Tax Cucks

[Anonymous No.8935537]

Anyone here have so many trades that it was impossible to accurately account for them on your tax return? Who here /did their best/?

[Anonymous No.8935822]

I got an accountant to take care of it properly. Sorry about your upcoming audit OP.

[Anonymous No.8935835]

>>8935537
Nothing is impossible

[Anonymous No.8935847]

>>8935537
just use bitcoin.tax and import the trades from the exchange it's all automatic

[Anonymous No.8935859]

I have over 3000 trades due to a bot, but I just use cointracking.info

[Anonymous No.8935876]

>>8935537
in the same boat as OP. especially on Liqui

[Anonymous No.8935892]

>>8935847
I did. And wound up writing a six figure check. After importing everything it thinks i have way more ETH than I do.

[Anonymous No.8936288]

I used bitcoin.tax and a CPA.

The imports of all the data are completely broken. Between the hundreds of times coins were withdraw / deposited. The different sites used, the amount of coins bought / sold. It's fucking impossible to know if the data you're putting through Bitcoin.tax or the results it generates are even remotely accurate. In my case, I'm fairly certain I overpaid but I was happy to just have the shit done and out of the way. Next year they need to fix the guidance because the way we're supposed to do it now is bullshit.

[Anonymous No.8936402]

>>8935537
I just lumped all my trades together and took the net gain/loss and hit submit.

[Anonymous No.8937642]

>>8935537
Do it on cointracker desu. Costs $150 bucks but they feed in everything using all the exchange APIs. They'll even generate the 1099 for you. Mine got accepted by the IRS kikes

[Anonymous No.8937653]

I had a bunch of margin trades from poloniex. That was really fucking with my bitcoin.tax results. It thought I was selling coins with a cost basis of 0 and resulting in a much higher gain estimate. The solution, according to their site, is to go through all my margin trades and adjust the date of the openings to the date of the closings for each trade, or to remove the margin trades and re enter the data as just one trade and giving the net profit instead of a series of buys and sells. I went with the former and cut my gains by almost in half, but I still have unmatched pairs. I've done everything I can in that department though.

[Anonymous No.8937714]

lol you cucks reported? the IRS has no way to know about your shitcoin trades on your unverified binance account. At most you should report your net gain in the form of (total gdax usd withdrawal - usd gdax deposits/purchases). and that is only if you pulled off 100s of racks minimum.

[Anonymous No.8937763]

>>8937714
>thinking he'll ever cash out real money without cucking to the IRS
This is an 18+ board. I've made over $200k in crypto and plan on cashing out everything soon. Not gonna risk tax evasion

[Anonymous No.8937765]

Anyone actually file like kind for a decent amount of money? ($10k+). My taxes are about $20k and thinking of saying fuck it and reporting like kind.

[Anonymous No.8937809]

anyone cashing out from here on out via USD on a centralized exchange is pretty retarded. Now that Digix is out you can just hold gold backed stable crypto indefinitely without ever reporting any gains; just trade on unverified accounts. In time you will be able to straight up spend your crypto on whatever you want.

btw if you really need to cash out and you aren't an autistic antisocial retard. get a few hundred dollar plane ticket to Las Vegas. trade crypto in person for cash there is a huge marketplace there. you can even line up the trade online at twoplustwo.com beforehand.

paying taxes on crypto is like playing poker home games for cash and reporting that income. fucking retarded. don't be such pussies at worst you aren't even doing any time (at absolute worst trivial time but they aren't going to be locking people up yet on these new vague crypto regulations)

so many ways to get around tax liabilities. money just goes to tax breaks and salaries for the people cucking you in the first place, why would you not do everything in your power to get around it

[Anonymous No.8937813]

>>8937765
I didn't file like kind. Literally went trade by trade. You can probably get away with it right now but IRS seems pretty explicit about crypto-to-crypto being a taxable event

[Anonymous No.8937824]

>>8937763

I've cashed out more than that at one time for chips at Aria

[Anonymous No.8937847]

>>8937642
Same. Except it was free since I had under 200 trades or whatever.

OP is probably just a lazy brainlet.

[Anonymous No.8937861]

>>8935537
I trade 50-60 names a day. On some days a lot more. You can't use retail brokerage for that. I had to incorporate a hedge fund. The brokers send me DVDs at the end of the year. I don't fill out individual trades, just 1099 from a broker + a DVD as proof for audit.

[Anonymous No.8937866]

>>8937642
I had dozens of trades on shapeshift and even more on ETH Delta. Shapeshift was long long before I even thought I'd be making money

[Anonymous No.8937868]

>>8937824

OTC in person trades are the only way to deal with large amounts of crypto btw. It is made for that.

[Anonymous No.8937894]

>>8937866

etherdelta trades are extremely anonymous; they would have to track the trades to a public address somehow tied to your identity. Why report ED trades

[Anonymous No.8937990]

You can use bitcoin.tax and cointracking.info. The process is easy to import and it creates the docs for you. The problem is, a few things are off and I've spent hours looking at it and I can't figure it out (I did like 1600 trades last year).

