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    [Daily Discussion] Friday, March 29, 2019 Bitcoin Markets

    March 29, 2019

    [Daily Discussion] Friday, March 29, 2019 Bitcoin Markets

    [Daily Discussion] Friday, March 29, 2019

    Posted: 28 Mar 2019 09:05 PM PDT

    Thread topics include, but are not limited to:

    • General discussion related to the day's events
    • Technical analysis, trading ideas & strategies
    • Quick questions that do not warrant a separate post

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    • Do not make posts outside of the daily thread for the topics mentioned above.

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    submitted by /u/AutoModerator
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    [Altcoin Discussion] Friday, March 29, 2019

    Posted: 28 Mar 2019 09:06 PM PDT

    Thread topics include, but are not limited to:

    • Discussion related to recent events
    • Technical analysis, trading ideas & strategies
    • General questions about altcoins

    Thread guidelines:

    • Be excellent to each other.
    • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
    • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
    • No discussion about specific ICOs. Established coins only.

    If you're not sure what kind of discussion belongs in this thread, here are some example posts. News, TA, and sentiment analysis are great, too.

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    I finished all my crypto selling to pay taxes, so the market can go up now.

    Posted: 29 Mar 2019 05:21 AM PDT

    I had significant Proof of stake (POS) income gains last year from 5 different coins, which can't be offset by capital losses. I didn't realize how much tax I owed until finishing my taxes in mid February, this despite paying estimated taxes each quarter. Of course the market was in the dumps around then so I waited it out (took a chance) until I could get a decent price for my alts. With the payment date looming and recent pumps in my alts I sold enough to raise cash yesterday. I only sold the rewards from one of my POS coins and touched no original investments. Anyway I'm not sure how many still need to sell for tax purposes, but I bet most are done by now. I will also regularly sell chunks into pumps to avoid this situation next year. 2018 was an extraordinary year, with the bulk of the POS gains coming the in the 1st quarter. Anyway live and learn.

    submitted by /u/cyger
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    How I did my Crypto Taxes using multiple wallets & exchanges, ZenLedger.io, and Turbo Tax

    Posted: 28 Mar 2019 01:14 PM PDT

    I spend at least a couple hours each day on Reddit, gaining info on my Crypto investments, so I thought I'd share how I went ahead and filed US taxes this year. TL;DR I used Zenledger.io to calculate my gains and losses using FIFO to populate my tax forms. I DID NOT HAVE TO DO ANY MANUAL ENTRIES. But if you have more than 300 transactions from 2018, you need the Desktop TurboTax.

    Also, duh, I'm not an accountant, CPA, or tax expert, so keep that in mind!

    The first thing to understand is if you have "realized" gains or losses from Crypto. Even if we hate it, the law says that buying cryptocurrency with cryptocurrency is a taxable event. I know some of you will never pay taxes, and that's fine. We're all grown folks here. But I will say that I was surprised how little of my crypto was considered "realized" once I actually saw the year-end numbers.

    I've used a couple of the major exchanges (Coinbase, Kraken) and also an Exodus wallet (I was prepared for the pre and post ICO buy in ERC20 coins to be a mess). ZenLedger.io has a lot of help articles and videos to review on how to import transactions from exchanges and wallets, which help immensely. If you're using a more obscure wallet, you can upload those transactions with a custom csv or manually enter them directly into the platform. You'll want to review all the transactions (they prompt you to do this in the interface) once you think everything is in. Just do a gut check: "Did I really buy X amount of Etherum at 2 am on a Tuesday night?" or "Does my final balance match what is in my exchanges?" The software should do most of it for you, but spend 10 minutes reviewing. Worth it.

    When all your trades are in and you pay for your 2018 tax year, you can download the 8949 form (make sure to keep a copy for yourself) AND you can download a Turbo Tax-ready file. You'll need the Desktop version if you have more than 300 transactions (I'd assume that's a lot of us). Use Turbo Tax as you normally would, and when you get to the part about income, there is a prompt for additional income, and a prompt to include Cryptocurrency. A bunch of the tax companies have integrations now, and there are 8 or so to choose from. When I selected "ZenLedger," you're promoted to upload your .txt file you downloaded from them. This is your capital gains report, and TurboTax is smart enough to populate the 1099-B form with my trades.

    And that's about it! I live in Mississippi and there wasn't anything on the state returns that I had to do, that I noticed. (Again, NOTA TAX PROFESSIONAL HERE)

    If Reddit just isn't the right place for you to get tax advice, ZenLedger has a CPA suite, where you or your CPA can use the software for you. Pretty cool, but the software is still gonna save you money on your CPA's bill.

    Let me know if I messed up something about this in the comments. Again, just a private citizen and not a tax professional, who likes to learn how to save money, on taxes and elsewhere.

    submitted by /u/zacnash
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