I do have a few referral links for the softwares mentioned. If you are thinking of joining, these help support the channel; Crypto Tax Calculator - cryptotaxcalculator.io?fpr=xo5ak (Get 20% Off using the code BFF2020) Koinly - koinly.io/?via=9B29D87A (Get 25% Off using the code 9B29D87A) CoinTracking - cointracking.info?ref=E484421 Sharesight (Best for Share Tracking) - portfolio.sharesight.com/refer/AST31
I have a decks called solo. DEX doesn’t seem to have an integration with any of these software’s. What’s the best way to start tracking my call basis for taxes or is there a way to enter these transactions manually?
Hey , you missed some questions about comparison of correct analytics , have you tried all of them at your portfolio? Does they show same numbers of profit&capital gains? Trying now koinly, but id like test something another
They all seem to produce slightly different numbers. Probably depends on the quality of data, how good their API link is, what they use for market values etc.
@@EthanRooshock thanx, Ethan! But if the data have some differences, can we make strong decisions of calculating taxes based on just one selected service - is that enough for government tax service? So if person is professional trader with registration as self-employment in this sector, is it enough to accumulate data only in Koinly + statement from bank account for local tax audit, or musthave also for example Excel file with fixed every transaction manually?
@@RedHotAmarth the fact that all the software comes out with different numbers is scary to me. I’m 100k in the hole and my tax info says I owe on 8k… how that is I have no idea. Also there was a 11k cost basis now worth 4$ and there’s no info on that I can find. So I’m also struggling to figure out how to report correct info
Now do one for people with 10,000+ transactions and that list will change dramatically. They're all overpriced and gouging us all. I'm so sick of the costs while these software promise I'll be done in 20 minutes but taxes for me are a year-round experience. You don't need these trackers if you keep all your stuff on one exchange but if you're doing crypto correct you don't keep it on an exchange.
Yeah it definitely gets a lot harder with more transactions. The issues are the inforamtion quality that comes from some exchanges and blockchains, combined with the complex tax treatment and software capabilities. If you are doing 10,000 transactions a year though, it would be expected you would be keeping detailed records as you would potentially be a trader.
um yeah at that transaction load level that's definitely not gonna get done in 20 minutes! I do bookkeeping for crypto centered companies and crypto bookkeeping softwares start at $300.00. Koinly does have a lot of integrations but you definitely need to check it. I've had koinly hooked up to sync stuff from cosmos and it not bring in even half of the transactions on the blockchain.
@@EthanRooshock It's really easy to make a lot of transactions with just a little bit of money. Buying a little here and a little there, and now suddenly I'm a trader? You get all your tax info for free with a traditional investment vechicle.
Yeah and I hate how they will charge you for all previous transactions EVERY year. So if you had 2000 tx each year from 2017, you will pay for 6000 tx in 2020, 10.000 tx in 2022 and so on. Its disgusting. I ended up buying a secondary Ledger so I can move all my crypto away from these old accounts and avoid tens of thousands of transactions every year. It's disgusting that these tax sharks force us to do this, but in my view it is the only way.
@@EthanRooshock I assume those reviewers must have had isolated incidents? I was about to sign up with them until I saw those reviews. But if you didn’t have an issue with that then I will proceed with them. Do you have any current discount code?
@@vushnick76 I'd suggest setting up a trial version and testing it for yourself. That way you can see if it works for you. Should be a discount code in the description of this video.
I do have a few referral links for the softwares mentioned. If you are thinking of joining, these help support the channel;
Crypto Tax Calculator - cryptotaxcalculator.io?fpr=xo5ak (Get 20% Off using the code BFF2020)
Koinly - koinly.io/?via=9B29D87A (Get 25% Off using the code 9B29D87A)
CoinTracking - cointracking.info?ref=E484421
Sharesight (Best for Share Tracking) - portfolio.sharesight.com/refer/AST31
I think you should do a review on AWAKEN tax software
@@themrdepies Only supports US taxes at the moment so not something I will be covering sorry.
I have a decks called solo. DEX doesn’t seem to have an integration with any of these software’s. What’s the best way to start tracking my call basis for taxes or is there a way to enter these transactions manually?
