Thanks for all the suggestions.
Topic: Crypto transaction aggregator for income tax purposes (Read 121 times)
I ended up using koinly. It was easy to use and allowed data collection either via API key or upload of transactions.
Thanks for all the suggestions.
Thanks for all the suggestions.
I do think exchanges should start to offer these sorts of services themselves as it makes things very hard to declare and to actually work out what you've made an income/profit on (the good exchanges do seem fairly helpful though and a message to their support might get you what you need fast enough if they can).
As a matter of fact, earlier this week Binance announced their new tool called Binance Tax. It is still in a sort of test phase so for now its only available to users in France and Canada but its just a matter of time before they expand the service to other countries. Just a matter of time before other major exchanges offer the same. More info here: https://www.binance.com/en/blog/ecosystem/introducing-binance-tax-streamline-your-tax-season-experience-9208476713086961306
I nosed around on Gemini, but don't see where to find an API key. I don't have any crypto on there at the moment because I sold everything on there and moved stuff elsewhere.
Never used Gemini so I don't have an account there to check if the video is up to date but you can give these instructions a try:
https://koinly.io/integrations/gemini/
Also this is from Gemini:
https://support.gemini.com/hc/en-us/articles/360031080191-How-do-I-create-an-API-key-
As for actual balance, it doesn't matter, they are required to keep your data exactly for this purpose so you'll probably be able to get all your history with no problem.
Koinly for example works by providing it with your API key from Binance or Coinbase or other exchanges, at one point least some of them had also the possibility of a full dump of your transactions, but never ever entrust some random app downloaded from Gplay with your username and password.
I nosed around on Gemini, but don't see where to find an API key. I don't have any crypto on there at the moment because I sold everything on there and moved stuff elsewhere.
I do think exchanges should start to offer these sorts of services themselves as it makes things very hard to declare and to actually work out what you've made an income/profit on (the good exchanges do seem fairly helpful though and a message to their support might get you what you need fast enough if they can).
There's a few places online but if you go down that route I don't think I'd rely on just one (and make sure you anonymise things as much as possible for uploading them to any website -> and use a vpn where you can).
There's a few places online but if you go down that route I don't think I'd rely on just one (and make sure you anonymise things as much as possible for uploading them to any website -> and use a vpn where you can).
How do they work? Do you have to go into each exchange and download transaction history, or can an aggregator access various exchanges (given user id info, etc.):
Koinly for example works by providing it with your API key from Binance or Coinbase or other exchanges, at one point least some of them had also the possibility of a full dump of your transactions, but never ever entrust some random app downloaded from Gplay with your username and password.
This year it is a different matter though. I did something really stupid and accidentally sold a bunch of crypto.
If it was a single event even with multiple cryptos involved I don't think you need one, but if the purchases are spread and you also used different exchanges, yeah just go for an aggregator. There are a bunch that offers a free plan for under 100-1000 transactions.
Last year I couldn't even find a tax preparer who had crypto experience. Luckily it was a fairly simple return so it didn't matter as much. And this guy was a CPA.
This year it is a different matter though. I did something really stupid and accidentally sold a bunch of crypto. I realized my error and immediately repurchased the stock, but by that point I had already created a taxable event. Since purchases had been made over years it is more involved. Live and learn I guess. Sigh.....
This year it is a different matter though. I did something really stupid and accidentally sold a bunch of crypto. I realized my error and immediately repurchased the stock, but by that point I had already created a taxable event. Since purchases had been made over years it is more involved. Live and learn I guess. Sigh.....
There are a couple of crypto transaction trackers which claim to help in calculating taxes within a time period, but I have not used any of them yet and cannot recommend you to do so.
You could manually monitor each transaction and the price at the time of the purchase and at the time of sale. Some wallet lock in the price of received Bitcoins and you have to manually check the value at sale.
How about hiring an expert to help you put, so you do not make an error?
- Jay -
You could manually monitor each transaction and the price at the time of the purchase and at the time of sale. Some wallet lock in the price of received Bitcoins and you have to manually check the value at sale.
How about hiring an expert to help you put, so you do not make an error?
- Jay -
Is there a recommended crypto transaction aggregator? This year I need one for income tax purposes. How do they work? Do you have to go into each exchange and download transaction history, or can an aggregator access various exchanges (given user id info, etc.):
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