Is that safe to input your wallet numbers into anything??? Don’t we need to protect our crypto wallets ? Maybe dumb question, I’m new to crypto anything.
You don't need to input your wallet phrase on any where to avoid lossing your value it can be hacked if you don't keep it safe. Don't rush things that need time to grow, be educated, intelligent and confident about it
If you use bitcoin to run your mining business and you have expenses in bitcoin how would they be reported as expenses would it be an expense and also have possible gain loss implications?
If I buy BTC for 10k and it goes up to 60k total, than I pull out my initial 10k investment and keep my gains (50k) in my wallet. Is this a taxable event?
around 4:50 when you take out trades, leaving only deposits and withdrawals, I actually have 1)other fee 2)reward/bonus 3)trade 4)withdrawal 5)deoosit 6)expense (non taxable) 7)income 8)income (non taxable) 9)interest income Do I take all those out except deposits and withdrawals at the 450 stage? Thanks : )
Hi Laura, I bought your course last year and it helped me so much. Do you have an updated version? (mine says out of date) Can I pay for an upgrade at a discount?
Could you do a video on a proper way to track or report Drip on the Drip Network? It doesn't seem to have a way to track it on coin tracker I don't believe. Thanks.
Thank you for this video. Couple quick questions: 1. Do we need to record transferring money from Bank to Coinbase as a "Deposit"? 2. Is buying Bitcoin using money transferred from Bank considered as "Deposit"-ing Bitcoin or "Trading" Bitcoin? Thank You!
You can add deposits and withdrawals of fiat, but it doesn't have any impact on the calculation. And a purchase of BTC with fiat is a trade! Good luck!
Not specifically, but I got over how to recognize income in cointracking, so you would likely have the tools to figure that out yourself after taking the course :)
If you buy 1 bitcoin in 2018 and 1 bitcoin in 2019 at a higher rate, then in 2020 you sell 1 bitcoin. Do you pay taxes on the higher rate bought bitcoin or lower (Did i sell the 2018 coin or 2019 coin with a higher purchase price?)
I Know you pay taxes on trading forex profits but if you are just using Bitcoin as a way to transfer money from your broker to your bank account do you pay taxes on it again when it becomes Bitcoin?
Laura, I went to your learning website, but did not see information regarding yield farming. So do we pay tax on the yield and also when we sell for fiat?
Yes yield farming is taxed as income, and then you would also have a capital gain/loss when you sell/trade/spend depending on whether it went up or down in value from when you originally acquired it. Good luck!
When I receive crypto to my wallet (im a business) then transfer this to kraken how would this look like in cointracking? For example, this scenario would look like: 1) wallet deposit 2) wallet withdraw 3) kraken deposit 4) kraken trade (XMR-> USD) ... my capital losses are wrong so somethings wrong. How does cointracking track the FMV of crypto I receive? For example, if I receive 1 XMR to my wallet on Jan 1st 2018, transfer it to kraken on May 1st 2018 then sell it on Nov 1st 2018, would cointracking use the FMV of the XMR I recieved on Jan 1st 2018 or the FMV on May 1st 2018? (im using FIFO)
Hi, i did that and almost no coins match up (there is always small difference) i assume because of the withdrawal cost. Do i need to add those manually?
How to add the entries manually if the place/exchange/OTC where I bought BTC has no export as csv. it has no APIs, it even has no Wallet (I need to input my own personal Wallet Address). Basically you made a payment (1.000 USD for 2BTC) but you receive the BTC to you own wallet 2-3 hours later, now the order (Trade) time (time of actual purchase/payment) took place earlier and the Transfer (Withdraw from that place to Depsit on my Wallet) was 2-3 hours later.? Should I first add an "Trade" (xx USD for xx BTC) and another entry for "Transfer" from their place (withdraw) to me (my personal Wallet) or what?
hi, thanks this video is great. interested in your course - is it up to date with the latest Coin Tracking features? appreciate this video is a few years old now so assuming Coin Tracking have added new features?
Does cointracking have a way to send all this data into quickbooks - more for the mining business, but if it's possible I'd like to have the trading records there too
Hi Laura! Just found you. Oh boy did I need you earlier. A question if you don't mind: In selling to register a loss, let's say you have 1 btc. Do you have to transfer it all to the exchange? or could you just sell and buy the same .1 ten times? I always fear moving my stash. Appreciate the response.
Would you please help me with one more question again? After entering all the deposits, withdrawals and trades that I can remember (I may have missed entering some, as my Binance account was closed and I don't have access to it anymore to verify), Cointracking shows that I have 0.05 BTC now which I don't. I only have 0.02 BTC. So can I put a Spend/ Loss of 0.03 to adjust my calculations? Or will that be problematic? Thank You!
Also in your courses, do you cover losses from alt-coins that have no more value and just needs to be written off? And losses from say mtgox and cryptopia? I have about 2 bitcoins and 2bch from mtg that I am thinking about just writing off cause I don't think I will ever get them. And I have 24k ETN on Cryptopia that I am almost sure I will never get. I did blow money on TRDT and now it is worthless also. I need to learn to claim all this on my 2019 taxes.
How many people are like "there is no possible way to go back a couple of years to figure all this out even if I wanted too? I just dont even see where I would find the time or even want to pay someone to do this. At the end of the day I have lost more then have my money which I have invested. It just doesnt seems realistic. Any advice feedback ?