Had issues at first, but after watching the video, it all became clear. Thanks!
Awesome!
Geez, man!!! I Wish I'd seen this video years ago (or at least when it was posted). great info! Thanks
Thanks!
@EthanRooshock, have you checked out Awaken? If so, what grade would you give it?
No I haven't sorry!
Hey , you missed some questions about comparison of correct analytics , have you tried all of them at your portfolio? Does they show same numbers of profit&capital gains? Trying now koinly, but id like test something another
They all seem to produce slightly different numbers. Probably depends on the quality of data, how good their API link is, what they use for market values etc.
@@EthanRooshock thanx, Ethan! But if the data have some differences, can we make strong decisions of calculating taxes based on just one selected service - is that enough for government tax service? So if person is professional trader with registration as self-employment in this sector, is it enough to accumulate data only in Koinly + statement from bank account for local tax audit, or musthave also for example Excel file with fixed every transaction manually?
You'd need to speak to your own accountant/tax agent about that@@RedHotAmarth
@@RedHotAmarth the fact that all the software comes out with different numbers is scary to me. I’m 100k in the hole and my tax info says I owe on 8k… how that is I have no idea. Also there was a 11k cost basis now worth 4$ and there’s no info on that I can find. So I’m also struggling to figure out how to report correct info
Now do one for people with 10,000+ transactions and that list will change dramatically. They're all overpriced and gouging us all. I'm so sick of the costs while these software promise I'll be done in 20 minutes but taxes for me are a year-round experience. You don't need these trackers if you keep all your stuff on one exchange but if you're doing crypto correct you don't keep it on an exchange.
Yeah it definitely gets a lot harder with more transactions. The issues are the inforamtion quality that comes from some exchanges and blockchains, combined with the complex tax treatment and software capabilities.
If you are doing 10,000 transactions a year though, it would be expected you would be keeping detailed records as you would potentially be a trader.
I started using CoinLedger… by far the best pricing + they have now portfolio tracking 🎉
um yeah at that transaction load level that's definitely not gonna get done in 20 minutes! I do bookkeeping for crypto centered companies and crypto bookkeeping softwares start at $300.00. Koinly does have a lot of integrations but you definitely need to check it. I've had koinly hooked up to sync stuff from cosmos and it not bring in even half of the transactions on the blockchain.
@@EthanRooshock It's really easy to make a lot of transactions with just a little bit of money. Buying a little here and a little there, and now suddenly I'm a trader? You get all your tax info for free with a traditional investment vechicle.
Yeah and I hate how they will charge you for all previous transactions EVERY year. So if you had 2000 tx each year from 2017, you will pay for 6000 tx in 2020, 10.000 tx in 2022 and so on. Its disgusting. I ended up buying a secondary Ledger so I can move all my crypto away from these old accounts and avoid tens of thousands of transactions every year. It's disgusting that these tax sharks force us to do this, but in my view it is the only way.
Has your list changed at all over the last (9) months? Have any gotten worse or better?
Not really. Haven't been involved as much in the crypto space over that time period.
Wow, no involvement in the crypto space in 9 months?
@@johnrodgers2171nope that’s not what I said? I haven’t been involved as much as previously but definitely still involved
they all suck!
hahaha I've heard some people say that before. I guess it is a challenge with such a new space, getting tax laws to keep up.
What make you say that?
The new space is 15 years old
@@johnrodgers2171at the same scale it is today? No.
Tell that to Brandon@@johnrodgers2171
I dont under this guy
You don't what?
Is it true that crypto tax calculator tend to set all cost basis at $0? I hear some people saying that and it causes a big issue with incorrect P&L.
@@vushnick76 I don't think that is true at all.
@@EthanRooshock I assume those reviewers must have had isolated incidents? I was about to sign up with them until I saw those reviews. But if you didn’t have an issue with that then I will proceed with them. Do you have any current discount code?
@@vushnick76 I'd suggest setting up a trial version and testing it for yourself. That way you can see if it works for you. Should be a discount code in the description of this video.