Two tools that can help you claim capital losses on the devaluation of your Bitcoin and Cryptocurrency Hodlings:

Hi

 

Two tools that can help you claim capital losses on the devaluation of your Bitcoin and Cryptocurrency Hodlings:

 

Bitcoin.tax

 

CoinTracking.co

 

Tax laws are different for each country, but in general, if you had purchased $10,000 worth of Bitcoin - or any combination of cryptocurrencies - at the start of 2018... your investment would have declined in value by 70-90% leaving you with a crypto portfolio with a value of $3000 to $1000.

 

That would entitle you to claim $7000 to $9000 in capital losses, which would be deducted from the taxable earnings from other sources... 

 

Each of the services above offers a different way to import your trading history from a range of exchanges - and once you have imported your data, careful review is required to update and categorize deposits and withdrawals from your trading accounts.

 

Personally, I've used Cointracking.co to create and submit my tax reports for 2015, 2016 and 2017 - and now it's time to get everything ready for 2018 tax returns.

 

We are not tax consultants, but we may be able to help you with the software:

Be sure to stop by the DISCORD chat group if you have any questions about usingCointracking.co and I'll be happy to help as much as I can.  We also have a number of members with experience using Bitcoin.tax - so let us pool our experience and help each other out!

 

To Your Success!