Hi, If I have used a trezor wallet as well as Exodus and MM and then traded on 2 exchanges do i need to input Exodus if all it seems to do is create doubles of Trezor and Eth on MM? I did need to import one BTC Transaction fromExodus but all the rest seemed to come through and i have no missing transactions in the Reporting tab.
When you send ETH from Coinbase to Cryptopia, do you just track it as a transfer? Also, do you have to do this? So, when I get to Cryptopia, I should be tracking the deposits and withdrawls, not only the trades? Seeing that I withdrew from Coinbase and deposited into Cryptopia, technically.
Yeah you should be tracking the withdrawls and deposits too so that your balance by exchange report is correct and so when you transfer coins from one platform to the next it also transfers the cost basis and holding period :)
I'm currently using a crypto tracking software other than CoinTracking. I have read comments on other sites which states CoinTracking cannot upload into Turbo Tax, which would be a HUGE deal breaker for me. Is that true? If not, how do I get CoinTracking into the TXF format that Turbo Tax requires?
If you have over a certain number of transactions, it can't upload to Turbotax, but when I report the gains/losses on the tax return, I don't list out each transaction. I just combine the gains/losses per coin. Good luck!
This same video has helped me for several years now because I forget it all from year to year so thanks again! Ha! I had only five taxable transactions last year! Mostly been hodling for the last five years. Thanks again for your help Laura. Was hoping to see you on Ivan On Tech again!
Hi Can we take average prices to establish cost basis instead of FIFO method? Does CRA have any objection on it? Similarly ; In order to calculate sales proceeds, can we use average sale price of all BTC purchased in 1 year say 2018 ?
I am not sure what the CRA guidance is on this, sorry! I believe you are supposed to use Adjusted Cost Base (this is an option in Cointracking), but I am an American CPA, so check with a local accountant to see how Canada handles this!
Do I still have to report crypto even though I have never cashed out? All I have done is baught crypto but I have never sold a single coin. Just holding
Hey Laura, great video, do you know how accurate the cointracking conversion price is, is it the USD price of that coin at the exact time of the transaction? or is it just an average or closest to that time? When coins have wild fluctuations this could cause issues if its not to the second?
Also can it include when you exchange say BTC for a altcoin and any profit you make if change it back later as I believe this is taxed also? I really am struggling keeping my finances in order!
@@daeth4us Yup! If you need any help with the whole process, go to cryptotaxgirl.com/learn where I walk you through the full thing! And Ledger has a ledgerlive csv export that you can upload to it too!
Hey what if I buy crypto in USA and then send to some wallet which is operated in different county and sell there? Do I need to to pay tax on this situation?
If I have a MEW account that I only acces with a ledger and I have already imported this ledger into Cointracking via Ledger Live (CSV) should I still enter the MEW account into Cointracking or aould this be considered a double entry?
If it already has all of your data in there, there is no need to import it twice. I would recommend linking up your ETH address directly to Cointracking though instead to ensure that all future transactions get pulled through automatically
What do I do it I made like 5 trades on Coinbase Pro and am just holding now because I don't want to deal with this massive headache? I really need answers because I have no idea what I'm doing..
You'll need to calculate the gains and losses on each trade that you made and then report it on your return. Cointracking will automatically calculate the gains and losses for you if you upload your data. Shoot me an email if you need help!
@@pmpztr6ty Like I said, I made 5 buy-sell trades and gained a few dollars on Coinbase Pro... Then I just didn't want to deal with it or use Coinbase Pro so I just transferred my open trades on Pro and am just holding them on Coinbase for now. Don't want to do trades until my life stops being insanely chaotic lol
Oh crap! What a dreadful mistake i made! I Just spent two days trying to import my csv from cointracking to turbo tax and just realized turbo tax has an import button that auto imports cointracker. No freeking wonder it wouldnt do it! I just quit and had half a six pack over that one. I thought they were the same company. I do love the way cointracking reports but how do you import cointracking to turbotax? They only allow you 50 manual entries and as you would have it i got 55 trades. Jesus fn .....I was just about ready to dump all my bitcoin on yall and get out of all this crap! Not really tho!:) Cointracking is not cointracker. Dohhhhh!!! Laura you vids have been a great help and I got my taxes completely completely reconciled. Just cant get them into turbo tax yet. Thank you much!
@@ndoghouse6853 You don't have to list every trade when reporting on your tax return. Instead I would just consolidate your gain/loss by coin and list it that way instead. My full course walks you through this :)
@@cryptotaxgirl Ok. Thats much easier then. Ill just enter that manually. Everything is already balanced and withdraws and deposits are good so ill just enter gains and losses for each coin like you say then be done hopefully. Thanks for your help Laura. I will buy the course eventually as i do wish to learn more about this.
Do your best to recreate history based on unreconciled withdrawals & deposits to/from other exchanges & wallets, old emails, FMVs, etc. If you're unable to reconcile, the default is to assume $0 cost basis for deposits, and change withdrawals to spends.
Laura help!!!! My deposits from Coimbase is being counted as capital gains, I did api on the 3 exchanges I ever used, i should be claiming tax losses but for some reason the tax report on cointracking is counting my original deposits I did on coinbase from my bank account as gains and it shows I owe capital gains, what do I do plz help, btw I sold alot of my losses on 2018
@@cryptotaxgirl do u prepare crypto tax reports? and if so how do i get hold of u, btw is there a limit to how much i can claim to deduct on capital loss.
