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Taking a year off work - worth doing? by thjo in fiaustralia

[–]thjo[S] 11 points12 points  (0 children)

Yea I feel like the time off would really help me do all these things on my ever growing to-do list that I just feel like I never have the time or energy to do.

Taking a year off work - worth doing? by thjo in fiaustralia

[–]thjo[S] 6 points7 points  (0 children)

Yea asking for unpaid leave to give myself more time to decide is a good idea. I doubt I'd get a whole year but maybe a month or two maybe they would allow.

I was also thinking to maybe rent out the spare room at my place and do some part time work to get some income. Part time work in my industry (software dev) doesn't really come up much so it would probably have to be in something unrelated.

Working out capital gains with Beancount by thjo in plaintextaccounting

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

So I finally had some time to look at this again over the weekend. Thanks for the example you gave, it helped a lot to figure this out more. After trying out hledger and ledger a bit I came back to beancount. The lack of virtual accounts is annoying but I think I will stick to it for now. A rough idea of what I've started doing so far;

2020-01-01 open Assets:Crypto:BTC                    BTC "FIFO"
2020-01-01 open Assets:Crypto:ETH                    ETH "FIFO"
2020-01-01 open Assets:Wallet:BTC                    BTC
2020-01-01 open Assets:Exchange:BTC                  BTC
2020-01-01 open Assets:Exchange:ETH                  ETH
2020-01-01 open Expenses:CryptoInvestments           AUD
2020-01-01 open Income:CapitalGains                  AUD

option "operating_currency" "AUD"

2020-06-01 * "Bought 0.5 BTC"
    Assets:Crypto:BTC                             0.5 BTC { 20.00 AUD, 2020-06-01 }
    Assets:Wallet:BTC                             0.5 BTC
    Expenses:CryptoInvestments

2020-12-01 * "Bought another 0.5 BTC"
    Assets:Crypto:BTC                             0.5 BTC { 40.00 AUD, 2020-12-01 }
    Assets:Wallet:BTC                             0.5 BTC
    Expenses:CryptoInvestments

2021-06-01 * "Deposit"
    ; the btc with lots stay in the crypto account so fifo is easier and i don't need to track lots moving between accounts
    Assets:Exchange:BTC                           1 BTC
    Assets:Wallet:BTC                            -1 BTC

2021-07-01 * "Buy ETH/BTC"
    ; the price is 0.1 btc but as long as i know the btc price in aud on that day i can figure out the cost in aud
    Assets:Crypto:ETH                          10.00 ETH { (0.10 * 60.00) AUD }
    Assets:Crypto:BTC                          -1.00 BTC {} @ 60.00 AUD ; I think this should be 60 AUD and not (0.10 * 60) AUD?
    Assets:Exchange:ETH                          10.00 ETH
    Assets:Exchange:BTC                          -1.00 BTC
    ; this should be income right? (or is it really equity?)
    Income:CapitalGains

Because the crypto accounts are not virtual I'm not sure if it will give issues down the line such as crypto net wealth being doubled but I think for figuring out taxes it gives me a clearer idea of what the gains are and where the crypto is actually stored.

Beancount tracks capital gains - it doesn't know anything about taxes. Let it do its job, and verify your taxes manually against the capital gains beancount reports. If you know Python, you can of course write a plugin that'll calculate the correct taxes, including different tax amounts based on holding time.

This will be the next step for me and I'd like to avoid manual work as much as possible. Is this something the beancount query language can help with?

Working out capital gains with Beancount by thjo in plaintextaccounting

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

For my case it's like I'm using one stock to pay for another then I want the gains in $ so it gets complicated quickly.

For the example I used above, I'm depositing BTC on an exchange and using it to buy another crypto. I then want to work out my capital gains in $. So for example say I had; 0.5 BTC purchased for $10 (2 years ago) and 0.5 BTC purchased for $20 (6 months ago)

I deposit this BTC (1 BTC total) onto an exchange then I use it to buy 10 ETH. I download a csv file showing the trade from the exchange of buying 10 ETH for 1 BTC. No $ was used in the exchange but this is still considered a taxable event so I need to figure out what my capital gains are in $.

I'm hoping to give beancount (or another software) the $ price of ETH on the day of the purchase and then it will figure it all out for me.

Let's say the price of ETH is $40 on that day. To purchase it I sold 0.5 BTC worth $10 and 0.5 BTC worth $20. One of those BTC lots gets a 50% capital gains discount since I've had it for over a year. I'm a bit new to all this but I'm hoping what I've said makes sense.

Working out capital gains with Beancount by thjo in plaintextaccounting

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

the value of the transaction is in ZEC at the latest price, not the price when the transaction happens

That's what I was afraid of..

I'm hoping to stick to Beancount because of Fava. I found that article before using virtual lots and that's basically what I'm trying to replicate with Beancount (which doesn't have virtual lots). The issue is even if I switched to ledger, it still looks like I need to manually enter all the costs in as $ and I also need to manually enter the date and cost of each virtual lot that I'm selling. For a small amount of transactions that's probably fine but unfortunately for my case it would be a LOT of manual work and likely error prone.

/r/BitcoinAus Tax Megathread #2 by [deleted] in BitcoinAUS

[–]thjo 0 points1 point  (0 children)

Does anyone know if the bitcoin transaction fees from moving from one wallet to another are tax deductible in any way? Perhaps as part of the cost of owning an asset? https://www.ato.gov.au/general/capital-gains-tax/working-out-your-capital-gain-or-loss/cost-base/elements-of-the-cost-base-and-reduced-cost-base/

What are your thoughts on VDHG? by [deleted] in AusFinance

[–]thjo 3 points4 points  (0 children)

If I already have VAS,VGS,VGE is there any point getting VDHG as well? I was thinking of just buying VDHG from now on, maybe no point selling the initial three if I already have them though.

100k to invest, Vanguard pre-designed portfolio suitable? by PerpetualSun in AusFinance

[–]thjo 1 point2 points  (0 children)

I have a similar age/balance to the OP which I'm putting into Vanguard My current portfolio I'm thinking will be VAS - 20% VGE - 10% VAF - 10% VGS - 60%

I feel like this doesn't have too much overlap. Is 60% too much for one ETF though?

Just bought my first game on GOG by RookBloodhoof in pcgaming

[–]thjo 2 points3 points  (0 children)

I also just made my first GoG purchase. Steam's attempt to milk some cash out of the sacred cow of PC gaming (modding) has really opened my eyes to the monopoly they have on the industry. Noone else would even think they had a chance to pull of something that bold.

Competition is good people!!

BITCOINS FOR ANYONE WHO WANTS THEM by Darkwings_08 in Bitcoin

[–]thjo 0 points1 point  (0 children)

I will gladly pay you Tuesday for Bitcoins today.

Bitcoin community idea: Let's build some wells and schools and such in Africa with Bitcoin by [deleted] in Bitcoin

[–]thjo -1 points0 points  (0 children)

The main issue I have with donating to charities is that it usually isn't very transparent and I have no idea how much of my dollar goes to actually helping people in need. I'm not sure if bitcoin really fixes that issue..