Crypto Taxes

>inb4 muh dont pay taxes durr haha
ok so now that the faggots are gone, what is a good place to organize my crypto transactions for the year? I tried to use coinbase's automatic tax form generator but that shit was way the fuck off. Theres no way I made money this year. I definitely lost money or broke even at the very least.

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paying taxes on crypto is cuck behavior

>dont pay taxes
that’s correct

>picrelated
>scammed by netflix
topfucking kek

Koinly works pretty well. Pretty much any service ultimately is gonna require you to do a lot of ground work on new chains and wallets in getting cost basis right but their interface isn't too bad.

People who have caused out less than six figures have worthless opinions when it comes to taxes. Must be nice to not have to worry about the irs because you made a few grand in profit. How lovely.

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coinbase ratted me out. i use the money to do work on my fucking car. now i have to do all this tax shit.

thank you thats the one i was trying to remember.

I paid $100 for cryptotradertax only to find out that TurboTax literally lets you link your exchanges via API and calculates it for you for fucking free. All ctryptotrader did for me was export my shit to an excel file I could upload to TurbpTax only to get the same fucking cost basis.

I was shocked when I saw my cost basis was $65k and proceeds $82K for a total fucking profit of $17k that I owe $3500 on. You ma be retarded too. Some user explaiend it like this:

If at one point you sold, reinvested, sold, reinvested, and sold again, and made 10k, but then reinvested and turned it into 1k, the IRS doesnt care. They see you made 10k and they are going to tax it.

Imagine you get paid 100k a year but you blow 50k of it at the casino. You arent going to be taxed on 50k at the end of the year, youre going to be taxed on what your employer paid you, which was 100k

>that pic
kek I hope that coalburner roped but not before drowning her niglet in the bathtub
>your black is so beautiful
yeah, when it's asphyxiating underwater

>I was shocked when I saw my cost basis was $65k and proceeds $82K for a total fucking profit of $17k that I owe $3500 on
yeah my shit is way to high i definitely lost money. idk bro this is gay.

yeah its really annoying but could be wrose. I saw some loss porn once where the dude was asking for advice.

He did some dumb shit and actually made around 50k so he is immediately going to be taxed on that, but turned around and gambled it down to nothing, but still owed tax on $50k profit and he couldnt pay because he was broke.

Dont be like that guy.

i thought that if you gained 50k, then gambled it and lost it, then you sell at a loss for the tax break. isnt that was loss harvesting is?

checked and 420'd

Yes you can tax loss harvest, but only up to $3500 I think. So all that does is lower your total taxable income.

In other words, If you sold for 50k profit, reinvested, then sold for $47k, thats a 3k loss which you can deduct. SO instead of paying tax on 47k, youd pay tax on 44k ( think, I might have it mixed up a bit, but thats the idea).

If you sold for 50k profit and then gamble it down to 10k, you cant harvest 40k in losses.

Look all this shit up to make sure im just giving the ballpark idea

Kill yourself my man

this
let the feds figure it out

never sell

I live in Japan so my taxes don't go to niggers. The rates aren't too bad either. So I don't mind contributing a bit. That said, I'm not calculating every single transaction. I have my overall profit that I report and if that's not good enough or not calculated just right, then the dicks at the tax office can audit me and tell me what I owe. Fuck doing their jobs for them. I've made tens of thousands of transactions and I liquidity mine...good luck analyzing everything.

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how do you get your overall profit

My exchanges and LPers give me statements each month and year with the transactions listed and calculated profits in USD. Japan is just very picky about how things are calculated when it comes to forex and crypto. So, non-Japanese exchanges often can't get the numbers right perfectly.
A BTC to ETH or whatever transaction would technically look like this:
JPY -> BTC (establish cost basis) -> ETH Where it gets tricky is that between each transaction, the Bitcoin is considered "sold" again for JPY before buying the ETH. If I then take that ETH and buy shitcoins, I have to "sell" the ETH into JPY before buying and establishing a new cost basis on the shitcoin. It's very tiresome. Koinly and shit doesn't work for Japanese taxes. The calculations are off. Japan always has to be the biggest pain in the ass with financial stuff.

Don't listen to this guy. He's got it all wrong.

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wut?

i tried every platform and they're all shit. koinly was the closest only because it's convoluted method approximated close to the actual amount i made, not because any of the transactions were accurate at all. it's all fucked just claim some number of transactions close to what you made and hope for the best.

i'll probably get audited.

op... i meant don't listen to :
Cryptotrader.tax gives you the prefilled out IRS form based on your inputs.
The excel spreadsheet is the AUDITABLE trail in the event IRS comes after you (picrel)
Also prepares additional files in the event of CEX errors.(reconciliation). If you have an accountant, they can hook up with them to work it out.

Turbotax wouldn't even touch crypto until this year .... That is how i discovered Cryptotrader.tax. ( I almost did Kionly.)
As a high volume guy they were the cheapest. ( look online for ongoing discount coupon)
Stick with the same company as if you go mutiple years.... they can better track Long term gains.

Remember...depending on the number of trades.... you may qualify as a pattern day trader which opens you up to all those additional discounts...

And for the love of fuck learn the HIFO/FIFO/LIFO. IRS allows for all... but you have to remain consistent.... it is on the IRS website.

Don't try to evade taxes, bros... they are going to come after us.... not Jarmal & Sanqeuia.
GIBS aint going to pay for themselves.

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