Crypto tax reporting software?
- Blueskies123
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Crypto tax reporting software?
This year I have a few sales of Crypto but anticipate more in the future. I have been researching crypto tax software with the most important features to me being, HPFO - Highest price first out, and easy import into TurboTax. The only software I could find that does this is Cointracking.info. While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
Has anyone found else found software that seamlessly handles HPFO and web turbo tax importing?
Has anyone found else found software that seamlessly handles HPFO and web turbo tax importing?
If you find yourself in a hole, stop digging
Re: Crypto tax reporting software?
Go big. Bite the bullet. Throw caution to the wind.
Spend the 50 bucks on TurboTax Deluxe.
Spend the 50 bucks on TurboTax Deluxe.
It's not an engineering problem - Hersh Shefrin | To get the "risk premium", you really do have to take the risk - nisiprius
Re: Crypto tax reporting software?
Your question is better researched on reddit. It's hard to talk about crypto here.
I'd look at /r/cryptotax or /r/CryptoCurrency. The problem with crypto and taxes is that the venn diagram with intersecting knowledge bases between stocks, crypto and taxes is very small. This board is extremely knowledgeable about stocks and taxes. Reddit is very knowledgeable about crypto if you can filter out the pump and dump spam. I feel like you need to first intimately understand how stocks are taxed before you have a chance to understand how crypto is taxed.
Turbotax only covers crypto for someone who knows and can manually enter everything. Or someone with a mostly simple buy and hold crypto plan with limited trades.
Koinly, bitcoin.tax, and cointracker are all very popular. Many will integrate with Turbotax. The best solution depends on the complexity of what you did and how many trades. Cex vs Dex, airdrops, staking, yield farming, etc. I won't be able to give first hand experience until tax time next year.
I'd look at /r/cryptotax or /r/CryptoCurrency. The problem with crypto and taxes is that the venn diagram with intersecting knowledge bases between stocks, crypto and taxes is very small. This board is extremely knowledgeable about stocks and taxes. Reddit is very knowledgeable about crypto if you can filter out the pump and dump spam. I feel like you need to first intimately understand how stocks are taxed before you have a chance to understand how crypto is taxed.
Turbotax only covers crypto for someone who knows and can manually enter everything. Or someone with a mostly simple buy and hold crypto plan with limited trades.
Koinly, bitcoin.tax, and cointracker are all very popular. Many will integrate with Turbotax. The best solution depends on the complexity of what you did and how many trades. Cex vs Dex, airdrops, staking, yield farming, etc. I won't be able to give first hand experience until tax time next year.
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Re: Crypto tax reporting software?
Their website certainly claims they do, though I can't vouch for it myself.
Re: Crypto tax reporting software?
If you get the link for free TT from Fidelity, you just have to scroll down a bit once on the TT page to the downloadable products link and order that instead. It'll charge you $0.00 and then you get a link to download the installer.Blueskies123 wrote: ↑Sun Sep 26, 2021 10:33 am While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
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Re: Crypto tax reporting software?
I've been using Cointracking.info for years to consolidate and generate tax reports that I then manually enter into TurboTax.
Re: Crypto tax reporting software?
This. TurboTax makes it difficult to find, but I've gotten the download version every year for the last several.gobel wrote: ↑Mon Sep 27, 2021 6:30 pmIf you get the link for free TT from Fidelity, you just have to scroll down a bit once on the TT page to the downloadable products link and order that instead. It'll charge you $0.00 and then you get a link to download the installer.Blueskies123 wrote: ↑Sun Sep 26, 2021 10:33 am While research the product it seems I have to have to get the downloadable version of turbo tax to import, not the web version, which I get for free from FIDO.
Re: Crypto tax reporting software?
I used bitcoin.tax few years ago. I will recommend that.
For a small fee, it can pull transactions from most crypto exchanges, work on tax lots and finally produce IRS capital gain (8949) formatted page.
You can also elect FIFO, LIFO etc and scrub transactions if you like.
For a small fee, it can pull transactions from most crypto exchanges, work on tax lots and finally produce IRS capital gain (8949) formatted page.
You can also elect FIFO, LIFO etc and scrub transactions if you like.