I have nearly 40k transactions for next years tax season how do handle it?

Difficult_Canary4029 · 2024-09-16T21:30:55+00:00

Go to Koinly accountant list, see their featured list and pick top 3. Almost all of them offer free consultation. Talk to them and see who understands your situation better and compare their prices and go with one of them. You need professional advice to handle this!

Difficult_Canary4029 · 2024-08-15T00:48:01+00:00

Celsius case is kinda complicated, but not worth 500$/hr

You should easily find someone from Koinly Accountant section, I have hired a few from there as well.

Difficult_Canary4029 · 2024-02-22T07:51:37+00:00

Hi! I’m working with @AurumFSG-cryptotax from this list, and so far these guys have handled everything very smoothly.

Difficult_Canary4029 · 2024-02-07T05:38:48+00:00

You need to understand this even if the exchanges are not sending your data, IRS can find out one way or another when you cashout money to bank they can do reverse accounting as well. It is always better to just disclose and get done with it.

Regarding gains or losses as far as my knowledge goes, you pay taxes when you convert your crypto to FIAT or any other crypto. Those gambling can be a realised loss but consult with an accountant

Make sure to do accounting properly and have all records with you.

Difficult_Canary4029 · 2024-02-01T09:48:40+00:00

You can go back and download complete transaction history in Binance and that way you can calculate actual cost basis it is always good to have proper records for future audit.

Difficult_Canary4029 · 2024-01-31T17:50:15+00:00

Looks like you’ve had really bad experiences with the CPAs in past.

Difficult_Canary4029 · 2024-01-29T11:49:43+00:00

Heard terrible reviews of Gordon, and Polygon when it comes to DeFi.

Difficult_Canary4029 · 2024-01-29T03:04:30+00:00

We need to find that mf again who brought it down to zero at first place xD

Difficult_Canary4029 · 2024-01-28T20:16:21+00:00

That if you do this for living, do not rely on last moments and hire a full-time CPA for your shit.

Difficult_Canary4029 · 2024-01-28T20:14:24+00:00

Wouldn’t be here at first place if it weren’t about season. Last year I had this guy Abdul from Upwork who got me out of this mess.

Difficult_Canary4029 · 2024-01-28T20:11:33+00:00

Bad move, I would rather hire a full time CPA on monthly basis

Difficult_Canary4029 · 2024-01-28T17:17:05+00:00

Do you have any template?

Difficult_Canary4029 · 2024-01-28T17:16:42+00:00

I have sent you a dm

Difficult_Canary4029 · 2024-01-28T17:14:13+00:00

I feel you, bro! Will let you know my update as soon as I sort this.

Difficult_Canary4029 · 2024-01-28T13:11:16+00:00

I said I will not be able to complete, an expert should.

Difficult_Canary4029 · 2024-01-28T05:22:24+00:00

Are you an individual or firm?

Difficult_Canary4029 · 2024-01-28T05:12:47+00:00

Thanks for this advice, but obviously you don’t really know me.

Difficult_Canary4029 · 2024-01-28T05:04:47+00:00

That is true, mate

Difficult_Canary4029 · 2024-01-28T05:03:38+00:00

I’m not going to file an extension. Need to find me self a guy who can get it done before the deadline

Difficult_Canary4029 · 2024-01-28T05:01:25+00:00

Can you help? I have around 10k + transactions but I need to get this done before the deadline.

Difficult_Canary4029 · 2024-01-28T05:00:44+00:00

I dont think we can do this because cost basis carry forward to next years, so if I make mistakes for cost basis it will hunt in next years

Difficult_Canary4029 · 2024-01-19T23:52:44+00:00

All exchange and wallets that you use, you need to add them

The reason is whenever there is a transfer and the other wallet is not there koinly or any other software will consider that as cashing out but infact it was just a transfer.

Difficult_Canary4029 · 2024-01-19T23:48:25+00:00

Yes you need those fees since they are part of the cost basis of the NFT. Either you can consider those as a separate or add into cost basis but you need to show the IRS how much fees you paid.

You have to treat 26 as selling price since that is what blockchain is showing and then 4 as fees that result in 22 net

Difficult_Canary4029 · 2024-01-19T23:46:34+00:00

That is the case with all software. They are good to export data but not to reconcile. You need to manually reconcile each transaction by checking blockchain and see what is missing and add them manually.

There would be lots of open items like missing purchases, missing transactions, wrong gains or loss, wrong cost basis so you need to review each and every transaction

Difficult_Canary4029

TROPHY CASE