@@joro9960 Yup! Send me an email (cryptotaxgirl@gmail.com). You can deduct a net $3,000 loss per year, but any net loss in excess of that can be carried forward to future years
@@cryptotaxgirl hey Laura did u get my email I sent this morning, I sent it from hotmail the subject is "crypto tax ", the name of the sender should say A A
question, i transfered my coinbase transactions for 2019 and when i did a tax report, it shows my proceeds higher than what i have bought. why is that? is it because i exchanged for different cryptos?
Yeah it sounds like when you had taxable events from trading, spending, or selling your crypto, the value of your crypto at that time was more than what you bought it for!
@@cryptotaxgirl hey I am not an Australian resident but,. I am interested in investing in btc in Australia as I am residing here. How would I be able to pay taxes
Would you recommend lifetime Pro at the current price? It says 3500 limited transactions. I read somewhere we would have to erase old transactions once we reach 3500 limit, but wouldnt that change all the calculations in the future? Kind of worhtless for lifetime if it limits you at 3500 transactions. I havent done much in crypto and in 2018 I have 2200 transactions, so was curious about this situation, please let us know.
It doesn't delete old transactions. If you get over the 3,500 limit, it will just prevent you from adding new transactions until you update it to the unlimited. But if you have less than 3,500 transactions now, then starting with Pro will be great!
@@cryptotaxgirl Its weird because I really didnt trade much in 2018 (less than 200 movements) but somehow have 2200 transactions. for example if i moved 1 btc, it turned it into 15 partial transactions. Is there something I'm missing?
@@cryptotaxgirl I used your 10% discount on the 2 year unlimited. Connected all API's and everything looks accurate. Now the question I have is about creating the tax reports. Can we have a video on setting the settings. For exchanges: Binance, Coinbase, coinbase pro, Bitmex, Kraken, Bittrex, Bitfinex, Kucoin, etc.
Hi Laura and everyone, please help! 😌 Is it safe to use the APIs from a hack risk perspective? I’ve only been using the manual CSV reports as I’ve been afraid of giving API access to a Third Party being a higher risk. But with CSVs I’m missing a lot of deposits and withdrawals on certain exchanges and my reports have errors because of that. 😔
What's up Laura, I signed up for cointracking and imported 4 exchanges I use thru api, when i go to the tax report section it says that in January 2018 i made about 650k usd purchases and 690k usd sales loool all the money I ever deposited from my bank account to coinbase (the only exchange I wired money into) from 2018 was 45k, what am I doing wrong, this will definitely trigger a irs audit Btw on capital gains report when I go to the (proceeds in usd) line and go to the bottom ( Sum Total) it says 1,098,000$ is this normal for it to be this high
I can't tell without seeing your data! If you wanna fix it yourself, go to cryptotaxgirl.com/learn, or if you want me to fix it, send me an email at cryptotaxgirl@gmail.com!
Can any help?? Our Kraken Acct is showing 6 times USD as is currently there. We Updated many times and everything else is updating correctly but not USD?
You are so beautiful and awesome. Thanks for the lessons and I really want to do your course but had a question, is there a time limit on the enrollment? How long do I have to finish the course? Or once I enroll, can I come back to the videos when ever I can?
The prices are here! cointracking.info/pro.php But if you want to get 10% off make sure you go to cryptotaxgirl.com/cointracking when you create your account :)
Hello Laura.Your videos are so professional! Do I have to enter the deposits/withdraws from bank acount to Coinbase into Cointracking for the taxes too? Thankk you
Thanks for your recommendation to cointracking. It has been great for tracking trade and taxes. It worked perfectly until one day my Binance API quit working and gave me an error: (Error: Invalid API-key, IP, or permissions for action.) I regenerated a new key and secret and it still dont work. Maybe permissions changed? Any idea?
@@gypsypath1 yes im aware of that but i didnt expect they would delete all your trade information etc. Not good when it comes to tax-time. Thanks for the reply Gypsy. Maybe theres some more info on Binances twitter page?
ndoghouse I admit I was grasping at straws. I’ve never used APIs yet so I wasn’t sure if it would be possible that they might be impacted by the change. Then again, maybe the way they had things programmed on the backend made _everything_ to the States shut down. 🤷♀️
@@gypsypath1 Well im pretty new to APIs myself but they worked great on all the other exchanges even HitBTC! I wrote out a ticket to Binance Cust. support so we will see. Its either IP or permissions but there is not to many options to select when you configure so one would seem to think it would be hard to screw up. One bad API really screws up your cointracking data tho!
Problem solved! I had to check the box: "Unrestricted (Less Secure)This API key allows access from any IP address. This is not recommended." Somewhere maybe my antivirus masked my IP address or something? Works now on my mobile ap! Now got to add my wallets.
Unfortunately Nano Ledger doesn't have any way to export your trade history into any tax software, so those have to be manually added. For EtherDelta, you can do the following: 1. Go to: deltabalances.github.io/history.html 2. Enter your public wallet address 3. Change the “Operation Types” to “Trades + Funds” 4. Select “manual block range” and change the beginning block to the lowest number that it will allow 5. Under “Export trades” and “Export funds” at the bottom, select “Cointracking.info (.csv)” for both 6. Wait a few minutes until all of the blocks are loaded 7. Download the trades and funds CSV files and import them into Cointracking Hope that helps!
If you had your API uploaded before it went down you should have all of your data, in there, but if you didn't, then you'll have to wait til it's back up
TurboTax wont let me import csv file keeps saying invalid even though it is on excel and it has everything it asks for lol Um, i tried doing the form8949 and that didn't work. Im lost and not sure how to do this...
