US taxes- software to figure out capital gains

AK0490

newbie

Activity: 6

Merit: 0

Quote from: bitcointaxes on March 31, 2014, 11:55:19 PM

Quote from: AK0490 on March 31, 2014, 11:37:26 PM

I have premium and it looks great. Now when can I add my transaction history from wallets and get there value at the time mined? Pretty please?

I am literally working on it...but can't say it's going to be in before tax day, aiming for end April.

Great to hear! So with an extension we might get one site that can do almost everything we need. Will definitely donate more if this allows me to file my taxes with only a few headaches. Wink

bitcointaxes

jr. member

Activity: 57

Merit: 10

Quote from: AK0490 on March 31, 2014, 11:37:26 PM

I have premium and it looks great. Now when can I add my transaction history from wallets and get there value at the time mined? Pretty please?

I am literally working on it...but can't say it's going to be in before tax day, aiming for end April.

AK0490

newbie

Activity: 6

Merit: 0

Quote from: bitcointaxes on March 13, 2014, 02:06:57 PM

Quote from: Joe200 on March 13, 2014, 10:07:22 AM

Is there open source software to figure out the long-term / short-term capital gains / losses?

https://bitcointaxes.info

imports trade history from MtGox, Coinbase, Bitstamp, BTC-e, Cryptsy, Bitfinex, Bitfloor, CampBX, LocalBitcoins
manual entry of trades
import/add cost basis for coins owned in 2012 or earlier
calculates short / long term capital gains
uses First-In-First-Out, average costing or "specific identification" (e.g. Last-In-First-Out)
exports data ready to enter on Schedule D Form 8949
exports TurboTax and TaxACT import data
multi-year support for traders before 2013
multi-currency support for your tax country: USD, GBP, EUR, CAD, AUD
calculates gains for alt-coin and cross-coin trading
shows closing positions balances and cost basis for next year
tax estimate calculations for US tax payers
free version for unlimited BTC trades and premium for alt-coins/multi-year

Coming soon:

support for UK, Canada, Australia, Germany tax rules
current year gain and tax liabilities
maintain purchase records from coin addresses
mining income calculators

If you are doing your own taxes, it would make sense to treat bitcoins / alt-coins as capital assets. Although I have read some accountants are filing as a currency but more so they can maximize the amount of taxes paid, to ensure their clients do not underpay. However, if you only have short term gains, you will be paying the maximum anyway.

I have premium and it looks great. Now when can I add my transaction history from wallets and get there value at the time mined? Pretty please?

maurya78

hero member

Activity: 490

Merit: 500

You gotta love countries like Germany that treat btc like a commodity exempting it from cap gains tax for holding periods in excess of 12 months

bitcointaxes

jr. member

Activity: 57

Merit: 10

Quote from: Joe200 on March 13, 2014, 10:07:22 AM

Is there open source software to figure out the long-term / short-term capital gains / losses?

https://bitcointaxes.info

imports trade history from MtGox, Coinbase, Bitstamp, BTC-e, Cryptsy, Bitfinex, Bitfloor, CampBX, LocalBitcoins
manual entry of trades
import/add cost basis for coins owned in 2012 or earlier
calculates short / long term capital gains
uses First-In-First-Out, average costing or "specific identification" (e.g. Last-In-First-Out)
exports data ready to enter on Schedule D Form 8949
exports TurboTax and TaxACT import data
multi-year support for traders before 2013
multi-currency support for your tax country: USD, GBP, EUR, CAD, AUD
calculates gains for alt-coin and cross-coin trading
shows closing positions balances and cost basis for next year
tax estimate calculations for US tax payers
free version for unlimited BTC trades and premium for alt-coins/multi-year

Coming soon:

support for UK, Canada, Australia, Germany tax rules
current year gain and tax liabilities
maintain purchase records from coin addresses
mining income calculators

If you are doing your own taxes, it would make sense to treat bitcoins / alt-coins as capital assets. Although I have read some accountants are filing as a currency but more so they can maximize the amount of taxes paid, to ensure their clients do not underpay. However, if you only have short term gains, you will be paying the maximum anyway.

Joe200

sr. member

Activity: 317

Merit: 252

So a few lawyers think that profits / losses from trading bitcoins should be treated as capital gains for taxation purposes.
http://www.reddit.com/r/Bitcoin/comments/1uccfz/i_am_a_tax_attorney_here_are_my_answers_to_the/
http://www.bitcointax.info/

Is this the "consensus" opinion?

Is there open source software to figure out the long-term / short-term capital gains / losses?

Topic: US taxes- software to figure out capital gains (Read 1312 times)