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A possible tool for simplifying taxes on crypto

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nikkocortez
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2018/01/16 10:13:19 (permalink)
Just started looking into this tool myself. Cointracking offers a way to upload trades from some of the most popular exchanges and track mining production and other aspects in crypto.  It also apparently can generate reports to use for taxes.  https://cointracking.info/  I believe it's free up to a point.  I think they may go by number of transactions and after a certain point they require a payment.  I'm looking more into it myself.  Has anyone else used this?  If so how is it?
#1

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    Chris21010
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    Re: A possible tool for simplifying taxes on crypto 2018/01/16 10:15:54 (permalink)
    just use http://bitcoin.tax
     
    i did this for 2017 and it seems to be just what the accountant wanted.


    #2
    nikkocortez
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    Re: A possible tool for simplifying taxes on crypto 2018/01/17 07:16:18 (permalink)
    Nice find!  I'll look into that one as well.
    #3
    NvidiaFiend
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    Re: A possible tool for simplifying taxes on crypto 2018/01/17 07:26:01 (permalink)
    Chris21010
    just use
     
    i did this for 2017 and it seems to be just what the accountant wanted.


    That's what I need in my life, thank you. Around what amount do we need to start filling taxes in the US? I have everything in spreadsheet ready to plug in but I don't want to pay taxes if I don't have to. I already pay enough on astronomically high property taxes. Also with the altcoin drop recently it's taking a lot of my mining profits away cause of electric and taxes could take what's left!

    Got a used >=8gb GPU that you'd like to sell? PM me
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    Chris21010
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    Re: A possible tool for simplifying taxes on crypto 2018/01/17 09:41:02 (permalink)
    I think it's under $5000 in gains do not have to be reported... It may be $3000. Either way I would start filling in the info now and find out if you have to add it later. I still would do it just so I can see graphics of income and gains over time.


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    nikkocortez
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    Re: A possible tool for simplifying taxes on crypto 2018/01/17 10:36:02 (permalink)
    Yeah your tax guy would determine all of that info.  The software just calculates what you have earned by mining, trading, and any gains/loss.  As far as whats counted as what I couldn't tell you what and how each aspect is taxed regarding income from mining, trading, gains/loss.  There is a lot of mixed information being put out on all of that from 3rd party "experts".  Best thing to do is have as accurate of a report on your crypto stuff as possible and let an accountant make the determination.
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    NvidiaFiend
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    Re: A possible tool for simplifying taxes on crypto 2018/01/17 19:44:15 (permalink)
    Thanks for the advice guys I guess I'll have to seek an accountant out tomorrow for the exact. Hopefully not going to have to pay for a few more months. Nice to see a little bounce back in crypto

    Got a used >=8gb GPU that you'd like to sell? PM me
    #7
    badFerret
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    Re: A possible tool for simplifying taxes on crypto 2018/01/24 22:47:09 (permalink)
    Nice...i was just freaking out about this as i noticed my tax documents started showing up in the last week. Thanks OP and the other suggestions...will have to do a deeper read tomorrow when there's no beers in the head.

     



     
    #8
    bitcode
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    Re: A possible tool for simplifying taxes on crypto 2018/01/28 18:54:18 (permalink)
    fintab.io is another website but still in infancy stages.
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    Chris21010
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    Re: A possible tool for simplifying taxes on crypto 2018/01/28 22:03:36 (permalink)
    it's also an ICO, if you care for those things...


    #10
    bitcode
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    Re: A possible tool for simplifying taxes on crypto 2018/01/29 04:04:18 (permalink)
    Yep, I'm not investing in it, I was just made aware of it.  
    #11
    Noxnoctis1976
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    Re: A possible tool for simplifying taxes on crypto 2018/01/29 08:16:50 (permalink)
    Thanks for the info.
    #12
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