@@Sesamestreet9080 nope, I'm looking else where for crypto cpas but those are hella expensive even for Basic packages lol I got 200 trades within this year I ain't manually importing that haha I'll keep you posted lol
Crypto is still unsettled law. IRS judges declare crypto is a commodity. Criminal judges declare crypto to be currency. The government can't have it both ways. Someone finally needs to challenge them up the judiciary.
@@cryptotaxgirl Nope. Federal judges have ruled that crypto is a CURRENCY so that they can hit drug dealers with money laundering laws. You seem to want to only acknowledge the judges that rule it as a commodity for tax purposes. The gov is basically declaring crypto whatever it wants it to be based on the situation. One of Ross Ulbricht's main defenses was that crypto is a commodity and the judge was having none of it. The judge even declared that the IRS does not get to make up federal law. The gov cant have it both ways forever.
This is one of the only helpful videos i've found on what to actually do
Is that safe to input your wallet numbers into anything??? Don’t we need to protect our crypto wallets ? Maybe dumb question, I’m new to crypto anything.
You don't need to input your wallet phrase on any where to avoid lossing your value it can be hacked if you don't keep it safe. Don't rush things that need time to grow, be educated, intelligent and confident about it
Can you please please please do some updated videos, especially in regards to defi?
Thank you!!
LAURA, does your course show how to enter derivative trades? I'm stumped there.
Nice work Laura! You are fast so I had to watch twice. I was going to do this the painful way, but I see the immense value in it. Thanks!
Glad I could help! :)
If you use bitcoin to run your mining business and you have expenses in bitcoin how would they be reported as expenses would it be an expense and also have possible gain loss implications?
If I buy BTC for 10k and it goes up to 60k total, than I pull out my initial 10k investment and keep my gains (50k) in my wallet. Is this a taxable event?
around 4:50 when you take out trades, leaving only deposits and withdrawals, I actually have 1)other fee 2)reward/bonus 3)trade 4)withdrawal 5)deoosit 6)expense (non taxable) 7)income 8)income (non taxable) 9)interest income
Do I take all those out except deposits and withdrawals at the 450 stage?
Thanks : )
I have the same question.
Hi Laura, I bought your course last year and it helped me so much. Do you have an updated version? (mine says out of date) Can I pay for an upgrade at a discount?
Unfortunately I don't, but feel free to set up a call here if you have more questions: calendly.com/cryptotaxgirl
but if you dont have a lot of krypto activity like 20 or less transactions per year you dont need the paid version do you?
Could you do a video on a proper way to track or report Drip on the Drip Network? It doesn't seem to have a way to track it on coin tracker I don't believe. Thanks.
Thank you for this video. Couple quick questions:
1. Do we need to record transferring money from Bank to Coinbase as a "Deposit"?
2. Is buying Bitcoin using money transferred from Bank considered as "Deposit"-ing Bitcoin or "Trading" Bitcoin?
Thank You!
You can add deposits and withdrawals of fiat, but it doesn't have any impact on the calculation. And a purchase of BTC with fiat is a trade! Good luck!
@@laurawalter6311 Thank You!
Will you be able to teach how to enter derivatives trades?
Does your course include ways to claim revenue from the new interest bearing wallets and crypto “money markets”?
Not specifically, but I got over how to recognize income in cointracking, so you would likely have the tools to figure that out yourself after taking the course :)
So with the Binance download, you can only download three months at a time?
Yeah, but if you use the API keys you can pull it all at one time :)
If you buy 1 bitcoin in 2018 and 1 bitcoin in 2019 at a higher rate, then in 2020 you sell 1 bitcoin. Do you pay taxes on the higher rate bought bitcoin or lower (Did i sell the 2018 coin or 2019 coin with a higher purchase price?)
The default is to use FIFO (first in, first out), but if you specifically identify, you can technically use either :)
I Know you pay taxes on trading forex profits but if you are just using Bitcoin as a way to transfer money from your broker to your bank account do you pay taxes on it again when it becomes Bitcoin?
Laura, I went to your learning website, but did not see information regarding yield farming. So do we pay tax on the yield and also when we sell for fiat?
Yes yield farming is taxed as income, and then you would also have a capital gain/loss when you sell/trade/spend depending on whether it went up or down in value from when you originally acquired it. Good luck!
How should I know how to change the transactions ? Do I need to remember those transaction I made so that I can change them ?
When I receive crypto to my wallet (im a business) then transfer this to kraken how would this look like in cointracking?
For example, this scenario would look like:
1) wallet deposit
2) wallet withdraw
3) kraken deposit
4) kraken trade (XMR-> USD)
... my capital losses are wrong so somethings wrong.
How does cointracking track the FMV of crypto I receive? For example, if I receive 1 XMR to my wallet on Jan 1st 2018, transfer it to kraken on May 1st 2018 then sell it on Nov 1st 2018, would cointracking use the FMV of the XMR I recieved on Jan 1st 2018 or the FMV on May 1st 2018? (im using FIFO)
this is pretty tense..
Hi, i did that and almost no coins match up (there is always small difference) i assume because of the withdrawal cost. Do i need to add those manually?
