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This exactly. Unless you're using a suite that's specifically built for crypto traders, there's no way the software can know that income on day X (which you pay
by yebyen 4y ago
This exactly. Unless you're using a suite that's specifically built for crypto traders, there's no way the software can know that income on day X (which you pay income tax on) is from the same bucket that an asset as was sold later on day Y.
You have to tell the software about your cost basis, which is only a problem if you're mining. It's smart enough to figure out buying and selling on the same platform, but it is not smart enough to figure out that some income was related to later sales and track your cost basis unless you make those connections yourself.
- j0hnyl 4y agoThis is why I paid a firm to do my crypto reconciliation... which too costs an arm and a leg.
- yebyen 4y agoYeah if you're in for a penny you're in for a pound as they say. Sometimes I think that most of the algorithms should just go away and we should just trade 10 times a year, from a spreadsheet. Then I remember that those algorithms all came from the primordial spreadsheet soup, and just laugh.