Bitcoin and Crypto Taxes

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Anyone know if LIFO is okay for Bitcoin Trading taxes for 2018?

I want to announce my massive 2018 crypto losses for taxes but the online program I am using (cointracking.info) says about 5x the losses if I choose FIFO than approximately the real losses when I choose LIFO.
I understand FIFO is preferred by the IRS but because of how badly margin trading on Poloniex in 2017 screws up my cost basis calculations for everything, it seems like LIFO is the only way to do this right now without reporting a completely irrational loss on my taxes. Is LIFO accepted by the IRS, anyone else had experience like this? Thanks!
submitted by ThisGoldAintFree to BitcoinMarkets [link] [comments]

What accounting firm did you use to file bitcoin trading taxes?

Need recommendations. Thanks
submitted by ethbtc to Bitcoin [link] [comments]

What accounting firm did you use to file bitcoin trading taxes? /r/Bitcoin

What accounting firm did you use to file bitcoin trading taxes? /Bitcoin submitted by SimilarAdvantage to BitcoinAll [link] [comments]

Bitcoin Trading Taxes

I am starting a week long sprint to do a NodeJS module. Your post sounds like someone I could team with, so hit me up if you are interested.
The project consists of generating bitcoin trading tax reports based on user API keys. Expressed in MVC terms, the model is the user history (API fetch), the controller is the JavaScript i am getting ready to code, and the view(s) are what we make of it, with the bare min consisting of txt file for tax submission, and the first eye candy that pops to mind is a chart of the portfolio value over time. Other nice things would be a JSON dump and a spreadsheet export.
An example can be found at https://bitcoin.tax/
These guys are pretty CYA. I would like to do something that allows the user more options, specifically FIFO vs. LIFO, like-kind accounting, exposing the root cost basis as a variable. My plan is to limit the scope by completely forgoing gifts, purchases, etc... for now and focus just on the data that is available via API keys.
submitted by holyoak to nodetogether [link] [comments]

Bitcoin trading taxes in the UK

Ive been trading (quite heavily on poloniex) for the last 6 months and I need to do my tax returns for 2016/2017.
Im aware that you are classed as a "trader" if you make regular trades (which is subject to higher tax rates)
However Im not sure if I would be classed as a trader since crypto trading isnt exactly a regulated and may not be classed as such
Any of you UK people have filed HMRC returns and dealt with this?
Thanks!
submitted by ctrader555 to Bitcoin [link] [comments]

Bitcoin trading taxes in the UK /r/Bitcoin

Bitcoin trading taxes in the UK /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin trading tax Crypto trading tax /r/CryptoCurrency

Bitcoin trading tax Crypto trading tax /CryptoCurrency submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin usage/trade and US taxes.

Hi all, I have a simple question on what event trigs a taxable event with bitcoin. i know buying bitcoin is not but selling, converting, trading bitcoin, as I understand, creates a taxable event. So wouldn't use of cypto cards, with each transaction, create a taxable and reportable event?
submitted by ZanOOzibar00 to BitcoinBeginners [link] [comments]

I need your help funding legal costs in a case at the EU Court of Justice related to Bitcoin and VAT exemption!

