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CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform

Crypto tax reporting can be a complicated and time-consuming process, with people usually making transactions across multiple different platforms and confusion over crypto tax policies. Nonetheless, it’s imperative that people get their taxes done on time to avoid penalties and future repercussions. When completing their crypto taxes, people have a few different options available to […]

CryptoTrader.Tax Review – A Detailed Look At This Crypto Tax Reporting Platform was originally found on Blokt – Privacy, Tech, Bitcoin, Blockchain & Cryptocurrency.

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Crypto tax reporting can be a complicated and time-consuming process, with people usually making transactions across multiple different platforms and confusion over crypto tax policies.

Nonetheless, it’s imperative that people get their taxes done on time to avoid penalties and future repercussions. When completing their crypto taxes, people have a few different options available to them. These include calculating and filing their taxes themselves, hiring an accountant, or using a specialized crypto tax reporting platform.

One such crypto tax reporting platform is CryptoTrader.Tax, which describes itself as “the easiest and most reliable way to prepare your cryptocurrency taxes.” To find out if it lives up to these claims, I tested out the platform and have provided an in-depth review for our readers below.

Import Your Trades From Any Exchange

One of the complexities of trying to calculate your crypto taxes alone is handling the vast amount of transactions made across multiple crypto exchanges. A dollar value for each trade must be established in order to calculate any gains or losses accurately. Therefore, when dealing with a lot of trades, this becomes a long and tedious task, with errors often made.

CryptoTrader.Tax allows you to quickly import your trades from any exchange by either using the API import tool or uploading your trade history files. This will enable you to efficiently manage all of your trading data on one specialized tax platform.

Supported Crypto Exchanges

Also, when you upload your trades, CryptoTrader.Tax automatically establishes a fair market value and cost basis for them using historical data. This dramatically increases the speed of calculating your taxes and significantly reduces the risk of errors.

On top of your trade data, you can also add other crypto income from things like airdrops, gifts, and mining.

Generating a Tax Report

After importing all of your data, you then review your trades before generating your report. For each tax year, CryptoTrader.Tax generates an Audit Trail Report, Cryptocurrency Income Report, Short & Long Term Sales Report, IRS Form 8949, and an End of Year Positions Report.

Generating Tax Report

CryptoTrader.Tax supports the FIFO, LIFO, and HIFO accounting methods, meaning people from almost anywhere in the world can use this platform for their cryptocurrency taxes. Users can also have their gains and losses calculated in any fiat currency.

When calculating your taxes, CryptoTrader.Tax uses the same methods that tax professionals use. It ensures that you are paying the correct amount and not overpaying on your taxes. CryptoTrader.Tax has built-in tax-loss harvesting tools to help you reduce and offset your capital gains.

The platform also allows you to import your capital gains and losses directly into the online or desktop versions of TurboTax and other tax platforms. CryptoTrader.Tax is Level 1 PCI compliant and uses SSL encryption to ensure that your data on the platform is secure.

CryptoTrader.Tax Pricing

CryptoTrader.Tax charges for reports as a one-time payment per tax season. It has a tiered pricing structure in place, meaning the more trades you made during the tax season, the more you pay.

This allows those with a small number of trades to pay a minimal amount, and even for those who require the ‘Unlimited’ tier, the pricing is still very competitive. When you have purchased a report, you can make unlimited revisions to it for that year. CryptoTrader.Tax’s pricing options are as follows:

CryptoTrader.Tax Pricing Plans

Users can pay for CryptoTrader.Tax using a Visa, MasterCard, or American Express credit/debit card. However, it’s important to understand that you only have to pay for CryptoTrader.Tax when you are ready to generate your tax report. This means you can create an account, import your data, and review your transactions for free.

Note: If you need reports for 2017 or before, you can get a 15% discount off the normal report price.

CryptoTrader.Tax offers a full money-back guarantee on any purchases. That means if you are not satisfied with your report, you can get a full reimbursement as long as you request it within 14 days of purchasing.

