How to track your trades and do your taxes easily
Today, I want to quickly introduce you to a tool that helps you to keep track of your trades and prepare your cryptocurrency tax sheet. The tool I am using is a website called BitcoinTaxes. https://bitcoin.tax
It enables you to import all your trading data from all the exchanges you are using and converts the data in a chronological order, displaying coins, volume, weighted price, cost basis, current price, current value and gain / loss.
Features include amongst others:
- Imports trade histories from exchanges
- Import spending and income from exchanges and wallets
- Calculate capital gains
- Fifo, Lifo and other methods
- Multi-year support
- Major world currencies
- Supports bitcoin and lots of altcoins
- Reports balances and remaining cost basis
- Calculate tax years for US, Canada, Australia, Germany, United Kingdom or starting on 1st Jan
I am using the free version and I can truly encourage you to check it out. The free version is limited to up to 100 trades per tax year and offers the above features. Obviously every country's tax rules are different, therefore I can't make any statements as to how to report your data. But in case you need to report your cryptogains, I find that this website is really helpful.
Apart from the convenient tax reporting, I mainly use the site to check my overall invested sum in fiat and my current gains or losses. The page is also helpful in accumulating the data from the different exchanges and merging them thus giving you a complete overview over your trades.
My only complaint about the website is that the current price data of your portfolio is not updated as regularly as I wished for. If you know similar websites or tools, feel free to share them in the comment section.
Have a nice day! ;)
I am using it...purchased the upgrade...was shocked to see how much trading I had done and what the possible tax implication will be...
Hehe, I'm still under the 100 trades but I will probably eventually switch to the upgraded version as well...
Just a matter of time...no turning back!
Thanks for the article. I'm really glad there is a website taking initiative in the tax realm to help crypto investors.
I've written an article on the hard fork of Bitcoin Cash potential tax impacts (really uncertainties at this point); I was wondering, does the website you use have any information addressing how they are reporting your Bitcoin Cash received in the hard fork (if you had received any)?
Hi, sry for the late reply. As far as I know you have to add airdrops manually :)
Thank you for the information!
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STOPLooks like Cointracking also does all of these. Have you used cointracking? Are there are any features in this tool that are not present in Cointracking?