I neglected to include my crypto gains the past 2 year tax seasons. Not because I wanted to stick it to the man or anything, I was just truly overwhelmed by the amount of work I would need to put in. I figured. I’ll get to it within the 3 year amendment statute. So now it is time to amend and I’m running into difficulties.
For context, I’m amending with TurboTax (TT) in the US.
TT only seem to give the option of importing the transactions from SOME of the exchanges I’ve sold on. Once imported, the gains seem veeeeeery out of wack. I suspect it’s counting withdrawals as sales, which is upping my gains.
Alternatively, you can import a CSV document for any exchanges you made sales/received income. However this too seems to yield very skewed results in calculating my gains.
With either of these methods, the only way to have the transfers not counted as sales is by deleting them which would likely cause some holes in my transaction history.
I’ve attempted to use Cointracker to figure this out but after multiple hours of making sure each transaction was properly itemized, Cointracker created a CSV that couldn’t be properly uploaded to TurboTax. To boot, there is no way to upload the official tax docs it creates to turbo tax.
I attempted to begin using Koinly but was stricken with a paywall before I could know what hit me.
Please help me figure out how to just pay these MFers the amount I owe. After 2 nights of
Working at this and getting nowhere, I’m tempted to pay someone to do this.
I would love suggestions with:
– suggestions for a simple and effective software that can accurately calculate my gains across multiple exchanges
– is it worth it to just pay the fee for koinly? I don’t want to pay for a similar experience to Cointracker
– why are all my transfers automatically being counted as sales!? This seems like a simple task to calculate
– does anyone have experience with being a crypto hobbyist who was audited? How likely am I to get screwed?
Any help would be amazing!
5 thoughts on “I need Crypto tax solutions”
Pen paper and a accountant. It does wonders
One of the reasons I stopped using Binance is that no service is able to do a proper reporting of it due to their broken API & CSV 🙄
I got my best results with CryptoTaxCalculator so far after trying nearly everything. But yes, Crypto tax software, is mostly broken.
In their defense sometimes CSV exports are really corrupt. Some of my withdrawals on Coinbase charged a fee and did not proper report that.
yea koinly marked private transfers as sales super annoying. to fix this i think you have to manually link every wallet/exchange you ever used. and if there are still mistakes you can edit afterwards. i ended up not liking koinly after paying and they gave me a refund. not sure if that’s common but i emailed asking for the refund with 24hrs
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