Author

Topic: Figuring out taxes (Read 105 times)

hero member
Activity: 1106
Merit: 638
February 14, 2018, 11:50:52 PM
#2
I'm guessing I can pass this file and my notations on to my CPA when he does my taxes?

Sure you could, this sounds like a great idea!

I've seen that there is a program, or website that you can use called "bitcoin.tax" It sounds like a good program, but I wonder if it's going to be extremely hard to figure out how to use such a program?

It shouldn't be too difficult to figure out.

Tax treatment of Bitcoin in the States is very simple. Bitcoin is property. When you sell it you need to pay taxes on the gains (or you can deduct from taxes if sold at a loss). If you own the Bitcoin for less than a year, your tax rate is the same as your income tax rate. If you own the Bitcoin for longer than a year,  your tax rate is at a reduced rate (between 10-20% depending upon your income, but less than your actual income tax rate).
newbie
Activity: 10
Merit: 0
February 14, 2018, 07:18:53 PM
#1
I've almost exclusively used Coinbase and they have a tool where you can generate a "Cost Basis for Taxes" in the U.S. which is a downloadable .csv file. I've also made a couple of transfers to exchanges, which I can make a note of, and I'm guessing I can pass this file and my notations on to my CPA when he does my taxes?

I've seen that there is a program, or website that you can use called "bitcoin.tax" It sounds like a good program, but I wonder if it's going to be extremely hard to figure out how to use such a program?
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