 15. Amina purchased and traded for various parts of crypto coins throughout 2021 and 2022. She has decided to sell some of he holdings to pay for a home renovation. How can Amina decide which coins to sell first for tax purposes? O All crypto holdings are sold on a last-in, first-out (LIFO) basis. Amina must sell the newest coins first. All crypto holdings are sold on a first-in, first-out (FIFO) basis. Amina must sell the oldest coins first. Amina can choose to sell on a first-in, first-out (FIFO) basis or specific identification, as long as she knows the date and time obtained, basis and fair market value (FMV) of each unit at the time she obtained them, date and time disposed of, and FMV and basim when disposed of. O Amina can choose to sell on a last-in, first-out (LIFO) basis or specific identification, as long as she knows the date and time obtained, basis and fair market value (FMV) of each unit at the time she obtained them, date and time disposed of, and FMV and basim when disposed of.

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Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.