How to add the entries manually if the place/exchange/OTC where I bought BTC has no export as csv. it has no APIs, it even has no Wallet (I need to input my own personal Wallet Address). Basically you made a payment (1.000 USD for 2BTC) but you receive the BTC to you own wallet 2-3 hours later, now the order (Trade) time (time of actual purchase/payment) took place earlier and the Transfer (Withdraw from that place to Depsit on my Wallet) was 2-3 hours later.? Should I first add an "Trade" (xx USD for xx BTC) and another entry for "Transfer" from their place (withdraw) to me (my personal Wallet) or what?
hi, thanks this video is great. interested in your course - is it up to date with the latest Coin Tracking features? appreciate this video is a few years old now so assuming Coin Tracking have added new features?
Yeah there are some new features now which makes the process a little more streamlined :)
@@cryptotaxgirl great, is that in your course? wondering how up to date it is?
Does cointracking have a way to send all this data into quickbooks - more for the mining business, but if it's possible I'd like to have the trading records there too
It doesn't unfortunately
What if i deposited something in ETH and made withdrawal in LTC? It wont have a matching counterpart. What do i do in this case?
Hi Laura! Just found you. Oh boy did I need you earlier. A question if you don't mind: In selling to register a loss, let's say you have 1 btc. Do you have to transfer it all to the exchange? or could you just sell and buy the same .1 ten times? I always fear moving my stash. Appreciate the response.
If you're using FIFO (the default accounting method), you can do 0.1 ten times like you mentioned :)
No kidding? Awesome! Thanks v much for the reply! And great to know. I'm definitely gonna check out your site, Laura. Best to you.
Would you please help me with one more question again?
After entering all the deposits, withdrawals and trades that I can remember (I may have missed entering some, as my Binance account was closed and I don't have access to it anymore to verify), Cointracking shows that I have 0.05 BTC now which I don't. I only have 0.02 BTC. So can I put a Spend/ Loss of 0.03 to adjust my calculations? Or will that be problematic?
Thank You!
Also in your courses, do you cover losses from alt-coins that have no more value and just needs to be written off? And losses from say mtgox and cryptopia? I have about 2 bitcoins and 2bch from mtg that I am thinking about just writing off cause I don't think I will ever get them. And I have 24k ETN on Cryptopia that I am almost sure I will never get. I did blow money on TRDT and now it is worthless also. I need to learn to claim all this on my 2019 taxes.
Hi, I don't see Bitmarts to import
How many people are like "there is no possible way to go back a couple of years to figure all this out even if I wanted too? I just dont even see where I would find the time or even want to pay someone to do this. At the end of the day I have lost more then have my money which I have invested. It just doesnt seems realistic. Any advice feedback ?
Lots of people think this, but usually we are still able to piece it together :)
@@cryptotaxgirl how do I contact you for a quote or consultation
@@jbone79 cryptotaxgirl.com
Jessee, was Laura able to help you? And at what cost if you don't mind me asking?
how are mined coins classified, and why are purchased coins considered trades?
Mined coins are treated as income. And you are trading fiat for crypto :)
Is this available in the UK... and will hmrc accept it .. thanks
Hi, If I have used a trezor wallet as well as Exodus and MM and then traded on 2 exchanges do i need to input Exodus if all it seems to do is create doubles of Trezor and Eth on MM? I did need to import one BTC Transaction fromExodus but all the rest seemed to come through and i have no missing transactions in the Reporting tab.
When you send ETH from Coinbase to Cryptopia, do you just track it as a transfer? Also, do you have to do this? So, when I get to Cryptopia, I should be tracking the deposits and withdrawls, not only the trades? Seeing that I withdrew from Coinbase and deposited into Cryptopia, technically.
Yeah you should be tracking the withdrawls and deposits too so that your balance by exchange report is correct and so when you transfer coins from one platform to the next it also transfers the cost basis and holding period :)
Does your course cover staking?
What if you send someone $100 as BTC as Investment. They send you back $200 as BTC. Is this taxable?
What if you can't remember what hardware wallet you transferred a crypto into?
fees aren't deductible in coin tracker, if I have thousands of transactions I need to add "other fee" for each one, is there a solution
Hello Laura, would you consider doing an updated video for cointracking? One involving IDOs and DeFi? Thanks
Yes I need to! I'll try to make one soon!
@@cryptotaxgirl Excellent! Who would you recommend for expats who need to file in two countries? Thanks
I'm currently using a crypto tracking software other than CoinTracking. I have read comments on other sites which states CoinTracking cannot upload into Turbo Tax, which would be a HUGE deal breaker for me. Is that true? If not, how do I get CoinTracking into the TXF format that Turbo Tax requires?
If you have over a certain number of transactions, it can't upload to Turbotax, but when I report the gains/losses on the tax return, I don't list out each transaction. I just combine the gains/losses per coin. Good luck!
This same video has helped me for several years now because I forget it all from year to year so thanks again! Ha! I had only five taxable transactions last year! Mostly been hodling for the last five years. Thanks again for your help Laura. Was hoping to see you on Ivan On Tech again!
I'm glad it has been helpful!
@@cryptotaxgirl how much do you charge ?
@@cryptotaxgirl my CoinTracker doesn’t seem correct
@@DannyH77 $500/hr
Hi
Can we take average prices to establish cost basis instead of FIFO method? Does CRA have any objection on it?
Similarly ;
In order to calculate sales proceeds, can we use average sale price of all BTC purchased in 1 year say 2018 ?
I am not sure what the CRA guidance is on this, sorry! I believe you are supposed to use Adjusted Cost Base (this is an option in Cointracking), but I am an American CPA, so check with a local accountant to see how Canada handles this!
