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Author Topic: BitcoinFastTax.com - Fast, Easy, Free Tax Calculator for bitcoin transactions  (Read 748 times)
galgitron
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October 15, 2015, 03:27:22 PM
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We're almost ready for full launch.  Would appreciate the community's feedback Smiley

https://www.BitcoinFastTax.com

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October 15, 2015, 03:59:51 PM
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We're almost ready for full launch.  Would appreciate the community's feedback Smiley

https://www.BitcoinFastTax.com



Tax on what? You do know that there are several tax rules for each nation and jurisdiction. Will it serve countries other than US and UK?

galgitron
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October 15, 2015, 04:38:33 PM
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Presently, it is a US-focused federal capital gains/losses tax calculator for your bitcoin transactions.  The website provides you with your optimized trading activity for the purposes of reporting to the IRS, but this information is equally applicable to any state/city filing requirements.  That being said, there is an option to display 'RAW' transactions and their associated fair-market values that could conceivably be used for any country/jurisdiction filing requirements.  If enough interest is generated, we may expand to cover other countries.
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October 15, 2015, 06:07:54 PM
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As far as I know, apparently you need to know what the price of Bitcoin was on every single trade you ever did... I think this is simply insane. Who knows what the hell one did during Mt Gox, Mintpal etc? all those exchanges are dead, so unless you didn't write down every single trade you lost this information. What to do then?
galgitron
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October 15, 2015, 06:23:03 PM
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As far as I know, apparently you need to know what the price of Bitcoin was on every single trade you ever did... I think this is simply insane. Who knows what the hell one did during Mt Gox, Mintpal etc? all those exchanges are dead, so unless you didn't write down every single trade you lost this information. What to do then?

This is precisely the problem that BitcoinFastTax.com (BFT) solves.  It has every bitcoin trade in the blockchain matched with the then mark-to-market (MTM) value.  So for someone to get all this trade information for their IRS Form 8949, they simply enter their addresses in the BFT calculator page and the calculator does the rest, producing all trades and MTMs in a downloadable grid.  The user can choose various optimizations too, such as FIFO, FILO, Average, etc.  BFT can retroactively produce data back to the beginning of bitcoins (2009).
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October 21, 2015, 08:20:39 AM
 #6

We're almost ready for full launch.  Would appreciate the community's feedback Smiley

https://www.BitcoinFastTax.com


Congratulations. To many.  Smiley This is a very useful tool for the USA citizens but is a more useful tool for the bitcoin itself. I haven't try it (I cannot because I am not an USA citizen) but if realize what promise is a great tool. This tool is something essential that help in the regulation of bitcoin and in the maintenance or getting the name "clean" for this invention. For sure this can help that the Authorities work with bitcoin and not fight against it (like it might be made or it is made until today).

Is I write above I am not an USA citizen and I wanted to ask if the tool worked even for other countries. But then I read you FAQ and founded the answer for this question. Hope that your work have all the needed merits and honors and goes forward without be stopped by nothing.

Are rares the people which fight for the clean bitcoin but even more rare them which realize the clean bitcoin. You are part of the second group. So you deserve double congratulations. Me, from my part, would give to you a triple one. One more for the creating this thread. I don't think that to many bitcoiners here care about the clean or not of the bitcoin. So maybe you will have very few feedback. I hope to be in wrong. But if it will be so, don't care. The future it's yours.
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October 21, 2015, 08:24:12 AM
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is it possible to give tax to europeans in portugal theres no rule yet here

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galgitron
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October 21, 2015, 02:32:49 PM
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Congratulations. To many.  Smiley This is a very useful tool for the USA citizens but is a more useful tool for the bitcoin itself. I haven't try it (I cannot because I am not an USA citizen) but if realize what promise is a great tool. This ...
One more for the creating this thread. I don't think that to many bitcoiners here care about the clean or not of the bitcoin. So maybe you will have very few feedback. I hope to be in wrong. But if it will be so, don't care. The future it's yours.

Thank you for the kind and rewarding feedback, it will inspire further development for sure Smiley
galgitron
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October 21, 2015, 02:37:07 PM
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is it possible to give tax to europeans in portugal theres no rule yet here

If I understand your question correctly, I believe you are asking if bitcoin taxes will apply to other countries.  The more accurate perspective is that each country will uniquely define how it will tax the bitcoin transactions of its citizens.  If Portugal isn't taxing bitcoins, then if you're a Portuguese citizen, you will not be forced to pay bitcoin taxes because of another country's taxation laws.  For example, the US tax jurisdiction applies only to Americans.
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