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Also, you should give users the option to decide whether they want to consider crypto-to-crypto transactions as in-kind (and not a taxable event) for 2017 (US residents).
Finally - ask the user whether they are a US resident or not. A lot changes based on that.
Good job. Ping me if you want more detailed feedback (my HN username @ gmail).
What are we supposed to do for tax purposes, if we've mined altcoins for years, traded them in exchanges like cryptsy with no records, and now have no idea about where we got our current stash of bitcoins from? Ie, we've now got all this wealth which we can't touch because we don't know how much tax we have to pay / should have paid while trading over the years, and are also afraid of withdrawing to the bank with no…
This is not tax advice - but couldn't you just hold them in one place for a year, convert them to dollars, and report them as long-term capital gains with a cost basis of $0? That might be wrong, but I don't think you could be penalized for _under_estimating your cost basis. Note: I don't know this for sure, so if someone knows the right answer, would be good to know.
Earlier quoted context omitted.
This is not tax advice - but couldn't you just hold them in one place for a year, convert them to dollars, and report them as long-term capital gains with a cost basis of $0? That might be wrong, but I don't think you could be penalized for _under_estimating your cost basis. Note: I don't know this for sure, so if someone knows the right answer, would be good to know.
Yeah thanks, that's sort of what I'm thinking of doing. I got most of then when bitcoin was $80 - $900, so I don't mind over pay tax. Just don't want my bank accounts frozen, assets seized, and to have to prove I'm not a drug dealer or something.
https://www.breaker.audio/unchained-big-ideas-from-the-world...
It talks about this scenario. I’d also consider just hiring one of them.
Hi everyone, my name is David and I'm the founder of YaxReturns.com. Great job so far, CoinTracker team! Yax also provides a tax solution for cryptocurrencies. We launched yesterday on Product Hunt: https://www.producthunt.com/posts/yaxreturns . And our video walkthrough: https://www.youtube.com/watch?v=vViXhiMNufo Website: https://yaxreturns.com/ We offer: • Importing of transactions from major exchanges and wallets…
Hello, congratulations on exposure. I would like to express a concern. Being a cryptocurrency user is all about NOT paying taxes. As more people understand the systems of cryptoanarchy, more will the gateway business models fade-away(basically exchanges and add-ons like OP).
I actually think conflating cryptocurrency with not paying taxes may does not help anyone in the discussion. Banking fees, sure. But taxes? That's a whole ideological discussion not even closely related to crypto.
My advice would be to separate the US tax stuff from the rest, so that the rest of the world can also use it.
Interesting!. I have also developed a simpler and elegant cryptocurrency portfolio tracker app in last September 2017 with same name CoinTracker and available on Apple AppStore and Google Playstore (a version of the same app, which one of my friend did). You might also like to check it out and give a feedback [CoinTracker]( https://cointracker.cash ) But, the domain is .cash :-)
The cointracker.io people import from exchanges, wallets via APIs and cab file import. Which allows you to track your positions without all the manual labor of inputting them one by one.
They are also selling a tax service for us customers.
Hopefully you guys can work something out about the whole naming thing.