Crypto records for tax

[krimzon1321$$]

hi all

The Australian Government are starting to crack down on Crypto's and wanting their share of tax.
I'm wanting to know if anyone uses a spreadsheet or something to record for buying and selling all transactions, addresses, fees etc.
I'm thought about making my own but  i've learnt its far beyond me.
 

[1715503217]

1715503217

[1715503217]

1715503217

[1715503217]

1715503217

[Potato Chips]

Spreadsheet for all transactions? and it is self made? NO that is impossible but yeah some users might have kept a record of their OWN trades but I see no reason why they would share it (assuming that they are still sane)

Anyway, You can view all transactions in any block explorer e.g.:

• https://www.blocktrail.com/BTC
• https://btc.com/
• https://blockchain.info/

But please note that it is pseudonymous so transactions aren't connected to a person's real name however it doesn't mean that the users are fully anonymous because depending on what you do, authorities might be able to track you for example if you signed up and verified your identity in some exchange or ICO etc..

[krimzon1321$$]

i think you misunderstood me. I dont want others transactions i was after a template style file / program that i can record my personal transactions.

[rohanshinde]

Yes...if someone could provide a generic template it would be of great help though it might not have all the features embedded into it...

[MintDiceSupport]

I'm not sure if a template for this specific purpose exists, but it would be pretty simple to create a Word Excel sheet, or Google Docs. You could keep it short and sweet by monitoring how much you put in at the start of each week or month, and what your final earnings were at the end of that time. Would simplify it a little more but still serve the purpose.

Hope this helps!

[apoorvlathey]

...
I'm wanting to know if anyone uses a spreadsheet or something to record for buying and selling all transactions, addresses, fees etc.
...

I use Electrum as my main wallet and whenever I send or receive bitcoins, I make sure to fill up the description column of where I spent or got those coins from. Just preparing beforehand if I also fall in a similar situation like you.

Later, when required you can export the Electrum's transaction data as csv file which can be loaded into Excel or Google Sheets.
Link to Tutorial : Click

...
Anyway, You can view all transactions in any block explorer e.g.:
...

It would have been useful if one uses only one address, but as Satoshi himself recommended to use a new BTC address for each new transaction, it becomes very hard to track the balances of each and every address, using the method you specified.

[MintDice]

To add to what MintDiceSupport suggested, yes, keep a basic excel spread sheet or even a handwritten ledger with all your transactions. Put purchases from exchanges on one side and sales (with dates) on the other. Also record any spending you might have made from your wallet as well as any (if any) coins you might have been gifted. Then use these guys: https://bitcoin.tax/

[HabBear]

I'm thought about making my own but  i've learnt its far beyond me.
 

Hi Friend, as with most things in life these days..."there's an app for that!"

Seriously, there are many apps that allow you to track your transactions and then summarize your activity for you. You don't need to mess with spreadsheets (they're so challenging!)

You just need to know the following:

• Transaction type, i.e., buy, sell, transfer
• Coin used, i.e., ummm if you don't know what coin you're using you have bigger problems!
• Date of the transaction
• Value of the transaction, i.e,. how much was bought, sold, or transfered

Now that you have a record of your transactions you can figure out what your tax obligation is. If you're taxes are generated through selling bitcoin (taxes in investment gains/losses) you'll also need to adhere to one of two transaction accounting formats. They are Last In First Out (LIFO) and First in First Out (FIFO). All these formats do is provide consistency for the cost of the bitcoin that you're using for each new transaction. If you're using LIFO, then your next sale of bitcoin determines it's gain or loss off of the cost of the most recent purchase of bitcoin. FIFO uses the gain or loss off of the cost of the oldest purchase of bitcoin.

If you have other specific questions, just shout (but not in all caps!) Good luck to you.