Cryptocurrency Taxes - US Based

[snub-fighter]

Anyone use a tax software for calculating cap gains in the USA?  Ive tried a few online.  None seem to work properly from  coinbase and gdax CSV files because I hold a 0.00 balanace on there I am assuming

Edited December 28, 2017 by jdimstrnate

[Hodor]

Good topic.  End of year tax time is quickly approaching. 

[snub-fighter]

4 minutes ago, Hodor said:

Good topic.  End of year tax time is quickly approaching. 

Im seriously considering building my own in Python and MySQL because everything has proven to be ineffective.

[Gangus]

I've been using CoinTracker, which is pretty good, but some of my stuff needs tweaking to get it right.

Edited December 28, 2017 by Gangus

[RalphWaldo]

Crypto Tax Attorney and Crypto Tax Accountant plus Software - Merging Markets.

[manateehunter]

Been just using a LibreOffice spreadsheet...

[pmyke01]

I was under the impression I didn't need to report anything until I convert to USD. Is that the general consensus or am I wrong?

[snub-fighter]

2 hours ago, pmyke01 said:

I was under the impression I didn't need to report anything until I convert to USD. Is that the general consensus or am I wrong?

Nope, Any change in coin type any buy/sell is taxable in the US

[Hodor]

3 hours ago, pmyke01 said:

I was under the impression I didn't need to report anything until I convert to USD. Is that the general consensus or am I wrong?

This may *not* be good enough.  At least here in the US.  According to my tax guy, even crypto-to-crypto is taxable, which was an unwelcome surprise for me; when bitfinex ended US support, I had to move some things, and now it looks like those might have been taxable events. 

Luckily, any altcoins I have are a very small part of my portfolio; it pays at tax time to be a buy-and-hodler.   

[pmyke01]

 

On 12/28/2017 at 3:32 PM, Hodor said:

This may *not* be good enough.  At least here in the US.  According to my tax guy, even crypto-to-crypto is taxable, which was an unwelcome surprise for me; when bitfinex ended US support, I had to move some things, and now it looks like those might have been taxable events. 

Luckily, any altcoins I have are a very small part of my portfolio; it pays at tax time to be a buy-and-hodler.   

Okay so I should be fine. I haven't made any exchanges of coin types or withdrawls. I'm a hodler too.