As some of you may already know there is an ongoing case regarding Bitcoin and VAT exemption in Sweden and the EU. The Supreme Administrative Court (“Högsta förvaltningsdomstolen”) has now requested a preliminary ruling from the EU Court of Justice. The case, C-264/14, can be found here and has been covered quite a lot in media (Bloomberg, Law360, CoinDesk).
I got involved in this simply by asking for an advance ruling in Sweden because I wanted to start selling bitcoin on my site bitcoin.se. It has now escalated and I find myself in a situation where my case will likely decide if and how VAT should be applied to Bitcoin throughout the EU.
It took me a while to realize the significance of this case and I have to appoint a top law firm team here in Sweden that can prepare a written submission (and we’re short on time here - this has to be done in 3 weeks) as well as a potential oral hearing later on. The Swedish counsel will also cooperate with interested parties throughout Europe to get input and support from other European countries if deemed necessary. I am currently discussing with teams at three of Swedens top firms in VAT and EU-law. After asking about the costs I have received fee estimates that range from 22 000 to 38 000 EUR (approximately 56 to 96 bitcoin at the time of writing).
So here is my problem. There is no way that I can finance this personally. I don’t have enough commercial interest in the case to throw all of my savings on it, the business that we wanted to start on bitcoin.se has not been launched so there is no money there. This is why I am now reaching out to the Bitcoin community.
Disclaimer: Donating is in no way a guarantee that we will win the case but if I can’t raise the money the risks are dramatically increased that I will lose since I will have to deal with the court proceedings on my own (which one of the parties I have discussed the case with has described as “catastrophical” for Bitcoin in Europe).
If the donated money is in excess of the costs I will donate the excess funds to Bitcoin organizations in Europe. If, for some reason, none of the funds raised are used I will return all bitcoins to the sender address (so make sure that you donate from an address that you control!)
Please send your donations to this Bitcoin address 1EyosiaYh9gVEP7VKPTyrFGSSoS8QDSsbb
About me My name is David Hedqvist and have been running bitcoin.se since early 2012. I am a moderator of the Scandinavian forum section at bitcointalk.org and I have also been a moderator at bitcoin.stackexchange.com since its launch.
I will post this message on bitcoin.se, on bitcointalk.org where my name is D.H. and on Reddit where my name is D_ H_. If you read about the case on curia.europa.eu or in media you can confirm that the case is about David Hedqvist and bitcoin.se. Feel free to send me a PM or an e-mail to [email protected] if you have any questions.
You may also contact Dr. Thaer Sabri ([email protected]), Chief Executive of Electronic Money Association, to confirm the legitimacy of this fund raiser.
submitted by D_H_ to Bitcoin [link] [comments]

Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT).

Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT). submitted by gengyanisme3e to CryptoCurrencyTrading [link] [comments]

07-06 19:06 - 'The 15 Best Bitcoin Trading Bots (Reviewed)' (cryptotrader.tax) by /u/stratguy56 removed from /r/Bitcoin within 43-53min

The 15 Best Bitcoin Trading Bots (Reviewed)
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Author: stratguy56
submitted by removalbot to removalbot [link] [comments]

06-23 21:44 - 'Crypto Tax Software that supports Bitmex Margin trading?' (self.Bitcoin) by /u/PCftwConsoleFTL removed from /r/Bitcoin within 112-122min

'''
Paying $1500/year with tokentax. Does anyone know one that's more affordable? :(
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Crypto Tax Software that supports Bitmex Margin trading?
Go1dfish undelete link
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Author: PCftwConsoleFTL
submitted by removalbot to removalbot [link] [comments]

Bitcoin: South Korea to Start Taxing Bitcoin Profits in 2021, Bitcoin Suisse Users Can Now Trade Gold and Silver Against Bitcoin, 50 BTC From February 2020 Moved For The First Time In More Than 10 Years, The Post-Halving Bitcoin Era Will Be Unlike Any Other / Biweekly update 17th May — 31st May

Bitcoin: South Korea to Start Taxing Bitcoin Profits in 2021, Bitcoin Suisse Users Can Now Trade Gold and Silver Against Bitcoin, 50 BTC From February 2020 Moved For The First Time In More Than 10 Years, The Post-Halving Bitcoin Era Will Be Unlike Any Other / Biweekly update 17th May — 31st May submitted by paradigmfund to Paradigm_fund [link] [comments]

Nickel and dime bitcoin trading for last 6 years...report on taxes?

I recently got a notice from the IRS asking me to consider filing amended returns due to involvement in cryptocurrency.
From 2103-2018 I traded a bit of bitcoin off and on, and also played a little bitcoin poker. Total poker profits were about $500, and overall from trading bitcoin and ripple I ended up with maybe $1500 in profit, spread out over the years. Is it worth it to go back and amend and file all those returns? Will they come after me if I don't?
submitted by mtgartfan to bitcointaxes [link] [comments]

Fairly new to Bitcoin trading, how are taxes involved in this? Does this count as under the table income?

Edit: If possible, could you provide a source that can help me further understand the process? Thanks 😊
submitted by Nickplsrekt to Bitcoin [link] [comments]

Bitcoin.Tax Unmatched Trades

So just a quick question. What is the downside of amending past tax returns with "unmatched" trades?
Basically I'm trying to do the right thing and amend a few past tax returns with all the stupid trading I did early on. I imported all Binance/Bittrex/SDEX trades and I have a bunch of unmatched stuff, but overall I'd owe about $200 in taxes.
Can I just amend, attach the report from bitcoin.tax, and pay the calculated tax? Am I assuming worst case scenario and paying a higher tax or would I get in trouble somehow?
submitted by Well_thatwas_random to bitcointaxes [link] [comments]

I already filed taxes but forgot I traded bitcoin. What will happen?