How to Create an Account

It’s quick and easy to create an account at CryptoTrader.Tax, with the option to create either an Individual Account or a Tax Professional Account. To create an Individual Account, users simply need to add an email address and create a password. Tax professionals need to provide their name, email, and create a password.

CryptoTrader.Tax Signing up for an Individual Account

This process takes seconds, and when you have created your account, you can immediately start integrating the exchanges you use, uploading your data, and using the platforms different tools. You do not need to provide any credit card or payment details when creating an account.

CryptoTrader.Tax allows anyone to easily manage and calculate their crypto taxes at a reasonable price. What could take hours or even days can be done in minutes on the CryptoTrader.Tax platform. On top of that, CryptoTrader.Tax ensures that your Bitcoin tax report is accurate and compliant, mitigating the risk of mistakes and overpaying on your crypto taxes.

CryptoTrader.Tax Overview

CryptoTrader.Tax’s CEO David Kemmerer was even a guest on Anthony Pompliano’s ‘Off the Chain’ podcast, where he discussed the complexities of cryptocurrency taxes. For those who would like to listen to this interview, you can find it here.

If, at any point, a user needs assistance during the tax reporting process, CryptoTrader.Tax has a professional support team in place that will get your queries resolved quickly. Overall, CryptoTrader.Tax is an excellent choice for both individuals and tax professionals who are looking to make the tax reporting process more efficient.

References

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Blockchain

XRP Lawsuit: On Ex-SEC Chair Jay Clayton’s Sudden U-Turn After Suing Ripple

Republished by Plato

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Ex-SEC Chairman Jay Clayton Says Bitcoin's Non-Security Status Still Awaits Regulation

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Ripple’s Boss, Brad Garlinghouse, on Monday, left a few remarks via his Twitter handle on a Wall Street Journal’s post co-written by former US-SEC, chairperson, Jay Clayton.

The post which was co-written by Brent MacIntosh, the former Undersecretary of the US Treasuries for International Affairs, sought to preach the all-to-familiar stance of most crypto companies: ‘Crypto needs regulation, but it doesn’t need new rules.’

Garlinghouse spelled out surprise over Clayton’s turncoat comments that the US government has no concrete and adequate regulatory framework for the crypto industry. He further added:

Cryptos, like nearly any new innovative technology, can be used for good or bad purposes. The problem is that US companies seeking to be compliant and use this tech for good are left in limbo (or for Ripple, worse!) because of a lack of a clear, predictable framework.”

Jay Clayton, in his last days at the SEC, pulled a shocking stunt on the crypto community, suing Ripple for what it believes is the undocumented sales of large-scale XRP digital assets to unidentified customers.

The bane of the case which was first announced in December last year is in determining if XRP – the digital currency of Ripple – is an investment contract or just another type of asset existing in digital forms. Assets bought and sold do not lie under the jurisdiction of the SEC, but investment contracts (also known as securities) are well within their powers to investigate, using the Howley test as a yardstick.

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When compared to Bitcoin and ETH…

ripple xrp premined
Via CoinMarketCap/XRP

XRP, unlike fully decentralized Bitcoin, takes the shape of a centralized digital currency. This is because Bitcoin is still being mined by different people across the world, but Ripple pre-mined billions of XRP coins.

How The Case is turning out

The latest in the seven-month-old lawsuit is a winning streak for Ripple. Judge Sarah Netburn denied the SEC’s plea to examine all records of Ripple’s conversation with lawyers and expert advisers to determine if it knew what class of asset XRP is, and what violations of the SEC’s laws it may have knowingly violated. This signified a sigh of relief for the company which has called the lawsuit a hindrance to its growth and plans to go public.

