I am lost in your post, it's maybe I don't know the crypto-currency Trading/investment system as to how the government impose tax on it in the US or maybe you are wrong about your knowledge,
Using my country, crypto-currency isn't concerned with the government, although they fixed a crypto-currency conversation ban, but prior to that, there is no tax on crypto-currency in my country because they don't control it, when converting before I think it's just bank fee that's taken, although taxation in my country is weak compared to the US or other countries.
Topic: USA - keeping track of trades (coins for coins) and financial software (quicken) (Read 90 times)
May 13, 2021, 02:06:06 PM
May 13, 2021, 01:56:55 PM
All the exchanges regulated by the USA supposed to report each and every user's trade records, so yes you need to pay for each trade no matter its crypto to crypto or crypto to fiat. Calculating and reporting the tax can be a nightmare for a day trader so you have to find someone who is professional in that and keep all those records as per the laws.
Long term gains has less tax rates than short term so its always good to have long-term gains so you can save 30-40% from your tax.
Long term gains has less tax rates than short term so its always good to have long-term gains so you can save 30-40% from your tax.
May 13, 2021, 12:40:09 PM
Im a few weeks deep into crypto at this point.
But i'm unclear on some things, if anyone has any general info.
When a coin is traded for another coin, its my understanding that in the USA thats a taxable event (i guess added to income 1099 maybe but not capital gains related), though this part eludes me, if nothing is cashed out how is it added to income exactly?
Do exchanges automatically provide these type of trades, coins for coins as statements so that its not needed to be tracked? (IE: end of year or month etc)
In my case i have been using cashapp, kucoin, coinbasepro, robinhood, bittrex, and kracken
So what i've done so far is try to make an excel spreadsheet with all these moves, but tracking the exact specifics especially after say 3-5 are done at a time becomes a nightmare and trying to determine what i should be putting in the spreadsheet (coin for coin exchanges).
Now on the financial software side (quicken), i decided to add each exchange where things are deposited as a brokerage account and just show the deposits there (but not the securities). I guess i figure since i have all the securities in coinstats i dont need to track that in quicken, just the money going to and from the bank account.
Its my understanding if i hold currency a year or more its long term capital gains tax, vs before that short term. Whats unclear on that is if you build up a crypto over the year and then decide to cash out part of it, how do you know if some of it was a year a go and some 6 months which part you just took out cap gains wise, long vs short?
Just wondering if im on the right path or any other tips?
Thanks in advance
But i'm unclear on some things, if anyone has any general info.
When a coin is traded for another coin, its my understanding that in the USA thats a taxable event (i guess added to income 1099 maybe but not capital gains related), though this part eludes me, if nothing is cashed out how is it added to income exactly?
Do exchanges automatically provide these type of trades, coins for coins as statements so that its not needed to be tracked? (IE: end of year or month etc)
In my case i have been using cashapp, kucoin, coinbasepro, robinhood, bittrex, and kracken
So what i've done so far is try to make an excel spreadsheet with all these moves, but tracking the exact specifics especially after say 3-5 are done at a time becomes a nightmare and trying to determine what i should be putting in the spreadsheet (coin for coin exchanges).
Now on the financial software side (quicken), i decided to add each exchange where things are deposited as a brokerage account and just show the deposits there (but not the securities). I guess i figure since i have all the securities in coinstats i dont need to track that in quicken, just the money going to and from the bank account.
Its my understanding if i hold currency a year or more its long term capital gains tax, vs before that short term. Whats unclear on that is if you build up a crypto over the year and then decide to cash out part of it, how do you know if some of it was a year a go and some 6 months which part you just took out cap gains wise, long vs short?
Just wondering if im on the right path or any other tips?
Thanks in advance
Jump to: