Bitcoin Forum

For tracking mining income as well as capital gains / losses and anything else related to the business of mining.

nothing i found really works well without an excell spreadsheet to track sales buys etc.  I use Quickbooks

A BTC transfer from Nicehash Internal Wallet to Coinbase BTC wallet is a non-taxable event right?  It's just a relocation of property without liquidation?

Its non-taxable because its not a trade.

But if you have mined those BTC then its a taxable business income, similiar to working income. Not capital gains.

it is only a transfer. cryptos are not oficially recognized payment methods. only if you transfer them into fiat currency they become taxable and only from the moment they land on your bank account and only if your do not reinvest them  ;D
miners should do books of for income and expanses to calculate the profit and loss
miners should do books for changes in prices difference between the timestamp the currency came into the trading plattform and the timestamp it has been sold. the difference is profit or loss which should be accumulated and calculated on years basis.

excel ist still best tool  ;)

Yes I know this :) I get the Fair Market Value from coinmarketcap.com at the time and date Nicehash makes the daily payment :). And I keep a running total of income in spreadsheet.   Trying to use one spreadsheet for all the accounts instead of a worksheet per account, don't know if this makes sense.  WOuld be cool to see screenshot of excel spreadsheets for mining & trading.

I created my own google sheet (I use ImportJSON script to call the APIs and fetch result) to more or less achieve similar goal. I am also fetching my wallet information via blockchain explorer (example: eth from etherscan, btc from blockcypher and etc). Then I fetch each coin price from coinmarketcap api and then from there I can do whatever calculation I like.

Overal it's pretty much automatic. Open the sheet and it starts fetching the data and do the calculation. I also have my expanses sheets, like electricity and hardware.

Dashboard
https://imgur.com/pXDlQVT (https://imgur.com/pXDlQVT)

A wallet example (BTC)
https://imgur.com/X2Wf3xa (https://imgur.com/X2Wf3xa)

ROI
https://imgur.com/L2PAqFe (https://imgur.com/L2PAqFe)

You can use spreadsheet to track, nothing is really built to track the specific wants. Anyway its thing I am searching to, please recommend if found, thank you.

cointracking.info but its very expensive and the free version doesn't do shit

If you don't sell it or change it to another coin then correct.
IRS has release info on this.  Any Sale or even transfer of asset BTC to ETH for example triggers a taxable event subject to short term cap gains if not held for a year.  It blows but dems the laws...


ALSO if you are looking here on the boards for ACCOUNTING INFO you have bigger problems  :P

Has anyone used GNUcash to handle all the accounts for cryptocurrency mining and the capital gains associated with that?  Wonder if it would do everything.

Each time I sale a block of Nicehash Payments in coinbase, I also append to form 8849 I am creating on the fly... dont' want to have to do this next April lol:

http://oi63.tinypic.com/2d7vmsg.jpg

I have been using Bitcoin.tax (https://bitcoin.tax/r/37Ndb8p6j) since 2014.  I use the paid membership.  Mine everything into mining only wallets.  Then can setup the addresses as such on the site.  This allows me to report my ordinary income for mining.  It also has the ability to suck in trade data from various exchanges as well as a tab for tracking spending.  Sometimes things get stuck, but have had good luck with them being responsive when they are.  I ty to make sure things are working every few months so I can stay on top of where I am at.

I'm using www.cryptocompare.com portfolio, it's free and powerfull

I`m using blockfolio on my iphone

Any info about this site or link of this faucet? I am just curios about this kind of activity so please refer me some legit sites.

My head is spinning lol.

Using GnuCash right now.  Seems like only way to transfer from one Bitcoin account to another is to do a SALE in the software accounting package then a purchase.. sigh.  Have to sale (virtually within the program) to convert to US dollars to transfer to intermediate account then purchase at the same price immediately on the account I am transferring to.  This makes a taxable event too (according to the software).  Doesn't appear there is any accounting package which manages this correctly.  Am I stuck with my own manual doubly entry accounting with excel spreadsheets?  I really like the reporting features and accuracy of accounting software like Gnucash tho.

I use bitcoin.tax to keep track of all my transactions/income related to crypto.  You can import transactions from a lot of major exchanges as well as calculate taxes using certain approaches (first in first out or “like-kind”). It’s  been a savior for me and an easy way to handle the tax issues.

Here’s a referral link if you feel so inclined  :)

https://bitcoin.tax/r/2br4PgE55

If I sign up, is there a way to test out the full functionality / capabilities of the software before paying for a subscription?

Yes.  You can input about 25 transactions into the system before you need to upgrade.  It should give you enough of an idea of how it works and whether or not you’ll like it.

Keep it on Dark Net. No accounting needed. I'm j/k of course.

heh heh ;D

Have you looked at quickbook? I'm pretty sure that what traditional accountants use for small business.

This is fantastic.  Dont forget to deduct your fees from the basis.