have any of you faggots used this site? Is importing your trade history from multiple exchanges pretty simple? I don't wanna have to spend 20 hrs. entering in every partial order fill
It works, but you ultimately have to list each transaction on your tax return. The website spits out a file you can upload to Turbotax if you truly want to save time at some expense.
my accountant just said to claim this all as business income (schedule C) and be done with it
unless you guys are cashing out millions i think that's the way to go
It's not that good. better than nothing, but not very good at all.
Let me guess, you need to give them your API keys....
Yeah, don't whine later when your coins suddenly disappear cucks.
>Paying on Schedule C thereby incurring an extra 15.3% in self-employment tax
Yea user you might want a new CPA
offset by not paying cap gains on btc-altcoin trades during massive bullrun when your portfolio is worth 1/4 of that if you held since december
Why do you think you don’t still have to pay capital gains? You’re paying income tax and self-employment tax on schedule C. Not only that, but if I were an auditor and you got audited I would say you’re in the business of trading bitcoin because of the schedule C and now any long term capital gain you thought you had is taxed at ordinary rates.
No, it fucking sucks. I sent 3 hours trying to import everything, it kept throwing errors at me. That was after I paid for the premium version, too. If you're a trader, get a CPA or tax lawyer. It will cost you a couple hundred bucks.
Idk man I have like 3000 trades and they are all in btc not usd my accountant said I have to go back and find what the price of btc or eth was each day for every trade
If you cashed out yeah that sucks but if you didn't then like I said it offsets that issue and simplifies filing
also they're not seriously going to police every single trade you've made, especially if that was on a foreign exchange, it's just not happening
>importing trade info to a tax site
might as well give your DNA test to your insurance company KEK
yes i used it
and i'm fucked, fucked in the ass cuz i put a few thousand in bitcon a few years ago. Now I have to pay tax on a 300k capital gain, the portfolio today is worth 80k, WTF
>self reporting hundreds of thousands in capital gains on something you never even saw the cash on
I feel you bro - same here I went to cash on normiebase $80,000 for like 2 days . Then played day-trader for like a week or two always going to cash. Now its all in ALTS at like 180K down from 500K - now I must fucking sell ETH to pay for the 2 fucking days and the day-trading bullshit. Fuck we all screwed because looks like this shit going to zero anyway.
unless you're suggesting that somehow they'd tax me on cap gains plus just tack on extra tax for no reason
I'm filing on what I cashed out, I'm not meticulously trawling through billions of automated trades to suss them out
same here. fuck this trade shit. just reporting my fiat gains. if they wanna audit me, go right ahead.
What form are you doing this with? My problem is just that I basically
- bought let's say 100 ETH
- sold 110 ETH
those 10 were earned through mining+trading
but it's impossible to tease out the exact sequence of mining/trading and I still have some holdings, they're also not going to randomly investigate your trading activity, unless you made millions they can't even justify bankrolling such an endeavor
wondering if I should file that 10 ETH difference as self-employment income and the rest as normal cap gains
They won’t even look into the finer details of your coin origins in my opinion, 50% of people aren’t even filing on these gains
where'd you trade—gdax?
It's easy as fuck . I had 4 different exchanges and did it all under 20 minutes. I did have a bit of a problem importing my coinbase shit though, it had some eth transactions as btc or vice versa. May have been my fault, but either way it was a fairly easy fix.
Also to you and everyone else, I did all my taxes online with H&RBlock. I had over 300 transactions but for taxes I filed it as one lump sale as a 'group sale'. Numbers all add up and I was told I could use this because a 10-99-B form was not provided.
One more thing, File your Fintech/FBAR forms if you had over $10k in a foreign account. It's a grey area, but I'd err on the side of caution. It costs you nothing and is not a long form. Penalties for not filing this is $10k fine and potential jail time. Ignorance of the law is not an excuse on this one, and I very very rarely see it mentioned here. Good luck fellows.
What should I do here Just suck it up?
300 trades is nothing, I’ve got thousands
You're right 300 is nothing, I got lucky that I was discouraged many times and just held a lot for a month or two at a time. I'm guessing if you were to use one of the bitcoin tax sites you'd be able to get an estimate of the 10 ETH that were mined vs what you traded up for. From searching it does look like self-employment is the way to go. Worst case scenario is its too much of a headache and you cant figure it out, you can just assume a zero cost basis. Worst case scenario of course, you really don't want to do that.
I have thousands of trades and ultimately those 10 etc just came from mining/trading, what I really don’t want to do is have tax liability for a whole stack swap in December to and from bitcoin for example
Ultimately I think it’s stuff is a clusterfuck, I’m happy to just pay gains on the 10 ETH with no cost basis if it means they will just take my money and leave me alone