Boomer here with zero Excel skills. I have made many buys from three exchanges over the last three years. I have the digital Excel spreadsheets for the buys from the exchanges. I need to consolidate all buys into chronological order. I have never sold but will need to start selling next year to cover expenses. I need a master spreadsheet to help me track all of this. The ideal sheet would have columns for purchase price, fees spent, amount of coin, average cost, current spot price and profit. What would be best for me to use? Thank you.

Hello my income is tax exempt so i need to know how to file about 60.00 in capital gain tax

In 2017 I received BCH from the hard fork and then exchanged these for BTC. Based on current guidance, I think this was two separate taxable events, but I did not pay taxes on either.

At some point I would like to sell those BTC for USD.

How do I get the tax situation cleaned up? I believe it is too late to file an amended return. Is there anything I should do now, or just pay taxes on zero cost basis when I do decide to sell them?

If I purchased (old) BTC over a year ago. Then sold 10% of it. What if I repurchase (new) btc, and then want to sell again within a month… how does the IRS know if I sold my (new) BTC vs my (old) BTC. Wouldn’t the taxes depend on which BTC I sold?

Wondering how to report your gains from an offshore crypto exchange? Many people believe because it's offshore, you don't have to report, which is NOT the case. Lets break it down!

As U.S. residents and citizens, we are obligated to report our worldwide income. This means that no matter where you earned it or which exchange it occurred on, you still need to report those gains on your U.S. tax return.

Gains and losses from trading crypto on a foreign exchange are reported in the same place as gains and losses from U.S. exchanges. You'll need to fill out Schedule D and Form 8949.

Pretty simple, BUT knowing this could save you from a crypto tax aduit!

Disclaimer: The information provided pertains to the United States. Information contained in this post and in the comments is intended for general informational and educational purposes and does not constitute legal advice. Reading this post, reading the comments, receiving a reply to your comment, or sending a direct message to this account does not create an attorney-client relationship. Contact an attorney for legal advice regarding your specific situation.

I'm wondering about the two different Specific ID methods the IRS describes in their Frequently Asked Questions on Virtual Currency Transactions

Q40. How do I identify a specific unit of virtual currency?

You may identify a specific unit of virtual currency either by documenting the specific unit’s unique digital identifier such as a private key, public key, and address, or by records showing the transaction information for all units of a specific virtual currency, such as Bitcoin, held in a single account, wallet, or address.

Let me layout an example to make clear my question about the second method of identifying a specific unit of virtual currency

Example

I make 2 purchase on Exchange Alpha:

- Lot #1: 1 BTC - $15k, Jan 1

- Lot #2: 0.5 BTC - $16k, Jan 2

Withdraw to Wallet A

I make 1 purchase on Exchange Beta:

- Lot #3: 0.5 BTC - $17k Jan 3

Withdraw to Wallet A

I make 1 purchase on Exchange Gamma:

- Lot #4: 1 BTC - $21k Jan 4

Withdraw to Wallet A

- Lot #5: 1 BTC - $22k Jan 5

Withdraw to Wallet A

Wallet A

- UTXO #1: Includes Lot #1 & #2

- UTXO #2: Includes Lot #3

- UTXO #3: Includes Lot #4

- UTXO #3: Includes Lot #5

​

Now, let's say I send 2 BTC to Wallet B. My wallet software has decided to use UTXO #1, #2, & #3 to create this transaction. Let's also assume a fee of 0.1 BTC. The price of BTC is $23k.

I must report the fee of 0.1 BTC to the IRS, as it was disposed for the service of sending a BTC transaction.

It would be beneficial for me to report that I spent Lot #4 & Lot #5, as this gives me the least tax burden when calculating the gain of the 0.1 BTC fee. However, this does not reflect what happened in reality with UTXOs.

Again, from the IRS:

or by records showing the transaction information for all units of a specific virtual currency, such as Bitcoin, held in a single account, wallet, or address.

It seems that I may choose to report what "units" (or Lots) I disposed of if they are within the same account, wallet, or address, regardless of what happened with UTXOs in reality.

Does anyone else have experience reporting this way? Is my interpretation of the IRS correct?

Hi All,

​

I don't know what to do to fix this. One of my taxable transactions was a defi coin that I bought for 100 ALGO and sold for 199 ALGO. On the final report, it's saying that my profit from this coin was MILLIONS of dollars, but based on the ALGO value it's only like $200. I've been up and down the report, none of the other menus show this dollar amount, it's ONLY showing it on the final report page. It's showing the "year-end value" of almost $5 per, when in reality it was a fraction of a penny.