For instance, cointracking.info says I have like an extra 40K in LTC and ETH that I don't have. I can't figure out where the fuck it's getting this info or assuming this. Probably somewhere in a withdraw/deposit between exchanges but I don't know.

>>8936288
Just like this anon said. The problem is, all the crypto CPAs are using this and raping ignorant new investors. (including mine who just basically charged me 1k to import my shit into cointracking when I could have done it myself if I wasn't so ignorant). So we are ALL using systems that are not 100% accurate, and most likely overpaying to a government who hasn't fucking outlined what we're supposed to do. It's a fucking shitshow and it's stressed me the fuck out.

I will say though that it is good to actually use these two sites actively and know where you are at. Last year, I was an idiot and just a shitcoin gambler, so I'm going to end up being underwater with the IRS (owing more than I made). This year, I can make better trades.

For instance, a lot of smart traders probably sold the bottom in January, recorded a large loss, then moved their stack and moved it back (aka wash trading). As long as you do it after 30 days you're good. I didn't know that. If I did, I would have been able to sell my position to pay off what I owe for 2017. But I didn't, so I owe more than I have in my bank account for 2017 taxes and just held all the way down in 2018. Been pretty depressed (I made a thread about it the other day). Anyways, time to get more serious on trades and taxes.

[Anonymous No.8938207]

>>8937714
The only way that would be true is if you cash in and cash out without using any of your existing accounts (crypto or fiat). Otherwise it's really easy to find you.

I even read that the fake amounts used in Ring signatures can be spotted, but that might just be government fud.

[Anonymous No.8938274]

>>8937990
bitcoin.tax was telling me I bought ETH back in February which I knew wasn't right since I only starting buying alts in July. I realized that since the first crypto I cashed out of in December was ETH, that it was classifying my first purchases in terms of ETH in order to calculate gain/loss.

Don't know if that's what your thing is, but that's what my thing was.

[Bizonacci No.8939192]

>>8935537

Is anyone actually reporting? Why not just submit my W-2 and be done with it?

[Anonymous No.8939279]

>>8939192
violence later

[Anonymous No.8939305]

>>8935537
I reported my mining earnings and all trades to USD and USDT. Paid a few thousand and I only made 28k last year. Feels bad. I have money on paper because of crypto but my life is still piss poor.

[Anonymous No.8939336]

>>8939192
Lot of us are reporting. The thing that said "less than 100 people reported hurrr" was fake news.

[Anonymous No.8939400]

>>8935892
that's your fault for not correcting the issue.
when I imported using API import with Kraken it said I had 55k in taxable gains because there was 25k worth of assets sold that did not have matching buy orders and so were logged as zero cost basis.
I then exported csv files from kraken and uploaded those to bitcoin.tax and all of those unmatched transactions disappeared and I only had about 25k in taxable gains
according to my blockfolio I actually had about 33k in gains at the end of the year, but I don't care as that works in my favor, and odds are that the discrepancy was due to unrealized gains

you should have found a way to fix that bad accounting

[Anonymous No.8939420]

>>8937990
i also have problems with bitcoin.tax listing more coins than i have

[Anonymous No.8939448]

This was my best effort.

[Anonymous No.8939460]

>>8939448
>mfw imaging some middle aged accountant at the IRS opening this

[Anonymous No.8939478]

for anyone with unmatched pairs on bitcoin.tax:
it may be to late and you probably already filed, but check if you imported using an API or by uploading a csv file

when I imported using kraken's API it said I had 55k in taxable gains and 30k in unmatched sells which it filed as zero cost basis
when I instead exported csv files from kraken and imported the csv files into bitcoin.tax all the huge unmatched sells were gone and I was left with less than $100 in unmatched sells reducing what was 55k in taxable gains down to 25k in taxable gains, so I essentially halved my tax burden due to fixing that accounting error

[Anonymous No.8939539]

>>8937990
>For instance, cointracking.info says I have like an extra 40K in LTC and ETH that I don't have. I can't figure out where the fuck it's getting this info or assuming this.

This is the most time consuming part and basically the punishment for leaving it until the last minute. My suggestion is sort by individual wallet and reconcile one by one, you will find the errors.

In future update your records regularly like at the end of each trading day and you will save yourself a lot of time. You are creating useful information for yourself, it's in your own interests for it to be current.

[Anonymous No.8939545]

If you've ever tried to do margin trading, that's going to fuck with you're bitcoin.tax results. You're going to be overpaying bigly if you don't sort it out.

[Anonymous No.8939564]

My measly 1k refund turned into a 300$ refund. Not bad, I suppose.

[Anonymous No.8939640]

gotta love it when 90% of your transactions are not on an exchange.

[Anonymous No.8939812]

>>8939640
they on a ledger?