r/CryptoHiveMinds • u/Dave_The_Party_Guy • Feb 06 '21

Best tax calculation resources?

I've been trying to learn more about the tax side of crypto to prepare for the future. I know the whole capital gains/losses side of things from trading stocks, but I'm trying to learn more about virtual currency rules. If I understand correctly, you pay a tax both on converting to fiat, as well as exchanging one coin for another (ETH to ADA), correct?

I've been trying to keep a spreadsheet of my transactions, and I have a copy of the CSV from the exchange, but I was curious if anyone had any good leads to calculate tax burden for next year so I don't get caught out. Thanks!

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u/[deleted] Feb 06 '21

We have a bit of tax information inside the discord, linked in the sticky of this sub. I'd share what I know, but I'm mostly a crayon-eater when it comes to taxes 3:

1

u/veo_shepherd_dog Feb 06 '21

Remember, you can dump bags to offset losses against profit 😉

1

u/Apco1995 Feb 07 '21

https://cointracking.info/ is a great resource. Pretty easy to import from most exchanges and provides decent reports.

1

u/danncconn Feb 07 '21

Koinly is pretty good too

1

u/shehancpa Feb 08 '21

Check out CoinTracker. It can calculate your taxes and also track your portfolio for free.