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Author Topic: Bitcoin & Taxes  (Read 129 times)
Erelas
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November 28, 2017, 11:30:14 PM
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If this is not in an appropriate section, forgive me, hard enough to even post here atm.

https://bitcoin.tax/, anyone have experience with, especially from the US, using this site?  I'm looking for accuracy, gernal safety regarding my transactions ( I personally have nothing to hide, except as much as anyone can from the good ole IRS ), etc.?

I am considering that I might have to file for short-term capital gains this year, and plan ahead, if I do that, to claim long term next year.  Thoughts on using that site safely, for guidance in doing that?

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LeGaulois
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November 29, 2017, 03:08:06 AM
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I don't know this website but reading the content quickly I think you can do it yourself if you know what/how to do. It's better to learn yourself this kind of things. It's not so much difficult, it's not like if you were running a company operating in the USA, located in Panama with funds invested in the Virgin Islands lol...

These links can help you more with this
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
https://en.bitcoin.it/wiki/Tax_compliance

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November 29, 2017, 04:36:48 AM
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Thank you, but yes, lol, Panama would actually be easier.  Unless I was still a US citizen, we pay worldwide taxes, yay us.

I usually do my own, and try to keep things were I can stay in a lower bracket, just wondering if at first blush anything looked "phishy" about this site, or anyone saw something I didn't see.

Thanks for the reply!

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March 11, 2018, 12:27:46 AM
 #4

If this is not in an appropriate section, forgive me, hard enough to even post here atm.

https://bitcoin.tax/, anyone have experience with, especially from the US, using this site?  I'm looking for accuracy, gernal safety regarding my transactions ( I personally have nothing to hide, except as much as anyone can from the good ole IRS ), etc.?

I am considering that I might have to file for short-term capital gains this year, and plan ahead, if I do that, to claim long term next year.  Thoughts on using that site safely, for guidance in doing that?
Bitcoin use as a cryptocurrency or investment should owe taxes

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March 11, 2018, 11:57:29 AM
 #5

If this is not in an appropriate section, forgive me, hard enough to even post here atm.

https://bitcoin.tax/, anyone have experience with, especially from the US, using this site?  I'm looking for accuracy, gernal safety regarding my transactions ( I personally have nothing to hide, except as much as anyone can from the good ole IRS ), etc.?

I am considering that I might have to file for short-term capital gains this year, and plan ahead, if I do that, to claim long term next year.  Thoughts on using that site safely, for guidance in doing that?

Had a quick look at the websites and it has got some awesome features. But there is a disclaimer at the bottom that the website is only for informational purpose and one should not consider it is professional tax advice. This means that if you are going to pay tax like capital gain on your bitcoin investment, it is better to consult a professional CA for this. You can however, check the tax liabilities from the website before consulting the CA. This is to confirm that you are getting the correct information from CA also.

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March 11, 2018, 06:20:33 PM
 #6

I don't know this website but reading the content quickly I think you can do it yourself if you know what/how to do. It's better to learn yourself this kind of things. It's not so much difficult, it's not like if you were running a company operating in the USA, located in Panama with funds invested in the Virgin Islands lol...

These links can help you more with this
https://www.irs.gov/pub/irs-drop/n-14-21.pdf
https://en.bitcoin.it/wiki/Tax_compliance

Bitcoin.tax is pretty helpful for traders that have made a good amount of trades, it helps to compile everything from your hundreds of trades (in my case) and creates capital gains reports, income reports, etc that are able to be filled by you, filled by turbotax (free tax software that you can use if your profit is under a certain amount) or filled by your accountant who would charge you 15x more if they had to compile your capital gains information.

So yeah, I'd rather use them then stress the fuck out about finding every little thing that I've done when they're able to just pull it from API.


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