Use KOINLY for easy crypto taxes: koinly.io/?via=E72819FA Get $50 in BTC on Celsius Network & Earn Passive Income: celsiusnetwork.app.link/103086df5b (Referral code: 103086df5b)
I only used coinbase and kraken and turbotax was able to import all the transactions/trades for both and generate the necessary forms. Had no trouble at all.
In some cases HIFO may choose short term gains over long term gains (which have preferable tax treatment). That’s the first thing that comes to mind, there may be other scenarios where other methods are better
@@ValueForInvestors I do a good amount of trading just about all year round and so like you I think HIFO is the best method for me. I'm just about to finish off my tax nightmare right now ,yes basically at the last minute,please wish me luck lol! Thanks for the very helpful video , you have good, clear and to the point content , keep up the great work,underrated channel, JUST SUBSCRIBED!! 💯
Thanks for this. I wasn't looking forward to figuring everything out the hard way for an asset that gets treated like a property AND an currency at the same time.
You need to export your interest transaction history (CSV) and upload to something like Koinly to get it in an IRS-friendly document. You don't necessarily need their TIN, just your earnings received.
Use KOINLY for easy crypto taxes: koinly.io/?via=E72819FA
Get $50 in BTC on Celsius Network & Earn Passive Income:
celsiusnetwork.app.link/103086df5b
(Referral code: 103086df5b)
Love the simple breakdown video !!! Good job 👏 👍
Thanks Destiny! 👍🏼
You have the best video on this subject. You explained it very well. Thank you. Now I’m done searching 👍
Thanks so much! 🙌🏼 Glad I could help you out.
I only used coinbase and kraken and turbotax was able to import all the transactions/trades for both and generate the necessary forms. Had no trouble at all.
It’s nice when it’s that simple! 👌🏼
Amazing and very informative video! My question is why would any crypto trader NOT use HIFO and are there any disadvantages to using the HIFO method?
In some cases HIFO may choose short term gains over long term gains (which have preferable tax treatment). That’s the first thing that comes to mind, there may be other scenarios where other methods are better
@@ValueForInvestors I do a good amount of trading just about all year round and so like you I think HIFO is the best method for me. I'm just about to finish off my tax nightmare right now ,yes basically at the last minute,please wish me luck lol! Thanks for the very helpful video , you have good, clear and to the point content , keep up the great work,underrated channel, JUST SUBSCRIBED!! 💯
Thanks for this. I wasn't looking forward to figuring everything out the hard way for an asset that gets treated like a property AND an currency at the same time.
Me too, I was so relieved to find an easy solution 😅
Why is no one explaining how to report these dam earnings when nexo doesn't supply their tin number and address which is required in the tax forms?
You need to export your interest transaction history (CSV) and upload to something like Koinly to get it in an IRS-friendly document. You don't necessarily need their TIN, just your earnings received.
@@ValueForInvestors cash app taxes won't let me complete the form without their tin address etc.
This is the best video ever
Thanks 😂🤝
does koinly deal with layer 2 transactions?
It can - for example, I’ve connected my polygon wallet address and it has tracked all of that info correctly.
Does this generate a 8949 form
yea but ive been on tax act hblock and turbotax and u cant just upload it to any of them
Koinly is shit ,it doesnt show lots of important information . lots of my deposit missed in its report
Sorry to hear that 😟 what did you end up using instead?
Pro tip: just dont do crypto taxes😎
hahah too risky for me 😂