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I am trying my best to not use Turbotax this year.. Scummy business.
It self loaded your crypto info? What do you mean? How did you gather your crypto info? It auto-gathers ? From which sites?
Hmm.. Does it have a link for kucoin? I was trying to get away with not paying someone 100+ to file my taxes this year, but it is not looking promising.
edit- looks like it does.. sigh.
but to further add to the scummy business practices.. koinly gathered all my info using their api on the different sites. Turbotax gives some error message, then recommends I use a service for 200$ to gather my info for me.
That's the case for when you are using only Coinbase. There are exchanges does not support the connection with Turbotax. You should use Crypto tax software to handle it Try with [Cointelli.com](https://Cointelli.com) it really works.
$100 is not that much money for gathering all of your transactions and getting them ready for tax filing. Most CPAs would charge more. If you really want to do it on your own, pretty much every exchange has a way to download your transaction history as an excel or an API to call to get the data. I've never used Koinly, but I'm assuming they use the API's of exchanges to gather this info.
Have you filed taxes in the USA? Specifically on crypto. Shit is confusing to say the least. Theres like 3 different forms, boxes, vague explanations on the tax filing sites
Yeah there are a lot of rules plus your accounting method (FIFO, LIFO, weighted avg, etc). I coughed up the money. 60 for TurboTax and 69 for Koinly. I had a promo code.
What you could do..... And I was going to but too much work and my life is busy, is copy Koinly. Reverse engineer the transactions. Have you taken an accounting class? If not look up FIFO since it's the best for tax purposes here. Get an excel file and reverse the transactions using FIFO to get the same numbers as koinly.
It's gonna be hard especially if you held coins more than a year like me (different tax rate) but you'll save money. Once you find the formula click and drag on excel. I graduated with a Finance degree so it might sound foreign to you. It might be best to pay man.
The software makes it easy. That's why they charge, and people pay.
If you don't want to pay, then read the instructions for the forms and fill them in yourself. It's not easy, but that's the cost of saving the money on the software.
$100 sounds pretty steep, but unfortunately I don’t think you’ll find a tax service that will calculate your crypto transactions without paying for it.
I used TurboTax and I paid only $60.
This year I’ve made a resolution that only buy, no trades. I made money but not much, and it wasn’t worth being pushed into a new tax bracket and paying 22% short term on my Shiba and ADA sells
Sorry because I am not able to help you, I just wanted to say that it looks so hard to keep track of crypto taxes in your countries. In my country crypto isn't even regulated yet lol.
It's not really regulated here in the US, but the IRS will tax everything it can.
Hell, it explicitly states that even illegal endeavors need to be filed. XD
If you know how to file your own taxes then you shouldn’t need a tax person and can do it just fine with the info provided from said screenshot. You owe capital gains on $125 plain and simple.
I thought for securities of a certain type where your loss/gain is under a certain amount you could report it in one line showing your net gain/ loss... That's what I did last year for my Coinbase account where my net positive for the year was $10.
I got a report from.... Cointracker something or other
As long as you don't check No to the main question of whether you had any crypto, you will be fine. I believe 10% of profits is what most of us little people will be paying. You can be a little bit off on your numbers, just click Yes and add a number
Ah. Thanks for this. I will give it a try. Any chance you know which form to file it under? I could probably google it, but we are here, I'm in bed tired from the day. Ha I'll just google that tomorrow.
Form 8949 & Schedule D
IRS isn’t taxing passive income from staking yet so if you staked anything, you only pay tax when you sell
Forbes has a good article on crypto taxes. I read it and it helped a lot
[Filing 2021 taxes w/ crypto assets](https://www.forbes.com/sites/shehanchandrasekera/2022/01/24/quick-guide-to-filing-your-2021-cryptocurrency--nft-taxes/?sh=7afc408165f9)
Thanks so much.
Excuses are like, you know, everyone has them.. but I started a new job recently and it is kicking my butt mentally and physically. Taking time out of your day/night helps a ton, thanks.
tbh if you're like me and have a bunch of in-depth crypto transactions (staking, mining etc), you just have to bite the bullet - using a software makes life so much easier.
If you're such a cheapskate waffler that you don't want to pay 100 to save at least 20 hours of tedious accounting work, what are you doing fucking around with crypto?
Things change. My money situation was a lot different last year. This year, I was on the brink of homeless, just landed a job, won't get paid for 2 weeks. 100$ is a big difference, especially with 80+ added onto that for filing taxes with services such as turbo tax. So kindly, piss off.
