Bitcoin.Tax Reviews and details

Social recommendations and mentions

• Coinbase profit/loss completely incorrect

  Not an ad but I use bitcoin.tax. Works like a chart. Note, coinbase.com is different exchange than 'coinbase pro' so if you used both, then you need to set up separate API keys at both and then import both (separately) to your tax software. Source: about 1 year ago

• Small bitcoin mining hobby and filing taxes

  I filed a separate Sch C for mining. I used bitcoin.tax to automatically calculate the gross income by inputting my public address (you have to pay tax on the value at the time it was mined). Tracked my hardware costs and electricity usage costs and listed them as expenses. I used the De Minimis Safe Harbor election since all my hardware costs we less than $2500 per item so that I didn't have to calculate... Source: about 1 year ago

• Missing cost basis from Coinbase Pro auto-migration to Coinbase

  I use bitcoin.tax last couple years. Source: about 1 year ago

• Cant upload Gemini transaction history and grow history into any crypto tax software

  Ive tried (and paid for) bitcoin.tax, cointracker and taxbit. It will not accept my gemini info for grow/earn no matter what I do. Has anyone found a way to do this? Source: about 1 year ago

• Coinbase Pro API Still Operationable?

  Yes, it's still working and pulling data from 2022. We use it at bitcoin.tax and have customers importing their data fine at the moment. Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  Obviously. I never said this wasn't the case. I have the ID for all of my disposals and all of my acquisitions, and it's clearly shown in the exports bitcoin.tax outputs as well, considering they output the symbol, and the date & time of acquisition, which is all you need to form the ID. Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  This is just incorrect. If everything you upload into bitcoin.tax reflect your entire transaction history, then bitcoin.tax does accurately determine what inventory items got sold. You're literally telling it to by selecting the method you want to use. "Specific ID" doesn't mean you have to literally make up an ID # for each lot, you just have to have the ability to specify which lot you are disposing of. Which... Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  If you get audited, you may not be able to prove to the IRS how the lots are connected to the disposals solely from bitcoin.tax exports, but you can from the files you need in the first place in order to upload to bitcoin.tax in the first place. Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  They were completely unhelpful tbh. I usually just file online then mail in the form from bitcoin.tax. FIFO and HIFO are both forms of SpecID, so as long as it all matches up it should be ok to switch. Idk if the software does a good job of that tho; and even so I based my 2021 off my corrected 2020 8949 that I haven't been able to submit; so either 2020 or 2021 needs amended to be consistent. But if I'm only... Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  The issue was really on kucoin's end. I have all the trade records saved on bitcoin.tax on the off chance I do get audited, so I'm inclined to just let it slide and turn all that over if the need arises. All the losses from this year should cancel out anything I own on last year's profits under FIFO anyway. I really should've been tracking all my trades in a document as I went, but it seems too late to start... Source: over 1 year ago

• Advice to correct 2020 taxes to include missing records and use HIFO consistently?

  I noticed while doing 2021 taxes 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... Source: over 1 year ago

• Question: How to MANUALLY log margin/leveraged SHORTS

  Question: How do I MANUALLY log these leveraged short transactions into bitcoin.tax? Source: over 1 year ago

• Long term bag and trading bag - Considered the same bag for cost basis calculations?

  I don't think this is supported by bitcoin.tax. Is it? Source: over 1 year ago

• What do you guys use for taxes on crypto?

  I've been doing taxes since 2016, I highly recommend bitcoin.tax. It works pretty well and is fairly easy to work. Source: over 1 year ago

• How the fuck is anyone actually calculating taxes on this shit?

  I used bitcoin.tax for a few years, but the last year it seemed like there were a lot of transactions it couldn't reconcile. Source: over 1 year ago

• How the fuck is anyone actually calculating taxes on this shit?

  I used a site called bitcoin.tax. The actual capital gains tax calculation is (I assume) based on American tax rules, so ignore that bit if you're not in the US. It still calculates your total gains accurately, assuming you give it accurate records. It uses API keys from most crypto exchanges to automatically look up your transactions. Source: over 1 year ago

• Coinbase pro shutdown- tax implications

  I use https://bitcoin.tax but there are a ton of them. Some cheaper than others but all basically work the same way. Source: over 1 year ago

• How have you been doing your crypto taxes?

  I used bitcoin.tax and went through all my transaction history, had to add in some stuff manually that the software did not catch like LP positions on uniswap. Everything else seemed to be handled somewhat well by their software. I added some airdrops manually as well. Their software handled coinbase and the other major exchanges great. But all my trading done through uniswap/polygon had to be verified and some... Source: almost 2 years ago

• Does anyone have experience wiring millions in crypto gains from an exchange to their bank?

  Awesome love it. Did you create a crypto business like bitcoin.tax tax software? They did great early in 2017 probably! Source: almost 2 years ago

• Tax Question

  Bitcoin.tax is one of the few crypto tax software that actually shows you all of your positions, and doesn't require your literal entire crypto transaction history. The ability to export your closing positions means if you want to use different software next year, or do it all yourself, you don't have to worry about reintegrating alllllll of your transactions in order to figure your current positions, like you... Source: about 2 years ago

• Crypto transactions

  Collect transaction statements from all the exchanges you did business with, import them into cointracker or bitcoin.tax (you may need to buy a paid account if you have more than a few hundred transactions), and let it calculate your gains and losses. Source: about 2 years ago