Chaboo wrote:Long John wrote:silverpv wrote:Wanted to share this with you guys .... https://cointracker.io
Cointracker has a very useful FAQ on crypto taxes. https://www.cointracker.io/faq#section-tax
This part covers the most basic question most people have: What is taxable? (The one in bold corrects what I had thought I understood, that any transfer between wallets is a taxable event.)Generally speaking, these are considered taxable events:
•Selling cryptocurrency for fiat currency (i.e. USD, EUR, JPY, etc.)
•Trading cryptocurrency for other cryptocurrency
•Using cryptocurrency to buy a good or service
•Receiving cryptocurrency as a result of a fork or from mining
On the other hand, the following are generally not considered taxable events:
•Buying cryptocurrency with fiat currency
•Donating cryptocurrency to a tax-exempt organization
•Gifting cryptocurrency to anyone (if the gift is sufficiently large it may trigger a gift tax)
•Transferring cryptocurrency from one wallet that you own to another wallet that you own
I finally started looking at this closely and found that cointracker counted each time I sent to my wallet as a sale instead of a transfer. I went back and manually changed them as a transfer. My gains were cut in half as a result. I figured it'd add up, but ...HALF..... That's huge and well worth the few minutes to take a look at.
Very good point.. Thanks for the note. Too late for me, I didn't transfer much but I'm sure it did cost me some. I'll look for next year.