How do I pay cryptocurrency tax? US

[Kyopin]

I've traded over 155 time this year. How would I go on about this? It's a bit overwhelming, and the fact that I supposedly, according to bitcoin.tax, have to pay 5k in tax. Online, the information is there, but there's no example on how to go about it. And I know for a fact that some accountants are similarly lost. I don't see any active talk about this. Any recommendations? 

Edited February 1, 2018 by Kyopin

[XRPisVELOCITY]

3 minutes ago, Kyopin said:

I've traded over 155 time this year. How would I go on about this? It's a bit overwhelming, and the fact that I supposedly, according to bitcoin.tax, have to pay 5k in tax. Online, the information is there, but there's no example on how to go about it. And I know for a fact that some accountants are similarly lost. I don't see any active talk about this. Any recommendations? 

See if this helps

https://www.google.com/amp/s/turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/amp/L1ZOgU00q#ampshare=https://turbotax.intuit.com/tax-tips/tax-payments/tax-tips-for-bitcoin-and-virtual-currency/L1ZOgU00q

[manateehunter]

A pretty complex excel sheet, listing sells and buys timestamped and backdated to original date of ownership (so everything sold can potentially be long term gain with presumption that every coin I trade is the oldest coin I've owed, not the part of it that I just bought and re-sold)

But that way I have hash proof of gains vs losses.

[XRP-SD-87]

I am unaware of this but has this been implemented already?

 

[Guest]

52 minutes ago, Kyopin said:

I've traded over 155 time this year. How would I go on about this? It's a bit overwhelming, and the fact that I supposedly, according to bitcoin.tax, have to pay 5k in tax. Online, the information is there, but there's no example on how to go about it. And I know for a fact that some accountants are similarly lost. I don't see any active talk about this. Any recommendations? 

i used bitcoin.tax. sounds like you've input all your trades already. then just move ahead and generate an IRS 8949 and give that to your CPA. Yes, mine was lost too but said that form looked good enough

[Guest]

1 hour ago, Kyopin said:

I've traded over 155 time this year. How would I go on about this? It's a bit overwhelming, and the fact that I supposedly, according to bitcoin.tax, have to pay 5k in tax. Online, the information is there, but there's no example on how to go about it. And I know for a fact that some accountants are similarly lost. I don't see any active talk about this. Any recommendations? 

in bitcoin.tax go to reports & export then find the downloads tab, click it and select which format you want to make. they make it easy to link into turbo tax or hr block. I used 8949. it automatically input all of my trade information into the IRS form

[Guest]

If you traded like-kind or even just want to match your reports up if you didn't, Cointracking.info is extensive.

[Kyopin]

16 hours ago, bachmanity said:

in bitcoin.tax go to reports & export then find the downloads tab, click it and select which format you want to make. they make it easy to link into turbo tax or hr block. I used 8949. it automatically input all of my trade information into the IRS form

Thanks