Do I still have to report crypto even though I have never cashed out? All I have done is baught crypto but I have never sold a single coin. Just holding
Yes, or you will not be able to use it in the future to buy a lambo, for example
If you've only bought, then no. But if you have traded, sold, or spent your crypto, then yes, you need to report it.
Hey Laura, great video, do you know how accurate the cointracking conversion price is, is it the USD price of that coin at the exact time of the transaction? or is it just an average or closest to that time? When coins have wild fluctuations this could cause issues if its not to the second?
It's at the exact time of the transaction, per your timezone :)
Also can it include when you exchange say BTC for a altcoin and any profit you make if change it back later as I believe this is taxed also? I really am struggling keeping my finances in order!
Yup it tracks that!
@@cryptotaxgirl so if I bought the pro it can be linked up to exchanges and do this all automatically I understand? Also what about Ledgers?
@@daeth4us Yup! If you need any help with the whole process, go to cryptotaxgirl.com/learn where I walk you through the full thing! And Ledger has a ledgerlive csv export that you can upload to it too!
@@cryptotaxgirl thankyou Laura. I will give this a go first :)
Bought BTC when it was 12000 USD and took back 4000usd .still need to pay ?
It depends on your transaction history, but sounds like mostly not. However, if you have net losses you can deduct those on your tax return!
Damn 18k now 😳
Hey what if I buy crypto in USA and then send to some wallet which is operated in different county and sell there? Do I need to to pay tax on this situation?
Yeah if you are a US citizen then you pay tax regardless of where it was sold
Omg this is GOLD, I can't wait to take your whole course. You have any consultations open before October taxes are due???? 😢😢😢
Yeah send me an email and we can schedule something :)
@@cryptotaxgirl will do right now!
@@cryptotaxgirl sent!! 😁 thanks!
If I have a MEW account that I only acces with a ledger and I have already imported this ledger into Cointracking via Ledger Live (CSV) should I still enter the MEW account into Cointracking or aould this be considered a double entry?
If it already has all of your data in there, there is no need to import it twice. I would recommend linking up your ETH address directly to Cointracking though instead to ensure that all future transactions get pulled through automatically
What do I do it I made like 5 trades on Coinbase Pro and am just holding now because I don't want to deal with this massive headache? I really need answers because I have no idea what I'm doing..
You'll need to calculate the gains and losses on each trade that you made and then report it on your return. Cointracking will automatically calculate the gains and losses for you if you upload your data. Shoot me an email if you need help!
You don't gain or lose until you sell
@@pmpztr6ty Like I said, I made 5 buy-sell trades and gained a few dollars on Coinbase Pro... Then I just didn't want to deal with it or use Coinbase Pro so I just transferred my open trades on Pro and am just holding them on Coinbase for now. Don't want to do trades until my life stops being insanely chaotic lol
Moved to Puerto Rico %5 👍
Did the same thing in 2017 but PR sucked so bad I fuckn left this year and I'm not sure I'm coming back next year. Really don't want to.
Thank You Laura, I plan to use your course! Great Introductory video!
You're welcome!
Have you tried using CoinTracker? I think their platform eliminates all that extra hard work and it downloads the 8949 form with all the data on it
CoinTracking does the same thing.
Yeah, I like cointracking better. It's a lot easier to reconcile your data in here and find the issues in my opinion!
Oh crap! What a dreadful mistake i made! I Just spent two days trying to import my csv from cointracking to turbo tax and just realized turbo tax has an import button that auto imports cointracker. No freeking wonder it wouldnt do it! I just quit and had half a six pack over that one. I thought they were the same company. I do love the way cointracking reports but how do you import cointracking to turbotax? They only allow you 50 manual entries and as you would have it i got 55 trades. Jesus fn .....I was just about ready to dump all my bitcoin on yall and get out of all this crap! Not really tho!:) Cointracking is not cointracker. Dohhhhh!!! Laura you vids have been a great help and I got my taxes completely completely reconciled. Just cant get them into turbo tax yet. Thank you much!
@@ndoghouse6853 You don't have to list every trade when reporting on your tax return. Instead I would just consolidate your gain/loss by coin and list it that way instead. My full course walks you through this :)
@@cryptotaxgirl Ok. Thats much easier then. Ill just enter that manually. Everything is already balanced and withdraws and deposits are good so ill just enter gains and losses for each coin like you say then be done hopefully. Thanks for your help Laura. I will buy the course eventually as i do wish to learn more about this.
Hopefully you HODL'd those 5 bitcoins of income haha.
What service did you do for 5 BTC? That's a great service fee!
It was 2016 so it was a lot cheaper
I am having tremendous problems with completing my taxes for 2019. Can you help me?
Sure! Send me an email cryptotaxgirl@gmail.com
What do you do if you did a little trading years ago on a website that doesn't exist anymore?
Do your best to recreate history based on unreconciled withdrawals & deposits to/from other exchanges & wallets, old emails, FMVs, etc. If you're unable to reconcile, the default is to assume $0 cost basis for deposits, and change withdrawals to spends.
Thank you for this much needed video.
Glad it helped!
Laura help!!!! My deposits from Coimbase is being counted as capital gains, I did api on the 3 exchanges I ever used, i should be claiming tax losses but for some reason the tax report on cointracking is counting my original deposits I did on coinbase from my bank account as gains and it shows I owe capital gains, what do I do plz help, btw I sold alot of my losses on 2018
Hmm hard to say without seeing your data! I would recommend going through my course to see where the issues are! cryptotaxgirl.com/learn
@@cryptotaxgirl do u prepare crypto tax reports? and if so how do i get hold of u, btw is there a limit to how much i can claim to deduct on capital loss.
