I did a bit of trading this year, and so I am going to owe a ton of money even though I have not cashed much out to fiat. Because it’s looking like like-kind is not going to apply to crypto, I think I need professional help. Anyone know a good CPA who is WELL VERSED in crypto trading? I want to do everything I can before the end of the year to minimize my tax burden.
You are just going to have to search around. Considering we have no idea where you are it would be hard to recommend one. If you are in the North Austin TX area I could recommend one. I was surprised as I just looked up accountants and read reviews and picked this guy. When i met with him he stated he had 15 other Crypto clients and had been dealing with Crypto’s over the last 2 years.
I’m in Austin. Who do you recommend?
I’m in San Francisco, if anyone knows of a good CPA please lmk! Thanks in advance
For the north Austin area this is the only one I found with any crypto experience and he is the one I am using. Sorry for the delay here as it was a response to me directly it got lost in the comments hehe.
Just to be involved in your income tax return (crypto gains/ losses calculation) or something additional (financial planning/ business taxes/ estate work) ??? I might know a couple of firms out there.
What’s your location? There are still a couple of days left in the year??
But…i havent tracked anything.
How the hell do i start?
I did download all of my transactions on Coinbase and Binance with the tool that puts them into the excel style spreadsheet.
It started in august of 2017.
Please read this informative memo on the taxation of crypto transactions. My CPA firm services tax situations from the international down to the local level. My website is www.chriswhalencpa.com. Read this informative memo here: http://www.chriswhalencpa.com/crypto-tax-qanda
It’s good to see that an other CPA is at least posting to the group. Our group has had such difficulty finding competent CPA’s for this tax season.
Best of luck with the tax season this year.
Peter Rehm, CPA
Atlanta GA area
Thank you Peter. I will be sure to steer southeastern US clients your way.
I’ve got a friend who can help. DM me.
If all you have is Binance and Coinbase, consider www.bitcoin.tax to upload your data and prepare all your “property forms”. My CPA said he’d take the forms that were created using the software so I didn’t have to change CPAs. www.cointracking.info is another one, but I like the flexibility of choosing the method of accounting per transaction. It will help you calculate the least amount of taxes possible.
Well, I don’t know if I would describe myself as good. I hope my clients would use terms like kick-ass tax slashing crypto ninja. I am part of Sweeney Conrad, PS a CPA firm that has been rated the nation’s #1 and a top midsize CPA firm for years. What sets us apart from other CPAs is our focus on strategic tax planning and experience with larger clients and businesses.
My experience stems from securities, futures, and forex trading which establishes the principles for a lot of cryptocurrency reporting. I provide tax planning and reporting for traders, blockchain businesses, ICOs, mining pools, crypto funds, and just people in general who are making a killing in crypto but want to save taxes.
We also don’t mince words or play guessing games. I can talk straight about 1031 like-kind rules, what’s going on with hard forks, how to use self-directed retirement accounts, when to incorporate a LLC, and how to keep excellent records to make next year’s taxes a breeze.
While I’m located in Bellevue, WA my clients are spread out across the US, Asia, Europe, and Australia. If you have questions I would be more than happy to jump on the phone and have a quick call. We make time, even during tax season, to be available to answer questions for clients and provide outstanding, responsive expert advice.
If you don’t have a CPA that specializes in Crypto right now, you can use software (I like ZenLedger.io) to calculate all your trades, and then give that to your CPA to confirm it’s all accurate, and combine it w other tax forms you might have (like from stocks or other assets).
Have you tried bitcoin.tax? Or anyone else who is part of this community?
I’m thinking to try their service next week.
I have tried bitcoin.tax and they don’t have a great setup to use APIs for import, it all has to go via csv, which I don’t prefer. They do support some non-US taxes, which could be appealing for someone outside the US, but that’s not me. I also feel like ZenLedger is more conservative in their approach to taxes, which I like. I mean, if I’m ACTUALLY gonna pay taxes on my crypto, I want it right and not half-a$$ed or risky.
I’ll be talking about taxes at the upcoming TabConf in Atlanta. Please attend if you live nearby.