Taxes Returns Cryptocurrencies accurate report

[Almouk]

Hi, mates!

I have seen many threads about crypto so probably some of you are dealing with a big headache in order to fill your Taxes Returns about cryptocurrencies profits. I am using one of these paid coin tax softwares but when we are talking about f margin trades -actually we have many other products as leveraged tokens, perpetual futures, among others), most of them are unable to calculate accurately your gains/losses with these kind of transactions, margin trades.

As time goes by, other new coin tax softwares appear but I haven’t find any reliable and accurate. I have been checking or answering to most of them but I continue having problems with margin trades at Bitfinex and Bitmax -no Bitmex-, particularly with this last one exchange, as is not a major exchange, these softwares are less interested about improving it.

I have been asking to some accountants without any success. Would like to know if any of you can recommend someone solvent related to this stuff or any accounting service or CPA with whom you have previous and satisfactory experience with this kind of stuff (margin trading accounting, for spot transactions, normally there is not problem at all).

Thanks in advance.

 

[baitmine]

Can you name-drop the services you've used up until this point? That might help eliminate a certain number

 

[Fulton Abraham Sanchez]

Hi, mates!

I have seen many threads about crypto so probably some of you are dealing with a big headache in order to fill your Taxes Returns about cryptocurrencies profits. I am using one of these paid coin tax softwares but when we are talking about f margin trades -actually we have many other products as leveraged tokens, perpetual futures, among others), most of them are unable to calculate accurately your gains/losses with these kind of transactions, margin trades.

As time goes by, other new coin tax softwares appear but I haven’t find any reliable and accurate. I have been checking or answering to most of them but I continue having problems with margin trades at Bitfinex and Bitmax -no Bitmex-, particularly with this last one exchange, as is not a major exchange, these softwares are less interested about improving it.

I have been asking to some accountants without any success. Would like to know if any of you can recommend someone solvent related to this stuff or any accounting service or CPA with whom you have previous and satisfactory experience with this kind of stuff (margin trading accounting, for spot transactions, normally there is not problem at all).

Thanks in advance.

A, hi.

Gains from margin trading are no different from regular trading with the exception you should substract from the gain the interest you paid for the margin.

 

[Almouk]

A, hi.

Gains from margin trading are no different from regular trading with the exception you should substract from the gain the interest you paid for the margin.

Hi, @FAS!

Yes, you are right. That is the main exception as you are saying related to regular trading, but these paid coin tax softwares when you upload the data and create the result is absolutely inaccurate. You see a lot of negative numbers related to your short positions that are unreal and the final calculation is unreal and inaccurate. I need to check In case of Bitmax is not providing in the .CSVs these repayments of the loans, even asking for them. A little issue, but personally I don't care if at least have a reliable calculation, even not substracting those interests of the loans. I have started to think in this case I would need to do manually or with some specific excel tool/template but apart of being complex if you have many of transactions, you need to take in account FIFO method.

Bitfinex provides them. Need to check with some coin tax softwares, because they force to upload all your trading history, not only the data of the year you are interested on in order to do a proper calculation. Probably with this exchange as is a major exchange than Bitmax, some software will do this stuff accurately. If you can recommend any or any other tool that works fine will be very appreciated, Fulton.