Scripts to calculates profits and losses for taxes
It's a topic avoided by a lot, but don't think you can escape. Cryptos are in their focus already, and no one should think they'll get away with free money forever.
The tax report I filed for last year was finally accepted, and after someone asked for it I decided to publish the script I used to go through all the CSV reports from the services I used last year. The scripts probably won't be usable by you in their current form, but as a reference to start creating your own one they might be useful. I can also help you with your individual adaptions, but that'll cost something of course.
Code on github:
https://github.com/pharesim/tax-tools
files:
- fifo.py - first in first out profit/loss calculation
- lifo.py - last in first out profit/loss calculation
- author_rewards.py - gets a list of all post and comment rewards with respective btc and eur values
If that's too much for you and you prefer to simply use a webservice instead try out https://cointracking.info
We don’t have Capital Gains Taxes here, in my country, but we do have a Wealth Tax which can go up to 1% of your assets. I plan to put my crypto on my tax return. I’m just hoping we have a big crash in the price of Bitcoin on 29th or 30th December.
I think that since the tech tools are going to advance very fast it won’t be that hard to know who owns a particular wallet as soon as it is used in a real world transaction. If in 5 years you suddenly start using bitcoin, and it was not on your tax return, the robots will spot it.
On the other hand, physical gold and silver are not on the blockchain....
Since most of my mine crypto promote anonymous transaction monero & sumokoin. I think I wont
Buying Bitcoin or Litecoin, making occasional purchases with it, converting some to SP, once in a while buying a gift card from Gyft (essentially, converting crypto to fiat), using blocktrades to move from one altcoin to another -- what a freaking mess. And the IRS treats crypto as property but the Treasury treats crypto as currency.
Hoping for $1,000 Steem so I can just hire someone to sort it all out for me. 😅
The only time I think to declare a taxes 0
I have not earn enough to be eligible for tax. Anyway Malaysia only have capital gain tax for property only and not for other assets.
I hope i will have a use for it in the future for sure, as that would mean i have meaningful to declare from crypto income, so thank you for sharing. But since i am just saving up Steem Power i believe i do not need to report it? :)
I tend to agree, SP received and kept as SP should not be taxable, as it's not possible to pay those taxes without liquidating it, which could result in a forced loss. But I cannot give professional tax advice ;-)
How it would be if u get always everything in 100% SP? Because SP can not be consider an asset ... or it can? You can not move it anywhere, no trade it ...
It depends who is looking, in that case they might treat it as securities you are holding. it all depends on a mood of a tax officers and differs from country to country a lot.
Thanks for the answer. Was wondering how it could be with something like SP.
Pd: as far as I know here in Germany cryptos are still not taxeables.
You're wrong with that, sorry. The financial ministry gave out rules how to handle it last year, and it's bad (basically it's all normal income, taxable with your own tax rate)
http://www.gevestor.de/details/bitcoin-und-steuern-was-anleger-unbedingt-wissen-muessen-801380.html
BTC and other cryptos in Germany are treated as assets and are only taxable when between buy and sell is less than one year and the limit of 600 € is reached. So, cryptos that you buy and hold for at least 1 year a free of taxes.
Except those that earn interest and similar, so that's not valid for steem. Also, earnings need to be taxed the moment you receive the coins.
I thought so, that it becomes taxable only when you convert it to a fiat currency and register it as a capital gain. And i think even tax office can not give a professional advice on this topic in many cases yet :)
hello, @pharesim
taxes and Cryptos don't mix just like oil and water.
Wow, fascinating bro. Thanks for sharing this valuable information!