Topic: Boojapho's Crypto Tax Assistant v1.0 (Read 74 times)

Boojapho's Crypto Tax Assistant
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Latest version is v1.0

CHANGES:
- Initial release

DOWNLOAD:
- https://mega.nz/#!PehlzCBR!VLuOLo5LAo0Hsn0Cu-V5cJMQJmsb2gtSwCKCjeHd40I

ABSTRACT:
This tool is intended to assist with gathering data on crypto currencies for United States taxes and general profit/loss calculations.  It treats crypto currency mining as a business with profit/loss.  It treats crypto currency trades as capital gains/losses, similar to stocks, using a First-In-First-Out (FIFO) algorithm for calculating cost basis.  Note that the at the end of 2017, the United States "like-kind" exchange rule under section 1031 explicitly prohibits crypto currencies.  For the 2017 tax filing, the author of this spreadsheet erred on the side of caution and chose to not use the "like-kind" exchange rule.

REQUIRED SOFTWARE:
- Microsoft Excel 2013 or newer

FEATURES:
- Transactions can be input into a single master ledger.  Formulas take care of the rest.
- Profit / Loss summary by individual coin and by year
- Handles coin mining and expenses which would be reported on Schedule C for business based profit/loss
- Handles First-In-First-Out (FIFO) calculations of coin trades for reporting on Schedule D for capital gains/losses
- Can handle multiple coins mixed on the master ledger
- Splits coins to individual worksheets for easier analysis
- Optional macro to assist with setting up individual coin worksheets

MACROS:
Spreadsheet can be used with or without macros enabled.  The macro code is small and you are welcome to investigate it before running it.
The macro is designed to assist you with creating the individual coin spreadsheets needed to calculate profit/loss using First-In-First-Out (FIFO).  This can be accomplished manually if you do not want to run the macro.

KNOWN ISSUES / LIMITATIONS:
- If a sell transaction has coins that were held for both short and long term gains, the calculations assume all of it is short term.  You need to split the transaction to take advantage of the long term gains.
- For fiat buys and sells of cryptocurrencies, you have to manually convert the fee to the cryptocurrency bought/sold.
- Capital is summed up with income/expenses in Schedule C.  But on your taxes they should be treated differently.

FAQ
- Did you use this on your taxes?
--- Yes, I did.  It worked beautifully.  I had both mining and trading activities.

- Can you support Excel 2007?
--- No, too many formulas were not supported in 2007.  However, I am working on an Excel 2010 version.

- I don't trust your macro.  Do I have to run it?
--- No, you can setup things manually.  Just read the instructions.

- I'm in a different country than the US. Do you have a version for me?
--- Not at the moment. I'm not familiar with taxes outside of the US.  But, if you want to help me out, I could be persuaded to add other countries.

- Taxes on cryptocurrencies are for fools.  You shouldn't even be doing this.
--- Go troll somewhere else.  If you aren't paying your taxes, then why are you concerned about a tax assistant spreadsheet?