Topic: Cryptocurrency Tax Spreadsheet (Read 169 times)
I don't think that this would make any difference whatsoever because there is no difference between the income tax you are computing via fiat and in cryptocurrency as you will still need to calculate your earnings from cryptocurrency on its equivalent fiat currency value during that transaction. Basically you still need to manually put up numbers everytime you have made a transaction so you are somehow still doing it manually. The only difference is you have a spreadsheet for that kind of task.
I found this on reddit:
https://docs.google.com/spreadsheets/d/1_qGIHqYhyaLz3ltndy3WUs2Xg10WSbP0uwIs5HEAeMI/edit#gid=260984640
But yeah, you do need to record all of your transactions. If most of your activity are in exchanges, it should be fairly easy as you should be able to find an informative log of all your actions.
As a sidenote, I looked into bitcoin.tax, and while I'm not sure how good it is, its description of itself seem perfect for your needs.
https://docs.google.com/spreadsheets/d/1_qGIHqYhyaLz3ltndy3WUs2Xg10WSbP0uwIs5HEAeMI/edit#gid=260984640
But yeah, you do need to record all of your transactions. If most of your activity are in exchanges, it should be fairly easy as you should be able to find an informative log of all your actions.
As a sidenote, I looked into bitcoin.tax, and while I'm not sure how good it is, its description of itself seem perfect for your needs.
Obviously i know there are spreadsheet where you type in what coin you bought and what price and when you sold, but would it calculate the gain or loss automatically?
Are you asking for an app or something? Maybe if you say what you want or what you need it for, then it could be understood.
Otherwise, you don't need to bother yourself. If you buy a coin, you have excuted a business which you could either gain or lose and you know when that happens with your manual calculation.
Well let say its for Us people. I googled and there seem to be lot of cryptocurrency spreadsheet to calculate everything. But what i want to know is if you input all your btc or altcoin transactions for the year, would it show you the exact amount of capital gain or loss though? Thus you have to put a method like fifo, lifo, average cost etc. Then it does the calculate for each. Is there something like that?
Obviously i know there are spreadsheet where you type in what coin you bought and what price and when you sold, but would it calculate the gain or loss automatically? And you would need to put what method you are using right like fifo, lifo etc?
Obviously i know there are spreadsheet where you type in what coin you bought and what price and when you sold, but would it calculate the gain or loss automatically? And you would need to put what method you are using right like fifo, lifo etc?
I can't recommend anything as I'm having difficulty of understanding your question.
But I think after reading avikz post you are looking for a spreadsheet that has a crypto tax computation. Taxations can't be computed base on one's computation that depends on the country you are residing.
But I think after reading avikz post you are looking for a spreadsheet that has a crypto tax computation. Taxations can't be computed base on one's computation that depends on the country you are residing.
I don't think any such spreadsheet exists in the market due to the different tax computation laws in different countries. However, it is important to understand the basics. If you are an investor of cryptocurrency and prefers to hold them for long term without doing any trades, then you will have to calculate capital gains. Use a spreadsheet and make two columns for the date and price point of each cryptos accumulated and then make two columns for the tax date and the prevailing price point to calculate the gains or losses.
If you are a trader, your half tax job is taken care by your exchange. Just download the trade history from the exchanges, mainly the P&L statement. Every established exchange should have such report facility. Just download that and calculate whether you have made overall gains or overall loss. Report to your tax authority accordingly. You don't need to report every trade, just the final calculation.
Hope this helps!
If you are a trader, your half tax job is taken care by your exchange. Just download the trade history from the exchanges, mainly the P&L statement. Every established exchange should have such report facility. Just download that and calculate whether you have made overall gains or overall loss. Report to your tax authority accordingly. You don't need to report every trade, just the final calculation.
Hope this helps!
Sorry friend, I think you have to ask your questions coherently. Make some background analogy to help members who are interested to react to your thread. Otherwise, you won't get your curiosity explained.
Anyone have recommendations? If so, it basically records the transactions for you correct? Thus that way you don't have to record the transactions by yourself and it being very complicated?
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