Advice on how to best keep manual records for crypto taxes in us.

Taxes scare the hell out me. I have done some crypto trading between a few cexes and a defi network. Now that I’m in defi i want to better track my things so that taxes won’t be so intimidating. I’ve already done a ton of LPs and farms and prolly too much to back track now, but I figure i should just start now.

Do you track everything in an excel spreadsheet? If so, what are your column headers? Is cost basis included (but I’m not sure if I can do that now).

Im thinking of just getting the fully paid koinly service where they do it all for you next year, but if i can avoid that price I’d be down.

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7 thoughts on “Advice on how to best keep manual records for crypto taxes in us.”

  1. Although it can get annoying, recording every transaction as it happens saves so much time in the end. I use koinly which does automatic CSV imports for most exchanges. This blog from them talks about it in more detail. [https://help.koinly.io/en/articles/3662980-how-to-import-a-csv-or-excel-file](https://help.koinly.io/en/articles/3662980-how-to-import-a-csv-or-excel-file) For defi, they have this blog [https://help.koinly.io/en/articles/4735665-how-to-import-data-from-uniswap-pancakeswap-and-other-defi-platforms](https://help.koinly.io/en/articles/4735665-how-to-import-data-from-uniswap-pancakeswap-and-other-defi-platforms)

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  2. I do a spreadsheet for buys and sells. Treat an LP the same way. Key thing is that whenever you have a sell row, have a column for the bought date.

    I have columns for basis and gains. And another column for year of sale.

    All of these are sortable by top row.

    Some IF functions to keep running rally of the tax year realized gains.

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  3. >Im thinking of just getting the fully paid koinly service where they do it all for you next year, but if i can avoid that price I’d be down.

    You are just trading your time for money. I’ve also started with excel but it quickly went over my head and I was spending more time organizing than actually trading. Tracking prices manually is just a chore. Koinly is pricy, but in the long run it will save you a lot of time (and it’s a tax write off)

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