I don't think it's possible to keep track of all this in any accurate way. Everything's on the blockchain, just go look them up one by one till you grow old and perish! haha
i followed the advice of my tax guy and simplified things, though given the clarity with regulations that have happened since, I figure it's time to take a more detailed approach in preparation for when I'm ready to start pulling out larger amounts into fiat.
been a hell of a puzzle. but kinda fun once I actually start cracking it. lol.
And furthermore - if possible/allowed with you tax office, declare only the transactions where crypto is exchanged into fiat. I know our local tax office here in Estonia required all kinds of silly data, like all minuscule Steem transactions, but have settled with with the 5-6 instances where I have withdrawn BTC to Coinbase and sold it for EUR. In this case I only declare the EUR value of BTC at that moment when the transfer hits my Coinbase account. Have done it for a few years and probably they are happy that I try to be as accurate as humanly possible declaring volatile crypto, which actual value is in some cases highly questionable. Good luck to them should they decide to hunt down everything (they won't)
Yeah, that ‘just declare what goes into fiat’ route is what my tax guy recommended a few years ago and I’ve been doing since...
However, the CRA (Canadian Revenue Agency) is now stating on their site that even crypto-to-crypto transactions are a taxable event - and it’s not totally clear whether that pertains to traders only or how strict they are with that...
For people regularly trading, that’s an obvious as it’s a source of income. Though otherwise, I dunno how they can demand taxes be paid in fiat when nothing has been converted to fiat...
Been extra anxious lately just in case they’re getting more strict and unreasonable, in anticipation of / preparation for when pulling out larger amounts in the future to buy property, as it’s likely to hit their radar if having to put more than $10k into a bank...
The bill and penalties could be pretty steep if they were crazy strict on the “crypto-to-crypto swap is taxable” thing. Using the tax pro has been an insurance policy of sorts in case of such an event, but I don’t wanna leave myself open to any unnecessary risks, so being extra diligent to do all the in-crypto accounting best I can just in case.
It’s been a huge stress and headache. But actually kinda sadistically fun, once I found a groove. Quite the puzzle.
Gonna consult again with the tax guy though and get a clear update, hoping to get the green light that still good to continue old strategy though...
SteemSQL used to be free, but now has a charge. You can probably buy it for a month (or a day) and manage to run a few simple queries to pull all of your transaction history for all time.
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Taxation is theft but of course they gotta make it a pain in the ass to figure how much we gotta give them! 😣
I don't think it's possible to keep track of all this in any accurate way. Everything's on the blockchain, just go look them up one by one till you grow old and perish! haha
yeah, it's a fucking nightmare.
i followed the advice of my tax guy and simplified things, though given the clarity with regulations that have happened since, I figure it's time to take a more detailed approach in preparation for when I'm ready to start pulling out larger amounts into fiat.
been a hell of a puzzle. but kinda fun once I actually start cracking it. lol.
hey! hope you are well!
try one of these ,, should help
https://hivetasks.com/@rok-sivante https://hiveblocks.com/@rok-sivante
awesome, thanks. 🥂
You can scroll back to the inception of HIVE, was it mid 2020 something? Anyway, you can easily find the start where Steem transfers switch to Hive
https://hive-db.com/@rok-sivante/transfers
And furthermore - if possible/allowed with you tax office, declare only the transactions where crypto is exchanged into fiat. I know our local tax office here in Estonia required all kinds of silly data, like all minuscule Steem transactions, but have settled with with the 5-6 instances where I have withdrawn BTC to Coinbase and sold it for EUR. In this case I only declare the EUR value of BTC at that moment when the transfer hits my Coinbase account. Have done it for a few years and probably they are happy that I try to be as accurate as humanly possible declaring volatile crypto, which actual value is in some cases highly questionable. Good luck to them should they decide to hunt down everything (they won't)
Summarize your transactions to as small numbers as possible and no-one will be able to argue otherwise, it's practically impossible.
Yeah, that ‘just declare what goes into fiat’ route is what my tax guy recommended a few years ago and I’ve been doing since...
However, the CRA (Canadian Revenue Agency) is now stating on their site that even crypto-to-crypto transactions are a taxable event - and it’s not totally clear whether that pertains to traders only or how strict they are with that...
For people regularly trading, that’s an obvious as it’s a source of income. Though otherwise, I dunno how they can demand taxes be paid in fiat when nothing has been converted to fiat...
Been extra anxious lately just in case they’re getting more strict and unreasonable, in anticipation of / preparation for when pulling out larger amounts in the future to buy property, as it’s likely to hit their radar if having to put more than $10k into a bank...
The bill and penalties could be pretty steep if they were crazy strict on the “crypto-to-crypto swap is taxable” thing. Using the tax pro has been an insurance policy of sorts in case of such an event, but I don’t wanna leave myself open to any unnecessary risks, so being extra diligent to do all the in-crypto accounting best I can just in case.
It’s been a huge stress and headache. But actually kinda sadistically fun, once I found a groove. Quite the puzzle.
Gonna consult again with the tax guy though and get a clear update, hoping to get the green light that still good to continue old strategy though...
SteemSQL used to be free, but now has a charge. You can probably buy it for a month (or a day) and manage to run a few simple queries to pull all of your transaction history for all time.
Nope, HiveSQL is free once again thanks to the DHF.
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STOPTo support your work, I also upvoted your post!
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