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Author Topic: USA - IRS Paying Taxes  (Read 4027 times)

Offline neobrudah

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USA - IRS Paying Taxes
« on: March 28, 2018, 02:22:22 AM »
Hey guys,
I've been trading with GunBot for a while, and I have a lot of trades on Poloniex and Bittrex. How the hell do I do taxes for 2017? Neither GunBot, nor exchanges produce a 1099 form. I have over 100k transactions and some software I tried failed to handle it. Anyone else facing the same problem? This tax situation is so overwhelming and many are saying to skip the taxes and as long as you keep in crypto without cashing out, you don't have to pay...
Thanks,
Neobrudah

Offline netit

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Re: USA - IRS Paying Taxes
« Reply #1 on: March 29, 2018, 01:36:39 AM »
Good Afternoon,

     Yes, you still have to report any capital gains regardless if you cash out or not.  I use coin tracker to create the form to submit to my tax prep.  The form calculates all of the gains and losses and tells you how much you made for the year.  I listed the link below.  I was going crazy trying to figure out how I was going to report my taxes.  But this site made it easy.  All you have to do is link your API and POLO's transactions will load up.  After that, just print a tax report of your gains & loses from Cointracker and give that to your tax prep.  The online service is not free.  There are different membership options.  The other option is going to a tax CPA who specializes in Crypto.  A good company for this is Happy Tax services.  These guys are expensive though.  You probably are looking over $1500 for the number of trades you have.  Personally, I went with coin tracker and gave the form to my CPA (which is much more reasonable then Happy Tax.)  I'd say, go with whatever option makes more sense to you.  I hope this helps.

COIN TRACKER
https://cointracking.info/?ref=M515535

CRYPTO TAX SPECIALIST
https://happytax.com/




Offline Betsycrant

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Re: USA - IRS Paying Taxes
« Reply #2 on: January 16, 2023, 09:58:42 PM »
Just make sure to consult with a tax professional before making any final decision on your taxes.