​

What do I do?! I can't use this export at all in it's current state, not sure how to clean this up. All of the transactions for that buy/sell are correct, showing that I bought it at 100 ALGO and sold at 199 ALGO, however that weighted value is pulling the wrong number and wrecking the data! Is there someplace I can edit that value?

​

​

https://preview.redd.it/rro42l65kbua1.png?width=967&format=png&auto=webp&s=6b0c4dbdab3bc6e0ccee8f72f509276c41f725d9

The minimum is now $50 for 10k trades, but I really only have 50 to track, are there lower tiers available?

Hey all,

We recently recorded a four-part series on crypto taxation. I interviewed multiple crypto tax professionals about all things crypto taxes - from the very basics, to advanced crypto taxation, crypto audits, and real-world crypto tax situations and the solutions professionals recommend.

The full series can be found here: https://talk.bitcoin.tax/taxes-on-crypto-series/

Episode 1: What Are Crypto Taxes and How Are They Taxed?

Episode 2: How Crypto Income, Margin, and NFTs are Taxed

Episode 3: Why Your Crypto May Be Audited and How To Respond

Episode 4: Real World Crypto Tax Scenarios

My goal was to answer nearly every kind of question someone may have about cryptocurrency taxation, from a total beginner to the most advanced kind of crypto activity. Enjoy! All free, no ads.

Guests included: Matt Metras, Alex Kugelman, and Andrew Gordon (3 of the top guys in crypto taxation).

Is anyone having issues with some dates' capital gains that should be a Superficial Loss https://bitcoin.tax/ ?

I had to delete my other post because I worded it wrong.

hey, i bought/sold maybe a few hondo in 2022 (BTC via Cashapp).

i received an email from Cashapp saying to login to my app and dload the 1099-B form (Settings>Documents>BTC). i only have (Settings>Documents)--there's no option for BTC or a 1099-B form.

what's that mean--that i didnt sell enough BTC and/ or hold it long enough to have to file?

Hello, I posted about my $500k loss in another sub, so I'm looking for some tax help here.

In short, I'll provide approximate numbers to keep it easy.

• 30 BTC Liquidated by Midas
• Cost basis was close to nothing (mined). I paid taxes on it long time ago in 2011
• Midas sold them for worthless MIDAS tokens, so in some ways I "realized a gain at ~$16,000," but then it got all traded away.

For me to take a LTCG hit of 30 * $16,000 would be enormous, not to mention it then got swapped away for worthless tokens. I'm trying to process how to report these gains/losses.

For bitcoin.tax users in the United States....

Let's say I do a simple 10x margin SHORT. For example:

I SHORT $10 worth of XYZ coin at 10x leverage at the price of $5 per coin. (So I'm really trading with $100 worth of value due to the leverage.)

The price drops to $4 and I exit my position with a 20% PROFIT. This, of course, is a $20 capital gain and is taxable, if my math is correct LOL. Assuming it is....

Question: How do I MANUALLY log these leveraged short transactions into bitcoin.tax?

Thanks in advance!

I am an investor and part-time trader in crypto.

Let's say I have a long-term hold bag of BTC. Also I have a short-term BTC bag that I use for actively trading. When calculating transactions for cost basis (FIFO) for the IRS, are all the bags considered one and the same because they are the same asset, BTC? Or can I segregate them for cost basis calculation? I hope this makes sense.

For example, let me simplify....

On 1/1/2022, I Buy 1 BTC for long term hold.

During 2022 actively trade BTC.

On 1/15/2023, I Sell my 1 BTC that I held for long term (more than 12 months)

Would this final action be VALID for LONG TERM capital gain/loss, because I kept it separate? Or, because I was actively trading the same asset, BTC, is it all considered short-term gain/loss?

I'm trying to upload a csv from Midas Investments. I've reworked it according to the sample income csv provided by bitcoin tax. When uploading it says 22 trades successfully uploaded. These were primarily Midas coin buys (Eth-Midas). When I look at the trades page the value section is in ETH. Does bitcoin tax have the records for the price of Midas coin? Please advise??? Thank you!

I noticed while doing taxes this year that in previous years my kucoin records only imported the last 6 months of trade records to bitcoin.tax. It appears that they no longer store my records prior to 2020, but I would like to at least correct my 2020 taxes. I also switched to using HIFO this year, and calculated this year based off a corrected version of my 2020 taxes switched to HIFO. I planned to amend with the corrected records, but put it off quite awhile. I just spoke with HRblock to try to file the amendment, but was told they would only append additional transactions to the existing return. I want to completely replace my previously submitted 8949 with the corrected version. Is there any way of doing this, or are my taxes permanently erroneous now?

Hey all, with the current bear market, it seemed like a good idea to record an episode discussing and demystifying tax loss harvesting on crypto. My guest was the always informative Matt Metras ( /u/BitcoinTaxesMe ).

