Crypto taxes

Microsoft maverickk
Apr 6, 2018 7 Comments

It's getting super late and I shouldn't procrastinate anymore. Can you folks please provide me references to some good tools for calculating taxes? Also, I've been trying to get Coinbase to send me my 1099k for quite sometime now but they are unresponsive (even though trades are easily 20k+). Anyone else on the same boat?

For those who have used Bitcoin.tax:
- Does this tool account for the fact that you swapped crypto? Eg: buy eth on Coinbase using USD, send eth to binance, swap eth to XRP, after a couple of days swap XRP back to ETH, send that eth back to Coinbase and cash out to USD.
- What about forks? (Eg: BTC -> BCH)

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TOP 7 Comments
  • Google / Eng +3
    https://cointracker.io - much better option.

    And you need to pay taxes anytime a swap happen. From IRS's perspective it's a sale of original asset (with capital gains/losses materialized) and then a but of new asset. You don't need to pay tax for transfer of same coin from Coinbase to Binance however.
    Apr 6, 2018 4
    • Amazon Kapao
      Cointracking is expensive AF if you have many transactions and doesn’t do as well with determining appropriate sales lots as bitcoin.tax. I’ve used both and am now using bitcoin.tax

      Neither is great. Bitcoin.tax is way cheaper and somewhat better specifically for taxes.
      Apr 6, 2018
    • Google / Eng +3
      What do you mean by "sales lots" ?
      Apr 6, 2018
    • Microsoft maverickk
      OP
      I have less than 100 trades in total (but have used multiple exchanges). All I really want to do is to import my CSVs into one of these tools and get back a 8949 that can be imported to TurboTax. Which one do you guys recommend?
      Apr 6, 2018
    • Google / Eng +3
      I have used 6+ exchanges (and some wallets) myself and 3000 trades. I paid for Cointracking.info and Cointracker.io. Cointracker.io turns out to be better and more accurate (Cointracking.info esp screws up USD withdrawl and deposits). However Cointracker.info has many more feature and allow CSV importing.

      I also tried Bitcoin.tax for a brief moment, but it I remember it wasn't even able to.import all Coinbase transactions correctly for me.
      Apr 6, 2018
  • New coin
    https://bear.tax much better than shitty tools.... Works well n support is good.... Cointracking didn't work for me... Left me with a mess
    Apr 16, 2018 0
  • Oracle Longshort
    Go to bitcoin.tax and download tax/transaction forms following the instructions they have on their website. I hired a cpa and sent him the docs.
    Apr 6, 2018 0

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