@@joro9960 Yup! Send me an email (cryptotaxgirl@gmail.com). You can deduct a net $3,000 loss per year, but any net loss in excess of that can be carried forward to future years
@@cryptotaxgirl hey Laura did u get my email I sent this morning, I sent it from hotmail the subject is "crypto tax ", the name of the sender should say A A
Wahwahwah!! So STUPID IRS WILL PAY ME FOREVER BECAUSE SCAMMERS STOLE ALL MY BTC!!!!
How do you deal with emigration tokens?
Is the UK capital gains tax still 20%
would be this be the best method to file my tax report ?
Hey sorry I am a US CPA so I am not familiar with UK tax law
question, i transfered my coinbase transactions for 2019 and when i did a tax report, it shows my proceeds higher than what i have bought. why is that? is it because i exchanged for different cryptos?
Yeah it sounds like when you had taxable events from trading, spending, or selling your crypto, the value of your crypto at that time was more than what you bought it for!
@@cryptotaxgirl thank you
@@cryptotaxgirl hey I am not an Australian resident but,. I am interested in investing in btc in Australia as I am residing here. How would I be able to pay taxes
Would you recommend lifetime Pro at the current price? It says 3500 limited transactions. I read somewhere we would have to erase old transactions once we reach 3500 limit, but wouldnt that change all the calculations in the future? Kind of worhtless for lifetime if it limits you at 3500 transactions. I havent done much in crypto and in 2018 I have 2200 transactions, so was curious about this situation, please let us know.
It doesn't delete old transactions. If you get over the 3,500 limit, it will just prevent you from adding new transactions until you update it to the unlimited. But if you have less than 3,500 transactions now, then starting with Pro will be great!
@@cryptotaxgirl Its weird because I really didnt trade much in 2018 (less than 200 movements) but somehow have 2200 transactions. for example if i moved 1 btc, it turned it into 15 partial transactions. Is there something I'm missing?
@@davidk4666 That unfortunately happens on some exchanges, especially Binance.
@@cryptotaxgirl Thanks for your tips! Crypto Tax is harsh, but Cointracking helps alot getting everything organized.
@@cryptotaxgirl I used your 10% discount on the 2 year unlimited. Connected all API's and everything looks accurate. Now the question I have is about creating the tax reports. Can we have a video on setting the settings. For exchanges: Binance, Coinbase, coinbase pro, Bitmex, Kraken, Bittrex, Bitfinex, Kucoin, etc.
It doesn’t seem to add in what’s actually on the exchanges that I can see or does it please?
Hi Laura and everyone, please help! 😌 Is it safe to use the APIs from a hack risk perspective? I’ve only been using the manual CSV reports as I’ve been afraid of giving API access to a Third Party being a higher risk. But with CSVs I’m missing a lot of deposits and withdrawals on certain exchanges and my reports have errors because of that. 😔
The APIs are read-only access so it is safe to use them!
What's up Laura, I signed up for cointracking and imported 4 exchanges I use thru api, when i go to the tax report section it says that in January 2018 i made about 650k usd purchases and 690k usd sales loool all the money I ever deposited from my bank account to coinbase (the only exchange I wired money into) from 2018 was 45k, what am I doing wrong, this will definitely trigger a irs audit
Btw on capital gains report when I go to the (proceeds in usd) line and go to the bottom ( Sum Total) it says 1,098,000$ is this normal for it to be this high
I can't tell without seeing your data! If you wanna fix it yourself, go to cryptotaxgirl.com/learn, or if you want me to fix it, send me an email at cryptotaxgirl@gmail.com!
hey, was she able to help you? and at what cost if you don't mind me asking?
Good video Laura, thanks for covering this!
Thanks!
@@cryptotaxgirl i only earned under 1000 in the uk about 220£ last year do i need to report that if i am registered for self assessment? thank you
where are you located what state if az do you have walk in to help?
I am located in Utah and work with all of my clients virtually. You can reach me at laura@cryptotaxgirl.com :)
If I’m just holding do I need to pay taxes?
Not unless you sold/traded/spent your crypto!
Can any help?? Our Kraken Acct is showing 6 times USD as is currently there. We Updated many times and everything else is updating correctly but not USD?
I suggest checking out my course, which will show you how to balance it all out cryptotaxgirl.com/learn
What if we're missing data from exchanges like Binance who old provide CSV files with info from the last three months?
If you use the Binance API it will pull in all of your Binance trading history!
@@cryptotaxgirl Thank you so much I thought I was so screwed.
My coin tracker is adding up right
You are so beautiful and awesome. Thanks for the lessons and I really want to do your course but had a question, is there a time limit on the enrollment? How long do I have to finish the course? Or once I enroll, can I come back to the videos when ever I can?
Thank you! You get lifetime access :)
So how do you reconcile when you have 50,000 transactions?
The same way! It just takes a little more time :)
Guys somebody need help! Does coin tracking support BINANCE US?
It does!
@@lauranick3373 thanks 🙏🏻🙂
I didn't see a price listing. I don't want to sign up for something only to find out that I can't afford it.
The prices are here! cointracking.info/pro.php
But if you want to get 10% off make sure you go to cryptotaxgirl.com/cointracking when you create your account :)
When you go all the way to the bottom of the page there is a link to pricing.
