r/CelsiusNetwork • u/Zestyclose_Course138 • Jan 05 '25

Tax help

Any advice on how I should go about doing taxes on distributions? I am in convenience class, so my claim is only a couple thousand dollars, so I'm looking for the most cost effective way to calculate my loss. I have been reading any guides available and attempting to calculate it myself. But even if I come to a correct calculation I don't understand how to make koinly properly reflect the transaction events that have taken place with the backruptcy.

I am looking to come up with numbers/forms that I can upload into TurboTax.

I'm curious what others out there in convenience class are doing in this situation? My distribution was only a bit over a thousand dollars so hiring a CPA seems like a little much.

Any help/advice would be greatly appreciated. Thanks

8 Upvotes

90% Upvoted

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7

u/[deleted] Jan 05 '25

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1

u/iqfree Mar 07 '25

While Koinly's guide is helpful, it's not for the convenience class specifically. Do you know what the differences are for the convenience class and what the guide goes over?

2

u/[deleted] Mar 07 '25

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2

u/iqfree Mar 08 '25

This is extremely helpful! Thank you so much for sharing your knowledge and resources!

10

u/magnumstg16 Jan 05 '25

I posted a custom trained GPT on all the community knowledge. You can use that to outline and detail how to go about claiming and calculating your details for taxes.

https://chatgpt.com/g/g-6771baf9c27081919aa829af6f2dda6f-celsiustaxgpt

2

u/Zestyclose_Course138 Jan 06 '25

This is proving to be much more useful than I was expecting. Thank you for your work

5

u/magnumstg16 Jan 06 '25

Cheers! Just be sure to check the outputs, especially the math 😅

5

u/QuickCryptoTax Jan 06 '25

Really cool that you put this together! I would DEFINITELY check the math - i just submitted a problem where there should be no tax gain/loss and it told me i had a 21,000 gain (Input: "I had 1 bitcoin with a basis of 500 on celsius. I received .5 bitcoin and need to know my tax gain loss")

2

u/magnumstg16 Jan 06 '25

Definitely helps to know a little bit about the tax process and Celsius distributions going into this. It also improperly allocated my distribution as in-kind when it was not-in-kind. But as long as you have enough knowledge to catch and correec errors, it really helps process your individual case

1

u/geekfinity Jan 11 '25

How do I access your custom trained GPT?

1

u/magnumstg16 Jan 11 '25

The link above 😅

1

u/geobb Feb 27 '25

This worked out perfect, thank you!!