Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading • Hacker News Board

Many people sold BTC at $14k+ and then bought back in at 10k, 5k, etc. If they didn't sell again for all of 2018 they'd only have "realized gains" and no realized loses. So on paper they'd have only have gains, as the IRS doesn't recognize the market value of your current holdings.

Re: Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading

#6

Post by eruci » Sun, Apr 07, 2019, 8:47 PM UTC

Does anyone pay taxes on crypto?

Re: Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading

#7

Post by gruez » Sun, Apr 07, 2019, 8:47 PM UTC

davidmurdoch wrote: post #5

Hydraulix989 wrote: post #4

Did anyone actually make money with crypto in 2018?

Many people sold BTC at $14k+ and then bought back in at 10k, 5k, etc. If they didn't sell again for all of 2018 they'd only have "realized gains" and no realized loses. So on paper they'd have only have gains, as the IRS doesn't recognize the market value of your current holdings.

Can't they do a wash sale to create losses? That's how tax loss harvesting works.

Re: Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading

#8

Post by lostmsu » Sun, Apr 07, 2019, 8:48 PM UTC

Not having a good descriptive About page is bad for your site. I can't imagine a security savvy person to use tax software of unnamed vendor.

Re: Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading

#9

Post by gruez » Sun, Apr 07, 2019, 8:49 PM UTC

eruci wrote: post #6

Does anyone pay taxes on crypto?

legal answer: yes

pragmatic answer: only if you interacted enough with the US financial system that the IRS might catch you.

Re: Show HN: CryptoTrader.Tax – Tax calculator for your crypto trading

#10

Post by seibelj » Sun, Apr 07, 2019, 8:51 PM UTC

eruci wrote: post #6

Does anyone pay taxes on crypto?

Yes, it is quite easy to pay taxes on crypto and quite difficult to explain during audit how cash ended up in your bank account without associated tax payments.

Pay your taxes!