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Author Topic: Tax: CoinTracker.info, Bitcoin.tax, or ?  (Read 25 times)
Convington
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March 15, 2018, 01:25:47 PM
 #1

Hey guys,

I have and use CoinTracker.info and do a decent amount of trading (I think 5000 trades in 2017).  I ran the tax report on there and I really have a difficult time believing what it is spitting out.  I'm not saying it's wrong, but there is no way I profited as much as it shows.  I have done quick calculations based upon my trades and it doesn't really reflect that well.

Is Bitcoin.tax better, worse?

Is there something else better?

Or should I just import everything into Excel and do it myself??

I know these types of topics have been covered, but I haven't seen or come across any comparisons that talk about accuracy.

Thanks!
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jmlona
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March 15, 2018, 03:10:44 PM
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My personal opinion is that you should always do it yourself to verify the results. For whatever reasons I would not trust something that tracks it for me. The easiest calculation is money out - money in. Then you just have to account for that amount and hope it matches up when you tally all of your trades.

I do not know what country you are in but the tax rules are different everywhere and that's another reason I think it's best to calculate things yourself, that way you can calculate based on what purpose you need.

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Convington
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March 19, 2018, 10:22:27 PM
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Probably true.  I guess I'll have to do a bit more work.  5000+ is a lot of trades to work with. And moving BTC > Altcoins and back is problematic.
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March 19, 2018, 10:34:48 PM
 #4

Step 1. Convert to Monero
Step 2. Sell for Cash
Step 3. Huh

All jokes aside. It would probably be best to manually verify all of the transactions if the total cointracker is giving you, vs your own estimates are massively out of line.

Don't forget to include transaction fee losses, these were quite significant last year.

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