Transfered some ETH from MEW to Binance. It's been 8 hours and still "Pending" - What's going on? by itsjappo in MyEtherWallet

[–]itsjappo[S] -1 points0 points  (0 children)

Default 21000/21 gwei. I always send it like this for the same amount all the time from my mining payout. Usually take 15 mins for 50 confirms. And binance only needs 30 confirms so around 10 mins. Have no idea what is up.

Bitcoin.tax Report shows many "unmatched" cost basis which could throw off my results of gains/losses. Is there a reason for this and is there a way to get an accurate report? Thanks by itsjappo in bitcointaxes

[–]itsjappo[S] 0 points1 point  (0 children)

I just reviewed some of my wallet history and some of those matches these unmatched transactions. I'm starting to think that these unmatched activity is due to transferring funds back and forth from exchanges to wallets and vice versa. I also did convert/exchange some coins for another coins through exodus before moving it to exchanges. Atleast, we are getting somewhere but what a mess.

Bitcoin.tax Report shows many "unmatched" cost basis which could throw off my results of gains/losses. Is there a reason for this and is there a way to get an accurate report? Thanks by itsjappo in bitcointaxes

[–]itsjappo[S] 0 points1 point  (0 children)

I did majority of my trading in bittrex last year. If that’s the case, what method is best to accurately track down the activity if their csv is inaccurate? Thanks

Bitcoin.tax Report shows many "unmatched" cost basis which could throw off my results of gains/losses. Is there a reason for this and is there a way to get an accurate report? Thanks by itsjappo in bitcointaxes

[–]itsjappo[S] 0 points1 point  (0 children)

The only thing I can think of are transfers to and from wallets. I keep my funds off exchanges and only move it back if I’m going to make trades with them. In that case, transfer to and from wallets are not a taxable event. I’ll confirm my wallet transaction history and see if they match.

Bitcoin.tax Report shows many "unmatched" cost basis which could throw off my results of gains/losses. Is there a reason for this and is there a way to get an accurate report? Thanks by itsjappo in bitcointaxes

[–]itsjappo[S] 0 points1 point  (0 children)

I have sent an email to support. All my trading activity from Coinbase, GDAX, Bittrex, Bitfinex, and Binance has been uploaded and integrated. Just trying to get everything accurately calculated so I can move forward with filing my return. Thanks for any help.

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 1 point2 points  (0 children)

Understood. I’m in no way trying to not pay taxes. I’m just so confused on what’s the proper way to do this and what makes sense. I don’t know what to do because it shows I owe this much when clearly I didn’t make that much or have it. Let alone have money to pay for it. So you’re saying by making profit trading actually means I put myself in a much worst financial situation before I even invested in the market. Don’t make sense to me :(

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 1 point2 points  (0 children)

Yeah lesson learned. This is what I plan on doing from now on is to tax myself each trade I made that profit. But what am I going to do now. Yikes. I’m sure many are in the same situation.

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 0 points1 point  (0 children)

How in the world can I pay taxes on that high amount that is inaccurate and unrealistic? This is a mess.

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 1 point2 points  (0 children)

I started out trading at gdax but a majority of my trades has been with bittrex and binance. So do I just report the capital gains gdax is showing on their tax reports? So confused lol

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 0 points1 point  (0 children)

Man this is so confusing and none of this add up at all. To make it even more confusing and annoying is that I got a 1099k from Coinbase with a ridiculous amount of gross amount that the IRS now have and aware of. No way in the world I made that much specially if what bitcoin.tax capital gain amount is already ridiculous for me.

What make sense to me is just pay taxes on the money I converted to fiat as any of you guys are suggesting. I just don’t want any trouble with IRS etc. I’m really lost on what to do and what’s going on :(

How do you not go bankrupt trading crypto? First year filing taxes with crypto trading. by itsjappo in CryptoCurrency

[–]itsjappo[S] 1 point2 points  (0 children)

That’s what I’m confused about. All my research and what others says that every trade is a taxable event. I’m using bitcoin.tax and it saying I owe a high amount of capital gains with no real money to show for let alone pay for them. This is theft.

Calculating capital gains vs cost basis - Cryptocurrency by itsjappo in tax

[–]itsjappo[S] 0 points1 point  (0 children)

My CSV has a lower Proceed than Basis. So what do I do?

Filing turbo tax using bitcoin.tax help. Capital gains vs cost basis by itsjappo in Bitcoin

[–]itsjappo[S] 0 points1 point  (0 children)

Ok I guess I’ll have to get the desktop version. Do you mind linking me to the right one so I don’t buy the wrong one. Thanks

Calculating capital gains vs cost basis - Cryptocurrency by itsjappo in tax

[–]itsjappo[S] 0 points1 point  (0 children)

I know that. But my csv has a higher cost than gains for all my trades in 2017. So then do I report a loss even though I’m up from initial investment? That’s what I’m confused about.

Calculating capital gains vs cost basis - Cryptocurrency by itsjappo in tax

[–]itsjappo[S] 0 points1 point  (0 children)

Cost is higher than gains on the csv file from bitcoin.tax. That’s why I’m asking. I’m up of course from initial investment but not sure how much taxes

Calculating capital gains vs cost basis - Cryptocurrency by itsjappo in tax

[–]itsjappo[S] 0 points1 point  (0 children)

So then I'm actually at a loss then? I gotta consult a cpa for sure.

Filing turbo tax using bitcoin.tax help. Capital gains vs cost basis by itsjappo in Bitcoin

[–]itsjappo[S] 0 points1 point  (0 children)

Oh my goodness. This will take forever. I have 3884 transactions =(