Bitcoin trading taxes

in taxes •  11 days ago

Bitcoin taxes have always been a pain. But this year is especially difficult.

I have used bitcoin.tax in the past, but this year the numbers it spits out is just very very weird. I think it cannot handle the margin trades i have done on Kraken or something like that.

Either way, I need some software help to bring together a report that shows my wins/losses.

Does anyone have any good pointers how to aggregate all trading for US tax purposes

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I hope you can get a good answer. Have a good time.

Hi, how have you been?

I do enjoy the ease of use of https://cointracking.info?ref=C16086 . No need to use the referral link, but it does give you a discount of 20%.

I would just point out there occasionally is some issues if you use the API from exchanges to auto load transactions. The software allows you to install back-ups of your trades, which I do every time I make substantial changes. No tool is perfect, the person in the driver seat must interpret the transactions.

Also, just note the dashboard tab might not show your actual balances if you withdraw from exchanges to private addresses, so you may need to use the unrealized gains dashboard to check your net of purchases minus sales of different currencies to perform a "proof of your crypto balance." The alternative is to track your wallet ddresses within the tool.

I would also like to point out, there is a very helpful web page https://steemdb.com that you can copy and paste a lot of the Steem/SBD author/curator/etc. reward data into excel and do a straight import into CoinTracking. It even converts SP into effective Steem for you.

Any other questions, let me know.

P.S. - if you pay margin interest, it can be reported as investment interest in the U.S. but I'm unsure CoinTracking will handle this for you - https://www.irs.gov/pub/irs-pdf/f4952.pdf

Great question. Excited to see the answers

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https://cointracking.info is my go to. They support 70 or so exchanges.

Hi, @knircky!

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https://tokentax.co looks like a great option. Their API supports most exchanges including Kraken. Here is a list:



https://blockpit.io is another service that analyze income from mining, trading, master nodes, ICOs, airdrops etc. It didn't mention anything about margin trades.

https://www.blockportfol.io is a decentalized Blockstack powered service and I've seen some nice things about https://bear.tax too.

Best of Luck!