USA Citizens - How are you tracking/reporting for Tax Purposes?

Zoe Saldana

jr. member

Activity: 84

Merit: 3

Quote from: Saidasun on July 15, 2021, 04:44:36 PM

Most exchanges will have an option to export your transactions via CSV and you can open that in Excel this might not contain all the information you want but would at least help you in formulating a template and doing the majority of the work for you.

Do you know how on chain investing and taxes? I'm getting a good return on TheGraph and I'm unsure how the crypto interest is valued. And from what I've done with it so far; there is no way they know it is me, and can not be reporting the interest.

I'm sure I could come up with some way of valuing it myself, but it would not be tax accountant correct.

https://thegraph.com/explorer/participants?selected=Indexers

Saidasun

sr. member

Activity: 334

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Most exchanges will have an option to export your transactions via CSV and you can open that in Excel this might not contain all the information you want but would at least help you in formulating a template and doing the majority of the work for you.

Zoe Saldana

jr. member

Activity: 84

Merit: 3

Quote from: BitMaxz on July 15, 2021, 09:55:35 AM

There is one tool that solves your issue, have you heard about cointracking.info?
You can check their official thread from here https://bitcointalksearch.org/topic/cointracking-profitloss-portfolio-and-tax-reporting-for-digital-currencies-220238

If you want a guide there is an old guide here on the forum you can search it or use this link below for a big list and guides for tax reports or tracking your investment with tax.

- [Tutorial] Crypto taxes for beginners

Thanks for the info. I would give you some tokens but I only have 2.

I've been using H&R Block and from what I've researched I'll have to go with Turbotax.

One thing I don't see addressed is directly investing on chain. I'm doing that with AMP and GRT and I don't see a way to get that info on into the software.

I've been tracking in Excel what crypto I've moved where and the interest I've earned.

I think I'm going to do this for simplicity.

Example:
Bought Crypto on CoinbasePro
Moved Crypto to Celsius for interest.

When I want to sell crypto.
Move original amount of Crypto back to Coiinbase Pro and sell
Leave interest on Celsius and sell there.
Hopefully that will keep the taxes straight.

I'm hoping all the transaction fees and gas fees will be captured by Turbotax.

BitMaxz

legendary

Activity: 3374

Merit: 3095

Playbet.io - Crypto Casino and Sportsbook

There is one tool that solves your issue, have you heard about cointracking.info?
You can check their official thread from here https://bitcointalksearch.org/topic/cointracking-profitloss-portfolio-and-tax-reporting-for-digital-currencies-220238

If you want a guide there is an old guide here on the forum you can search it or use this link below for a big list and guides for tax reports or tracking your investment with tax.

- [Tutorial] Crypto taxes for beginners

Zoe Saldana

jr. member

Activity: 84

Merit: 3

----Moderator please move if this is not the correct forum.--------

USA Citizens - How are you tracking/reporting for Tax Purposes? What software are you using?

This is where and how I buy and invest my crypto and I can see it being a big headache trying to report it all on my taxes.

buy/sell/invest - For better rates of interest I might buy on CoinbasePro and move the crypto to Kraken.
Coinbase/Coinbase Pro
Kraken
Binance USA

Move crypto from above to invest
Celsius Network

On Chain investment - I have no idea what info they provide as to the value of the interest I receive. This is where I would use MetaMask to invest on chain. These sites do not ask for any information about me. I can not see how these sites could report any information to the IRS. But I need the cost basis so I compute the taxes correctly.
e.g AMP & GRT

I have no idea how to track and report GAS fees for moving Crypto around.

Also, I can see if I bought crypto on one exchange and sold it on another, it would be hard to report.

Then there is short term vs long term gains.

Any advise would be appreciated.

Topic: USA Citizens - How are you tracking/reporting for Tax Purposes? (Read 85 times)