I was surprised to see today a survey result that 46% of cryptocurrency traders don't plan to report the transactions for income tax purposes (TeamBlind survey - see 4/17/18 article in The Wealth Advisor). There is, of course, no reason for not reporting income. The IRS is well aware that people have virtual currency transactions. It is also an agenda item for the Criminal Investigation Division of the IRS per their 2017 annual report.
To help track crypto transactions, there are a few software tools readily available. A recent entry to this market is CryptoTrader.Tax. Here is information from their recent press release (with permission of the company):
"CryptoTrader.Tax released a web-based tool developed with the intention of
helping users calculate the capital gains and losses associated with their cryptocurrency investment
endeavors. The tool is currently in the ‘beta’ phase of development, and can be accessed from their
website at, www.CryptoTrader.Tax. CryptoTrader.Tax aims to provide
its users with an easy and accurate tool to use when it comes time to do their taxes. It properly considers
the user’s set time zone, trades across all exchanges, and the sale of their uploaded cryptocurrency
income.
CryptoTrader.Tax uses a safe, streamlined workflow to gather the data needed to accurately calculate
gains and losses. Users upload trade data via exported .csv files from supported exchanges or manually
using the provided template. They can also upload several types of cryptocurrency income, such as
mining, gifts, etc. The tool then generates detailed reports using the uploaded information. User’s can view
an IRS 8949-esque form showing gains and losses for each sell of a coin or view a detailed breakdown of
each sell with even more information. There are also views for income items and coins still being held at
the end of the year. Future updates planned for the tool include: population of IRS forms, automatic trade
importing from a wide variety of exchanges, and more."
You can find a few others out there as well. What is important is to check these out and use one.
What do you think?
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17 comments:
wow, is it okay to report such private information?
Thanks for the tip! I'll definitely check that software out
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Greetings to all,
My name is Vinicius and I am a Brazilian geologist. I have worked in the mining industry for several years, at companies such as Vale and BHP Billiton. I have also had my own small consultancy company to provide services in this industry. Since 2009 I have started doing some reasearch into several issues of our time and that culminated in my involvement in the cryptocurrency sphere since 2011.
Recently I had the chance to join the Founder Institute to have a practical training about entrepreneurship and startup creation and this was an opportunity I could not discard. During this course we have several assignments to deliver and this is why I am writing you.
I have assessed a few problems that I believe hinders mass adoption of distributed ledger technologies (DLT) and I have selected two of them to focus on: difficulty with technology, which part of the population may experience; and lack of programming skills, which most people can relate.
I am passionate about these issues, because I believe that DLTs can be a tool to empower the individual and to reduce the overreaching power of banks and government.
At this time I need to interview a few people to complete my assignment. I am looking for people who are aware of blockchain and DLTs who identifies with the above mentioned problems, that is, people who has difficulty with technology in general and people who are not programmers. It would be a plus if this person is employed in a company that is planning to implement blockchain or some other distributed ledger technology.
I would greatly appreciate if you could refer some of your friends or acquaintances to be interviewed.
Thank you all and take care,
Vinicius
https://twitter.com/ViniciusLibero
Excellent information, Thank you for sharing this with us, Keep it up.
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Great read. Legality of Bitcoin in the United States Take a look at the current US regulations regarding Bitcoin as of August 2018.
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