/biz/ - Business & Finance

>>53892163
Good, upstanding autists like you are the reason degenerates slip through the cracks. Thanks for your service, anon.

>Imagine not being able to write your own script that calculates your taxes for you
Not gonna make it.

just file a 1099 through freetaxUSA, ya dummy.

>>53892163
Bitcoin.tax has served me well for over half a decade

>>53892163
Just go personally to the nearest tax office, give the clerk a firm handshake and expose your problem. They'll understand and let you pay what you can.

>>53892163

I've been wondering this myself

I've been using cointracker for a few years. It doesa terrible job with lots of mistakes. Plus I'm missing a shit ton of transactions because accounts got deleted and stuff like that. But I figured at least it cranks out a 1099 at the end of the day, it's better than nothing.

You only have to pay tax if you traded on a cex. You would have to be completely retarded to report dex trades

I used Koinly. They generate some form and all you do is input the totals and upload that form.

>>53892610

if you cash out on a cex though they are going to wonder how you increased your stack

>>53892674
Sell an NFT to yourself

I wrote custom software to parse my defi/dex txns.
Then imported it into koinly.

Protip: Use Debank to get the correct values at the time of transfer.
This is the first part of the Debank parser that I wrote. You need to get the table from the Debank HTML after loading all the txns.

https://hastebin.com/share/puwohoyaco.csharp

>>53892163
There's a line on your tax return for a gain or loss, nobody asks for individual transactions. Just do any exchange where you cashed out, or sold for fiat. The number should be as close to accurate as possible though.

Crypto to crypto doesn't matter for quick conversions for moving between wallets because there's no increase in value on a small timeframe. It only matters if you held, it gained value and you bought other crypto with it.

>>53892163
I didnt even check the crypto box this year and already got my refund. I'll worry about taxes when i actually make enough money for it to matter

>>53893246
This, keep it simple money in money out, calculate tax on profits. If they ask transactions later which they dont. If its close to real profits everything is fine.

>>53892432
Same. I use Bitcoin.tax and it’s less than 100 plus it keeps my closing positions so I can easily track for next year.

>>53892610
>You only have to pay tax if you traded on a cex.

i guess this changes depending of the country but do i need to pay taxes if i cash out (once i send-receive fiat to my bank) or everytime i press the "sell" buttom? if the later, i'm fucked because i'm a swing trader....

imagine paying taxes swing trading a full bitcoin or something like that...and having to pay taxes from a $25k x 100000000 swing trades

>>53892674
Even on the dex, you are not free from the fucking tax, because your transactions are open, unless you adopt privacy is when you will be totally free

I paid $250 for koinly and then $50 for turbotax and let me tell you there is ZERO chance all of my transactions were correct even after spending many hours adding and correcting them....but I paid the IRS $10k which is about what I owed by my own math. Basically if you actually make money and trade regularly you're fucked if the IRS decides they don't like you. One of my friends paid $5k for a personal preparer that "specializes" in crypto and told me what be got back was absolutely wrong and said he only owed like $4k in tax when he cashed out like $350k to his bank account lmao

>>53893800
I see why the SEC wants to crack down on privacy protocols.

>>53892674
A call for a decentralized system. Rollup everything with web3.

>>53895135
Decentralization & self custody is the way forward for crypto growth & development, Cex is fucked

Report all crypto that went into a DEX at zero cost basis.

They will likely not fight you since there is no additional tax possible - you reported a gain on the entire thing.

This is a conservative approach and you will end up over paying (your gain is really only the proceeds - cost basis) But if you report your cost basis at zero, why would they fuck with you? They can't get any additional money, theres no way to report a larger gain than zero cost basis.

>>53895267
****That went into a CEX****

>>53894023
This.
I tried at least 6 different tools and they were all insanely wrong. I ended up just going through koinly by hand and fixing all the stupid shit. It took weeks but its close enough and pay a shitload...

>>53892163
Koinly then freetaxusa
If your tax situation is more complicated then get a cpa

Last year I spent months tweaking values in cryptotaxcalculator. This year i am probably just gonna report whatever it spits out and move the fuck on. I'm not sure what my tax burden was supposed to be last year but I overpaid probably. This year I'm reporting a fuck huge loss after the fact. I sent them a massive stack of my transactions last year since I thought I should.

Was gonna get a CPA to advise me on it and go from there I guess.

>>53892163
...taxes?

>>53892163
Just do your best to report how much profit you made, relative to fiat in fiat out cost basis. You don’t need to be perfect unless you’re going to claim a huge loss to decrease what you owe or you’re so far off the mark that the IRS thinks they can get $10k+ out of auditing you.

>>>53894023

Your shits fucked because you do staking,

>>53893246
>>53893287
This. Keep it simple. You pay taxes on whatever you cash out to your bank. Nearly all CEX's are based in countries outside the US so they don't have jurisdiction over them anyway, and DEX's technically don't legally physically exist anywhere on earth.

They don't care as long as they get their money.

>>53892163
Thanks for your contribution anon