Calculating capital gains/losses for Bitcoin isn't always straightforward. Do you know the cost-basis of every coin you own? Are you tracking the profits and new basis when you spend or sell? Can you work out the best way to identify your trades to optimize your taxes?
Let us do it for you.
If you are a tax professional, CPA, or accountant firm, you can use BitcoinTaxes to import and calculate your client capital gains as well as income from mining or Bitcoin payment processors.
Our Tax Professional and Tax Firm packages allow your users to enter transactions on behalf of your clients, perform the calculations and then download the appropriate tax information.
You'll get all our available features, for an unlimited number of transactions, usable for an unlimited number of clients over each full tax year since Bitcoin started.
See the Tax Professionals and Accountants page for more information and to try it out.
Our three-part series explains the tax consequences of trading or spending Bitcoin and other digital currencies.
Also read about how you can file capital losses to pay less taxes, how to calculate your mining income and finally how to use BitcoinTaxes to completely calculate and fill in your 1040 Schedule D or import into TurboTax® and TaxACT®.
Simply import details of any Bitcoins or alt-coins you have bought or sold from one of our supported trading exchanges, add any spending or donations you might have made from your wallets, any mined coins or income you have received, and we'll work your tax position for you.
You can compare using different cost-basis methodologies, including FIFO, LIFO, and average costing, as well as comparing like-kind treatment.
We'll show your Capital Gains Report detailing every transaction's cost basis, sale proceeds and gain.
An Income Report with all the calculated mined values.
A Donation Report with cost basis information for gifts and tips.
And your Closing Report with your net profit and loss and cost basis going forward.
Your Capital Gains are also ready to import directly into tax software, such as TurboTax® and TaxACT®, attach as a statement to your tax return or even print as a PDF.
* Premium features
** Requires Downloadable/CD version of TurboTax
*** Free version limited to 100 transactions
MtGox went offline in February 2014 and no one has been able to access their trade history.
For anyone who still needs to retrieve their information and does not want to wait, we are offering a recovery service to try and extract your data.
Tyson Cross, tax attorney, at Bitcoin Tax Solutions, offers a complete digital currency tax preparation service. Combine the services of BitcoinTaxes to import and calculate capital gains, with the bitcoin knowledge and tax expertise of Tyson Cross to ensure the best planning, advice and complete tax preparation.
Took about 10min. Problem solved.GameChng
You made a worrisome tax season into a manageable affair.Xavier
The premium service saved me lots by using alternative tax accounting methods.Pation
Thanks for your hard work and excellent product!!Charles
I'm totally impressed by your system.James
Thanks again, your support is pretty impressive!Todd