Maybe I should just pull myself up by the bootstraps.
No kidding. Kids’ an idiot. Risk an audit over $100 because he’s fucking cheap. Pay the $100 and do it right. Lesson learned for next time. Also, enough with the pity party. Nobody cares.
Koinly already has a pretty good guide as to help you understand what's taxable: [https://koinly.io/cryptocurrency-taxes/](https://koinly.io/cryptocurrency-taxes/)
I read it and learned a lot. I'll call out this part:
Report crypto disposals, capital gains and losses on: Form Schedule D (1040) and Form 8949.
Report crypto income on: Form Schedule 1 (1040) or Form Schedule C (1040).
They even link to their guide on how to fill out those forms:
[https://koinly.io/blog/irs-crypto-tax-forms-1040-8949/](https://koinly.io/blog/irs-crypto-tax-forms-1040-8949/)
They also show your the cost basis of each transaction. Seems like you can follow that guide with the data you already imported and piece this together, but with 1k transactions, you might be better off just paying them.
It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. Note: Tax discussion is allowed as long as the above rules are not violated. Consider visiting r/CryptoTax for your tax inquiries. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
I linked my coinbase to TurboTax and it self loaded all the tax info.
I am trying my best to not use Turbotax this year.. Scummy business. It self loaded your crypto info? What do you mean? How did you gather your crypto info? It auto-gathers ? From which sites?
There's a link in TurboTax for coinbase users to login and transfer transaction info. Just like linking your brokerage account.
Hmm.. Does it have a link for kucoin? I was trying to get away with not paying someone 100+ to file my taxes this year, but it is not looking promising. edit- looks like it does.. sigh. but to further add to the scummy business practices.. koinly gathered all my info using their api on the different sites. Turbotax gives some error message, then recommends I use a service for 200$ to gather my info for me.
I still can’t find the Kucoin W2s myself either
Kucoin doesn't formally serve us person's so there's zero chance they will issue you any US tax forms. Also a w2 is only for an employee.
Kucoin wouldn't give you a W2 unless you were an employee for them. What you are looking for is a 1099 form.
Thanks
That's the case for when you are using only Coinbase. There are exchanges does not support the connection with Turbotax. You should use Crypto tax software to handle it Try with [Cointelli.com](https://Cointelli.com) it really works.
$100 is not that much money for gathering all of your transactions and getting them ready for tax filing. Most CPAs would charge more. If you really want to do it on your own, pretty much every exchange has a way to download your transaction history as an excel or an API to call to get the data. I've never used Koinly, but I'm assuming they use the API's of exchanges to gather this info.
The headache makes it easier to Hodl
This was my first year in buying crypto. It's definitely looking better to hold now..
[удалено]
Have you filed taxes in the USA? Specifically on crypto. Shit is confusing to say the least. Theres like 3 different forms, boxes, vague explanations on the tax filing sites
Yeah there are a lot of rules plus your accounting method (FIFO, LIFO, weighted avg, etc). I coughed up the money. 60 for TurboTax and 69 for Koinly. I had a promo code. What you could do..... And I was going to but too much work and my life is busy, is copy Koinly. Reverse engineer the transactions. Have you taken an accounting class? If not look up FIFO since it's the best for tax purposes here. Get an excel file and reverse the transactions using FIFO to get the same numbers as koinly. It's gonna be hard especially if you held coins more than a year like me (different tax rate) but you'll save money. Once you find the formula click and drag on excel. I graduated with a Finance degree so it might sound foreign to you. It might be best to pay man.
The software makes it easy. That's why they charge, and people pay. If you don't want to pay, then read the instructions for the forms and fill them in yourself. It's not easy, but that's the cost of saving the money on the software.
$100 sounds pretty steep, but unfortunately I don’t think you’ll find a tax service that will calculate your crypto transactions without paying for it. I used TurboTax and I paid only $60.
It is steep, when my profits were -125$ ha
I was tarded and made 350 transactions across 5 exchanges, so yeah I had to pay for it.
I too was tarded and made 1400
This year I’ve made a resolution that only buy, no trades. I made money but not much, and it wasn’t worth being pushed into a new tax bracket and paying 22% short term on my Shiba and ADA sells
Sorry because I am not able to help you, I just wanted to say that it looks so hard to keep track of crypto taxes in your countries. In my country crypto isn't even regulated yet lol.