Use the APIs instead and it'll pull through all of your data
Thx for the tutorial. Can I pay you to do my taxes for me?
Can you import the data from Bitcoin.tax into Cointracking from last year?
No, I don't believe so
Just put the 60% loss you had that should do it.
Can you make tutorial on koinly ?
Is it safe to link your API?
Hello Laura.Your videos are so professional! Do I have to enter the deposits/withdraws from bank acount to Coinbase into Cointracking for the taxes too? Thankk you
Thanks! I'm glad you've found them helpful. No, you don't need to enter USD deposits and withdrawals as it will not affect the calculation
The American Malitia have some really awesome tax attorneys.
Where can I figure out how to add Celsius information
Cointracking is now integrated with Celsius! You can upload the CSV straight from Celsius :)
Hey, looks like a great tutorial. Is it still up to date?
It's not 100% up to date. Cointracking has added some new features since I released this, but the general concept is the same :)
Thanks for your recommendation to cointracking. It has been great for tracking trade and taxes. It worked perfectly until one day my Binance API quit working and gave me an error: (Error: Invalid API-key, IP, or permissions for action.) I regenerated a new key and secret and it still dont work. Maybe permissions changed? Any idea?
Binance has started blocking US customers so maybe that's it.
www.coindesk.com/binance-exchange-to-block-crypto-trading-for-u-s-customers
@@gypsypath1 yes im aware of that but i didnt expect they would delete all your trade information etc. Not good when it comes to tax-time. Thanks for the reply Gypsy. Maybe theres some more info on Binances twitter page?
ndoghouse I admit I was grasping at straws. I’ve never used APIs yet so I wasn’t sure if it would be possible that they might be impacted by the change. Then again, maybe the way they had things programmed on the backend made _everything_ to the States shut down. 🤷♀️
@@gypsypath1 Well im pretty new to APIs myself but they worked great on all the other exchanges even HitBTC! I wrote out a ticket to Binance Cust. support so we will see. Its either IP or permissions but there is not to many options to select when you configure so one would seem to think it would be hard to screw up. One bad API really screws up your cointracking data tho!
Problem solved! I had to check the box: "Unrestricted (Less Secure)This API key allows access from any IP address. This is not recommended."
Somewhere maybe my antivirus masked my IP address or something? Works now on my mobile ap! Now got to add my wallets.
so i shouldnt count my buys for usdc or usdt ??
You would still count them, but there wouldn't be any gain or loss on them since they don't go up or down in value at all.
So they don’t support EtherDelta ? And Nano Ledger wallet ?!? Looking at their website
Unfortunately Nano Ledger doesn't have any way to export your trade history into any tax software, so those have to be manually added. For EtherDelta, you can do the following:
1. Go to: deltabalances.github.io/history.html
2. Enter your public wallet address
3. Change the “Operation Types” to “Trades + Funds”
4. Select “manual block range” and change the beginning block to the lowest number that it will allow
5. Under “Export trades” and “Export funds” at the bottom, select “Cointracking.info (.csv)” for both
6. Wait a few minutes until all of the blocks are loaded
7. Download the trades and funds CSV files and import them into Cointracking
Hope that helps!
@@cryptotaxgirl thank you!
Just curious, is this something you can do for a client?
Definitely! Shoot me an email at cryptotaxgirl@gmail.com
Can we still get data from Cryptopia with it being down?
If you had your API uploaded before it went down you should have all of your data, in there, but if you didn't, then you'll have to wait til it's back up
So if I make 8500000 how much would I make back
Is there an option to import coinsquare data?
There isn't a direct API, but you can download the CSV of your transactions and upload them to cointracking
Are you on social media: twitter?
Yup! @cryptotaxgirl
any way to get the coinexchange.io transactions uploaded?
TurboTax wont let me import csv file keeps saying invalid even though it is on excel and it has everything it asks for lol Um, i tried doing the form8949 and that didn't work. Im lost and not sure how to do this...
Eli any update? I’m having a headache right now
@@Sesamestreet9080 nope, I'm looking else where for crypto cpas but those are hella expensive even for Basic packages lol I got 200 trades within this year I ain't manually importing that haha I'll keep you posted lol
Eli you’re lucky id rather do less than 200 😩 i have 600 trades🤣
@@Sesamestreet9080 lol good luck
Omg why are crypto taxes like 1000x more difficult than any other investing its insane
Crypto is still unsettled law. IRS judges declare crypto is a commodity. Criminal judges declare crypto to be currency. The government can't have it both ways. Someone finally needs to challenge them up the judiciary.
Nope, the IRS has only declared that it is property, so the property rules are what currently stand.
@@cryptotaxgirl Nope. Federal judges have ruled that crypto is a CURRENCY so that they can hit drug dealers with money laundering laws. You seem to want to only acknowledge the judges that rule it as a commodity for tax purposes. The gov is basically declaring crypto whatever it wants it to be based on the situation. One of Ross Ulbricht's main defenses was that crypto is a commodity and the judge was having none of it. The judge even declared that the IRS does not get to make up federal law. The gov cant have it both ways forever.
THE RICH GET RICHER BY SPENDING LIKE THE POOR AND INVESTING AND THE POOR GET POORER BY SPENDING LIKE THE RICH AND NOT INVESTING
Hey, I just watched you online!
That 'current bitcoin price' lol
Do you have a website or contact?
Yup! Cryptotaxgirl.com and cryptotaxgirl@gmail.com :)