I filed taxes and under the option where it asks if I traded any cryptocurrency I put no but I just remembered that I did. I was fooling around with it and only made $0.02 off of it.
submitted by BubonicButtBlaster to NoStupidQuestions [link] [comments]

How to handle bitcoin trading losses on your taxes

How to handle bitcoin trading losses on your taxes submitted by dudeson55 to Bitcoin [link] [comments]

Taxes on Trading Bitcoin

So, I have a question that I think I know the answer to but it seems ridiculous to me at the same time. Let's say I am trading BTC and using Tether. For the sake of argument, let's say that BTC is $100, and I purchase 1 BTC at $100. Tether it, BTC drops to $50, I buy back in, and it goes to $100, that's $50 taxable gain. If i continue to do this, and then scape off the top to pay those taxes in Jan or Feb, i'm basically getting double taxed because i'm going to have to pay those taxes the following year. I'm cashing out to pay taxes, which in turn is increasing my taxes for the following year, is this not a fucked up situation? *Assuming that BTC is increasing, if it isn't, I still have to pay taxes and don't have the $ in BTC to cash out to pay those taxes? My head is spinning. *
submitted by iamkuljuarenot to BitcoinBeginners [link] [comments]

I made a boat load of money trading Bitcoin, in a very short period of time almost equal to three years salary. How are my taxes going to be affected?

submitted by ParagonBeer to tax [link] [comments]

Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Acesso Bitcoin and Latoex Out of Business

Tax Rules Hit Brazilian Crypto Exchanges, Forcing Trading Platforms Acesso Bitcoin and Latoex Out of Business submitted by Pandora_Key to ethtrader [link] [comments]

Lose money trading bitcoin? Here's how to deduct it from your taxes - Quartz

Lose money trading bitcoin? Here's how to deduct it from your taxes - Quartz submitted by ulros to fbitcoin [link] [comments]

How to Avoid Paying Taxes on Cryptocurrency and Bitcoin ... NEW Tax Guidance for Cryptocurrency Investors (UK) Is Bitcoin Legal In India & Paying Taxes on Bitcoin ... How do I Legally Avoid Taxes on Bitcoin and Crypto?? HODL and Charitable Donations CryptoTrader.Tax How to File Taxes for Cryptocurrency Trading

Calculate Cryptocurrency Taxes Easily File Your Bitcoin and Crypto Taxes. If you own or have traded cryptocurrencies, you may need to include these in your tax forms, even if you didn't make any money. Bitcoin.Tax is the most established crypto tax calculation service that can work out your capital gains and losses and produce the data and forms you need to file your taxes. In Germany, private sales that do not exceed 600 euros ($654) are tax-free. Businesses, however, are still obliged to pay taxes on gains emanating from bitcoin through corporate income taxes ... In the U.S., long-term capital gains tax rates are 0% for people with taxable incomes less than $78,750, 15% for single tax filers with taxable incomes between $78,750 and $434,550 ($488,850 for ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. Bitcoin Record-Keeping Is Your Responsibility . There are hundreds of brokers, intermediaries, and exchanges that offer cryptocurrency trading. However, none are obligated to provide tax reports ...

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How to Avoid Paying Taxes on Cryptocurrency and Bitcoin ...

Suny ray is the co-founder of popular Indian Bitcoin buy/sell website Unocoin. Visit Unocoin here: https://coinsutra.com/go/Unocoin/ In this video Sunny answ... Bitcoin TAX Myths! How to Avoid the Headache with Cointracking ... Bitcoin Trading LIVE - Vera Trading Stream BTCUSD start from 0.01 BTC. Like please! Vera Trading 3 watching. Live now; Tax Basics ... Andrew Gordon of Gordon Law & Accounting lays out what is, and what is not a taxable event when dealing with cryptocurrency trading. Is BTC to ETH a tax-free... Today's video is about How to Avoid Paying Taxes on Cryptocurrency and Bitcoin, for which I'll give a few examples of for entertainment purposes only. In rea... Bitcoin Tax Myths: There are a lot of questions and misinformation circulating in our community about crypto & taxes. This is my attempt to clarify some impo...

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