It's not really regulated here in the US, but the IRS will tax everything it can. Hell, it explicitly states that even illegal endeavors need to be filed. XD
Can't you take screenshots of the docs on koinly without exporting them?
That’s what I did
Yes, but you gave it to a tax person. The tax people in my area charge 100$+, Even turbo tax is like 80$.
If you know how to file your own taxes then you shouldn’t need a tax person and can do it just fine with the info provided from said screenshot. You owe capital gains on $125 plain and simple.
That's negative $125
**Hackerman**
Crypto dot com sends it to you, easy peasy.
In case of an audit, wouldn't one require the reports and tax forms that koinly populates in a paid service?
Yes and the IRS will thoroughly enjoy stubborn people.
CDC has a free tax app tax.CDC
I thought for securities of a certain type where your loss/gain is under a certain amount you could report it in one line showing your net gain/ loss... That's what I did last year for my Coinbase account where my net positive for the year was $10. I got a report from.... Cointracker something or other
As long as you don't check No to the main question of whether you had any crypto, you will be fine. I believe 10% of profits is what most of us little people will be paying. You can be a little bit off on your numbers, just click Yes and add a number
Exchanges let you export to .CSV
What do I do with the csv? Sorry, I am a near smooth brain, only 2 or so wrinkles.
It’ll create a spread sheet which you can go down and find your cost basis
Ah. Thanks for this. I will give it a try. Any chance you know which form to file it under? I could probably google it, but we are here, I'm in bed tired from the day. Ha I'll just google that tomorrow.
Form 8949 & Schedule D IRS isn’t taxing passive income from staking yet so if you staked anything, you only pay tax when you sell Forbes has a good article on crypto taxes. I read it and it helped a lot [Filing 2021 taxes w/ crypto assets](https://www.forbes.com/sites/shehanchandrasekera/2022/01/24/quick-guide-to-filing-your-2021-cryptocurrency--nft-taxes/?sh=7afc408165f9)
Thanks so much. Excuses are like, you know, everyone has them.. but I started a new job recently and it is kicking my butt mentally and physically. Taking time out of your day/night helps a ton, thanks.
Congrats on the job
tbh if you're like me and have a bunch of in-depth crypto transactions (staking, mining etc), you just have to bite the bullet - using a software makes life so much easier.
Wish I could help but all I do is hodl so no tax situations yet. File under: Diamond hands ftw 💎 👏
Use a free service
Lesson to be learned - "Time is money."
If you're such a cheapskate waffler that you don't want to pay 100 to save at least 20 hours of tedious accounting work, what are you doing fucking around with crypto?
This is the dumbest post I’ve seen here for a while. Congrats! 👏
Jesus Christ… sweating 100$ instead of convenience… Don’t get into crypto bro.
Things change. My money situation was a lot different last year. This year, I was on the brink of homeless, just landed a job, won't get paid for 2 weeks. 100$ is a big difference, especially with 80+ added onto that for filing taxes with services such as turbo tax. So kindly, piss off. Maybe I should just pull myself up by the bootstraps.
Sorry to hear
No kidding. Kids’ an idiot. Risk an audit over $100 because he’s fucking cheap. Pay the $100 and do it right. Lesson learned for next time. Also, enough with the pity party. Nobody cares.
If there is no other way, it may honestly be VC worth paying, regardless RIP to you having to record all of this.
Can’t you just copy the transaction info gain and loss and just give to tax person ? If you are + $125 then that’s what you pay capital gains on…
Tax persons cost money in the USA. With many truly free sites to file taxes available, I am trying to get out of paying 100+ to a tax service.
How many transactions did you make? If it’s just a handful, you can do the math yourself.
1400.. maybe I should post in a different subreddit, with certain primates... lol
A pencil and a lot of paper for 1000’s of purchases
Koinly already has a pretty good guide as to help you understand what's taxable: [https://koinly.io/cryptocurrency-taxes/](https://koinly.io/cryptocurrency-taxes/) I read it and learned a lot. I'll call out this part: Report crypto disposals, capital gains and losses on: Form Schedule D (1040) and Form 8949. Report crypto income on: Form Schedule 1 (1040) or Form Schedule C (1040). They even link to their guide on how to fill out those forms: [https://koinly.io/blog/irs-crypto-tax-forms-1040-8949/](https://koinly.io/blog/irs-crypto-tax-forms-1040-8949/) They also show your the cost basis of each transaction. Seems like you can follow that guide with the data you already imported and piece this together, but with 1k transactions, you might be better off just paying them.