Table of contents
Comprehensive Integration
Bitcoin.Tax integrates with multiple exchanges, wallets, and tax software, allowing for seamless import and export of transaction data.
User-Friendly Interface
The platform offers an intuitive interface that makes it easier for users to navigate through their crypto tax calculations.
Accurate Tax Calculations
Bitcoin.Tax provides accurate capital gains and losses calculations, which are essential for filing crypto taxes correctly.
Support for Multiple Cryptocurrencies
The platform supports a wide variety of cryptocurrencies, ensuring comprehensive tax reporting across different digital assets.
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Check the traffic stats of Bitcoin.Tax on SimilarWeb. The key metrics to look for are: monthly visits, average visit duration, pages per visit, and traffic by country. Moreoever, check the traffic sources. For example "Direct" traffic is a good sign.
Check the "Domain Rating" of Bitcoin.Tax on Ahrefs. The domain rating is a measure of the strength of a website's backlink profile on a scale from 0 to 100. It shows the strength of Bitcoin.Tax's backlink profile compared to the other websites. In most cases a domain rating of 60+ is considered good and 70+ is considered very good.
Check the "Domain Authority" of Bitcoin.Tax on MOZ. A website's domain authority (DA) is a search engine ranking score that predicts how well a website will rank on search engine result pages (SERPs). It is based on a 100-point logarithmic scale, with higher scores corresponding to a greater likelihood of ranking. This is another useful metric to check if a website is good.
The latest comments about Bitcoin.Tax on Reddit. This can help you find out how popualr the product is and what people think about it.
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: over 2 years ago
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: over 2 years ago
I use bitcoin.tax last couple years. Source: over 2 years ago
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: over 2 years ago
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 2 years ago
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: almost 3 years ago
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: almost 3 years ago
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: almost 3 years ago
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: almost 3 years ago
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: almost 3 years ago
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: almost 3 years ago
Question: How do I MANUALLY log these leveraged short transactions into bitcoin.tax? Source: almost 3 years ago
I don't think this is supported by bitcoin.tax. Is it? Source: almost 3 years ago
I've been doing taxes since 2016, I highly recommend bitcoin.tax. It works pretty well and is fairly easy to work. Source: almost 3 years ago
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: about 3 years ago
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: about 3 years ago
I use https://bitcoin.tax but there are a ton of them. Some cheaper than others but all basically work the same way. Source: about 3 years ago
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: about 3 years ago
Awesome love it. Did you create a crypto business like bitcoin.tax tax software? They did great early in 2017 probably! Source: over 3 years ago
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: over 3 years ago
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: over 3 years ago
Bitcoin.Tax is recognized as a prominent player in the cryptocurrency tax software arena, primarily appreciated for its cost-effectiveness and comprehensive features tailored to a diverse user base, including traders, investors, businesses, and tax professionals. As a tool that simplifies the often complex and cumbersome task of calculating cryptocurrency taxes, Bitcoin.Tax offers robust functionalities for capital gains tax reporting, especially with support for FIFO and Specific Identification accounting methods.
Affordability and Accessibility: Bitcoin.Tax is frequently noted for being one of the most affordable options available on the market for crypto tax computation. This feature has made it particularly attractive to individual traders who are conscious of software costs.
Ease of Use: Many users report a positive experience with Bitcoin.Tax, citing its ease of use and the ability to handle complex tax scenarios, including automatic calculations for mining income and managing expenses like hardware costs and electricity usage.
Comprehensive Data Processing: Bitcoin.Tax distinguishes itself by providing a unique data processing service wherein data analysts assist users with tasks such as converting CSVs, importing data, and analyzing results. This service is particularly beneficial for those faced with large volumes of transaction data.
API Capabilities: The software is recognized for its capability to automatically import data through API keys from major exchanges like Coinbase, though it is important to set up separate APIs for Coinbase.com and Coinbase Pro due to their operational differences.
Flexibility and Export Features: Bitcoin.Tax allows for exporting closing positions which is considered advantageous by users who wish to transition to different software or manage their transactions manually.
While Bitcoin.Tax has been lauded for the aforementioned reasons, it has not been without criticism. Users have reported specific challenges such as:
Integration and Compatibility Issues: Some users encountered difficulties in uploading data, especially with certain exchanges like Gemini, causing frustration and adding additional burden to manual adjustments.
Handling of Specific Transactions: There are mixed reviews regarding the handling of certain complex financial products or situations, such as leveraged positions or decentralized finance (DeFi) transactions. Users sometimes needed to manually verify or correct information.
Data Export and Audit Concerns: Concerns have been raised about the adequacy of export data for audit purposes. Users emphasized the need for maintaining detailed records independently to substantiate filings in case of an audit.
User Support and Documentation: There have been instances where the user support was perceived as unhelpful. Additionally, there might be a learning curve for users not familiar with advanced accounting methods like HIFO (Highest In, First Out).
In conclusion, Bitcoin.Tax stands out as a cost-effective and feature-rich crypto tax solution. It is well-suited for users in need of a simple yet powerful tool to help streamline their tax filing process. However, it is essential for prospective users to assess their specific requirements and consider maintaining comprehensive transaction records independently to mitigate potential challenges with integrations or audits.
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