Episode Summary:

Matt Metras, an Enrolled Agent at MDM Financial Services and overall crypto tax expert, joins the show to discuss crypto tax loss harvesting in the current bear market, touching on how to handle specific coins like LUNA. Matt also outlines the main points of the recent bi-partisan crypto bill: a De Minimis exemption on crypto spending, removing the tax on staking and mining rewards, and transferring oversight of crypto from the SEC to the CFTC.

Episode Page Link: Tax Loss Harvesting In A Crypto Bear Market

Audio Only Link: Tax Loss Harvesting In A Crypto Bear Market (Audio)

Timestamps:

(01:36): Crypto Tax Loss Harvesting

(06:00): Harvesting Luna Losses

(09:34): The US Crypto Bill Explained

(10:25): Crypto De Minimis

(12:39): No More Mining and Staking Tax?

(18:34): The CFTC Regulating Crypto

Tax authorities treat local income and foreign-earned income differently. How do they treat income from staking, as a local income or a foreign-sourced income?

If as foreign income, then in countries with territorial taxation system staking won't be taxed at all. Which is nice, but hard to believe.

If as local income, then, while abroad, stakers will be taxed for staking income in every country they visit. Which is at least cumbersome.

Do you know how this problem is resolved? Or it is a gray area ATM?

The same ambiguity comes with trading. If you are in a country A and trade on exchange in country B who will tax you? Country of the exchange? Country of your stay? Country of you tax residence? And if you a nomad without any tax residence?

Under Income? $0.00 with the base cost being the minting fee?

Or under trading as a buy? Minting as a Buy at $0.00 and the minting fee under fee?

Maybe Bitcoin.tax will need to do an article on all the different NFT transactions?

Hey y'all. I need help on this as I'm new to the whole cryptocurrency. I received ~$30 last year in bitcoin from the cash.app giveaways on Twitter and it has till now been sitting in my cash app as it can't verify my identity. I don't have blockchain enabled either.

It no longer is valued at $30- around $24 currently. Really never went back to $30 after dropping.

How do I report this on my federal tax? I'm using free USA tax to file.

-what type of income? -do I report loss as well? How if so?

Sorry but no sleep on doing taxes and caring for newborn is grueling and brain fog. Thank you.

Just curious, why does it ask if I bought Cryptocurrency when I'm filling out my tax return? I thought I only needed to disclose when I sold for a gain or loss? Shouldn't buying it be irrelevant especially if it's not being staked or earning any sort of interest?

I purchased/traded/lost/gambled quite a lot of crypto, but a lot of the records are lost, due to either lost passwords or exchanges no longer operating. I've never reported taxes because I never really sold until the past year, or if I did, it was before crypto tax laws were made clear. In addition I didn't realize crypto to crypto trades were a taxable event, not because I was trying to evade taxes, I simply didn't care enough to keep up with the changing legal landscape, as for a while I didn't even care about the crypto I had.

I know the total denominations of the cryptos that I control, and it would be pretty complicated to try and spoof all the trades/losses I made that led to my current portfolio. Would it be bad if I take all the dollars I spent on crypto then picked dates that would give me the ultimate total sum that I hold and report that instead?

For example, let's say I know I had 2 btc, 20 eth, and 2000 ada, right before I sold some of it in 2021. I know I spent $20,000 in aggregate that led me here, but I have no idea about all the trades/losses I had that led me to this point. Instead of reporting all the trades, which I (or possibly anyone) has data on, would it be bad to just pick a time that I bought each of them at so that the total cost of the 2 btc, 20 eth, and 2000 ada would be equal to $10,000 and report that as buys instead?

I discovered that I did some pool mining many years ago, around 2013. In 2021, I transferred the Slushpool balance to Coinbase.

I understand that mining income for a hobbyist should be reported as regular Schedule 1 1040 income, but should that have been reported in 2013 or when the transfer to Coinbase was made in 2021?

Assuming it should have been reported in 2013, what is the recommended action for my 2021 taxes?

You bought, mined, sold crypto throughout 2021. Should be easy except the complication is you were a citizen of another country and became a US permanent resident mid-2021 (e.g. July 1,2021).

It’s 2021 tax season now so how do you report everything that happened in Jan-Jun 2021? Disregard?

If you do that, when you sell in July-Dec, what would be your cost basis then? You would technically have negative balance since all previous transactions were not reported.

If you report it, how would that work since you’re not a US tax person?

Edit: This is specifically about Bitcoin.tax

I was trying to add a few addresses to track transactions, and somehow I noticed transactions are not being found.

These are bc1/Segwit addresses, so I'm wondering if there are problems with supporting Segwit addresses? I tried a few legacy addresses and they seemed to import transactions just fine.