Crypto taxes
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)
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.
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.
What do you mean by "sales lots" ?
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
I don't think many people use Bitcointax anymore as this service is quite outdated. I personally use https://coinpanda.io which is super easy to use.
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.