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Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading
- deleted 7y ago[deleted]
- nodesocket 7y agoLooks great. Any support for Robinhood crypto trades coming?
- jallmann 7y agoFor Robinhood crypto, there's form8949.com which is generally fantastic. It can import from a number of crypto exchanges in addition to the traditional brokers.
- raz32dust 7y agoDoesn't Robinhood already provide crypto transactions in their Form 1099?
- vamshi4001 7y agoThe file provided by Robinhood is a gain/loss statement. Since the assets on Robinhood are not movable across exchanges, these gain loss entries can be directly used to file your tax returns. TurboTax Online provides a way to upload your Robinhood taxable entries. If you are doing it with an accountant, you can just send the file along with BearTax tax documents else you can enter these taxable entries in capital gains or losses section with each line as Asset, bought on, cost basis, sold on, total proceeds, net gain loss, short/long term. We at https://bear.tax https://bear.tax are working on a way to make it easy for users to import into the platform and get consolidated tax documents, so you don't have to do it all by yourself. We'll keep you posted on that.
- Hydraulix989 7y agoDid anyone actually make money with crypto in 2018?
- davidmurdoch 7y agoMany people sold BTC at $14k+ and then bought back in at 10k, 5k, etc. If they didn't sell again for all of 2018 they'd only have "realized gains" and no realized loses. So on paper they'd have only have gains, as the IRS doesn't recognize the market value of your current holdings.
- gruez 7y agoCan't they do a wash sale to create losses? That's how tax loss harvesting works.
- andrethegiant 7y agoNot an expert, but afaik you'd have to separate the buyback by 1 month from the wash sale for it to be valid/legal. You'd be kicking yourself if the price skyrocketed during that window. Edit: https://help.cointracker.io/taxes/us-taxes/do-wash-sales-apply-to-cryptocurrency https://help.cointracker.io/taxes/us-taxes/do-wash-sales-app...
- xur17 7y ago> There is some debate as to whether wash sales apply to cryptocurrency sales, however the IRS specifically states that wash sales only apply to stocks and securities. Since the IRS has also issued guidance that cryptocurrencies are property, CoinTracker does not calculate/apply wash sales.
- Thorrez 7y agoWhether they bought back in doesn't make a difference. If you sell BTC, that's a taxable event.
- jmharvey 7y agoFrom a tax perspective, sure. If you bought any time before the fall of 2017, and sold any time in 2018, it's pretty easy to have realized a gain in 2018.
- 7y ago
- eruci 7y agoDoes anyone pay taxes on crypto?
- gruez 7y agolegal answer: yes pragmatic answer: only if you interacted enough with the US financial system that the IRS might catch you.
- seibelj 7y agoYes, it is quite easy to pay taxes on crypto and quite difficult to explain during audit how cash ended up in your bank account without associated tax payments. Pay your taxes!
- jniedrauer 7y ago> Yes, it is quite easy to pay taxes on crypto I only ever played with small amounts for fun, and in the long term, I took losses. But it's very difficult for me to compile all my trades for tax reasons. I set up automated trading on half a dozen different exchanges (some of which no longer exist) using half-baked python scripts with no logs. How on earth do I compile a Form 8453 showing all of those thousands of trades? I could spend months tracking down all the public keys I used and use blockchain explorers to compile a list of transactions... but I would not describe this as easy
- ceejayoz 7y ago> How on earth do I compile a Form 8453 showing all of those thousands of trades? By planning to do so from the beginning. "I forgot to keep records" isn't going to be something the IRS really cares to hear.
- jniedrauer 7y agoYes, hindsight is 20/20. In my case, I doubt they'll care, given the small amount and the fact that there were no taxable profits. But I have to imagine that I'm not the only one who did this.
- lostmsu 7y agoNot having a good descriptive About page is bad for your site. I can't imagine a security savvy person to use tax software of unnamed vendor.
- deleted 7y ago[deleted]
- sanbor 7y agoIs there any rule of thumb to calculate taxes over crypto? Like "10% of your profits". I'm sure if you make more than 500k a year you might have to pay more taxes but I'm sure there is an average that covers 90% of traders.
- bonestamp2 7y ago> 10% of your profits Calculating your profits (and loses) is what these sites generally do -- that is usually the hard part, especially if you have a lot of transactions. Not to mention, the way that you calculate that differs by jurisdiction. Loses are just as important since they can have a significant benefit to the taxes you owe. I use bitcoin.tax and then export the data for my accountant to fit into the rest of my tax return.
- bonestamp2 7y ago*losses
- fpgaminer 7y agoIf you need a rule of thumb, for example you want to have a rough idea what your taxes would be like to see if you're comfortable doing some liquidation or something, then sure. I'd back-of-the-napkin long-term gains at 20%, and short-term at 35% (covers both federal and state; assumes U.S.).* Again, very rough. You need concrete numbers once you do actual trading, because in the U.S. you are required to make estimated tax payments. The actual numbers can, for example, vary wildly from nearly 0% to upwards of 50%. * These are based on a typical 15% federal tax on long-term gains and 5% for state taxes; or 35% being a comfortable average for most people's effective tax rate in the U.S. for short term gains. The 50% tax rate is approached when you have largish gains, toward $1 mil or so, and live in expensive states like New York or California.
- bpicolo 7y agoIn the US, profit on crypto is straight up capital gains. Held for less than a year = short term capital gains, taxed as regular income. Long term depends state-to-state, but overall taxed less than income (federal has 3 brackets - 0, 15, 20% depending on your income. 500k+ puts you in the 20% bracket)
- dkem1415 7y agoI used this this year. Saved my ass
- jotakami 7y agoStill waiting for a tool that can correctly handle crypto derivatives, margin interest, swap funding, etc...
- atomical 7y agoDoes this tool take multiple tax years into account for cost basis?
- hanniabu 7y agoThis is the real question. Doing taxes my first year was easy. The following year is was much harder.
- wiidude32 7y agoThe tool does, it will carry over the cost basis from previous years of trading for calculating the next year's short/long term gains.
- atomical 7y agoIs the pricing based on trades per year or trades total among years?
- peteretep 7y agoWhat are other British people doing? I’ve been selling an amount each year that keeps me under capital gains threshold, which seems sensible?
- shanebrunette 7y agoIf anybody is looking for an anonymous free alternative I created a crypto tax calculator that supports 65+ exchanges https://cryptotaxcalculator.io https://cryptotaxcalculator.io
- cryptotaxesnow 7y agohttps://tokentax.co https://tokentax.co has real crypto accountants checking your uploads, working with you on missing cost basis, answering any questions you might have on intercom. US, UK, Canada and other countries supported automatically. And a TokenTax Crypto-specialist CPA can file your returns in the US as well
- vamshi4001 7y agoBearTax (https://bear.tax https://bear.tax) - Another alternative with support for more exchanges * Simple and easy steps makes it a lot less painful. * Multiple Tax Years support and FIFO calculations done accordingly. * Price is only for transactions done this year. * Working on margin trades, swaps and more