Clayton further expressed that the foundational frameworks of the US laws suffice to build upon for crypto regulations, but the government has to be careful not to commit under-regulation or over-regulation.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/xrp-lawsuit-on-ex-sec-chair-jay-claytons-sudden-u-turn-after-suing-ripple/

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Bitcoin Price Prediction: BTC/USD Price Plummets Below $36,000

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Bitcoin Price Prediction – June 12

The Bitcoin price is spreading the bearish move to areas just below $35,000 after numerous attempts to hold gains above $37,500.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $42,000, $44,000, $46,000

Support Levels: $30,000, $28,000, $26,000

Bitcoin Price Prediction
BTCUSD – Daily Chart

BTC/USD falls below $37,448 as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $37,000 following a significant breakout in the last few days. Therefore, the bearish control is seen across the market with other major digital assets posting similar losses as they trade below the 9-day and 21-day moving averages.

Bitcoin Price Prediction: Can BTC Price Go Lower?

The Bitcoin price is trading at $38,825 with an intraday loss of 4.05%. The prevailing trend is bearish with expanding volatility. However, the first digital asset is currently consolidating in a bearish flag pattern. Meanwhile, a breakout in this pattern in the direction of the previous trend is expected to continue. In this case, BTC/USD is expected to drop and stay below 9-day and 21-day moving averages and could move towards the critical support levels at $30,000, $28,000, and $26,000.

However, if the Bitcoin price stays above the moving averages; the price could rise to $38,000 vital resistance. Therefore, a further bullish drive could push the price to $42,000, $44,000, and $46,000 resistance levels. The technical indicator Relative Strength Index (14) is moving below 45-level, which shows a possible more bearish momentum may continue to play out.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price first went up but dropped slightly within 24 hours, bringing its price from $37,448 to reach around $35,790. Should the price continue to drop below the 9-day and 21-day moving averages, it could reach the nearest support level at $33,000 and below.

BTCUSD – 4 Hour Chart

However, should in case the bulls push the coin above the upper boundary of the channel, the Bitcoin price could reach the potential resistance level of $38,000 and above. Presently, the market may continue to move sideways or experience an uptrend as the Relative Strength Index (14) indicator moves above 45-level.

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Source: https://insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-price-plummets-below-36000

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Blockchain

Ethereum Co-Founder Anthony Di Iorio Bets Big on the Future of Cardano and Polkadot

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Anthony Di Iorio, a Canadian entrepreneur and the co-founder of leading smart contract platform Ethereum, said that he believes in the potential of Cardano (ADA) and Polkadot (DOT).

In an interview with crypto proponent Anthony Pompliano, Di Iorio, who is also the CEO and founder of Canadian blockchain startup Decentral and crypto wallet Jaxx, revealed that he has a diversified investment portfolio featuring several top projects, including Cardano and Polkadot.

A Big Fan of Cardano and Polkadot

He said:

“Now I’ve kind of fallen back to just simplicity. I’m in a number of different projects, but the majority of my stuff is in the top projects. I’m a big fan of Polkadot, I’m a big fan of Cardano.”

Di Iorio went on to narrate why he was so sure of the future of these two projects. He had joined the Ethereum development team earlier in 2012 when he met Vitalik Buterin at a Bitcoin conference.

He has formed strong relationships with other co-founders of Ethereum, including Vitalik Buterin, Cardano’s founder Charles Hoskinson, and Polkadot’s current CEO Gavin Wood.


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Di Iorio admitted that while he worked with these men, he knew that they were goal-oriented and would help push these projects further.

He continued:

“Big fan of Charles, let’s say that. You know, taking some different approaches in the way that they’re doing things, much more on the academic side of what he’s done and bringing stuff forward. Real big fan of Gavin Wood… Knowing those guys from the days back at Ethereum – and knowing their drive and knowing their competitiveness and their smarts – I was able to see those projects for the last few years and know that they were gonna get to where they’ve gotten up to.”

Not Getting Lost in DeFi

Despite all the recent hype about DeFi, Di lorio pointed out that he is keeping his investments simple and investing in larger projects.

“Most of my stuff is in the top few things, Ether, Bitcoin, Cardano, Polkadot. I like Cosmos as well. And there’s a few others, but I’m not getting lost in all the DeFi stuff. I just think there’s not enough time, not enough energy. It’s a full-time gig to be running a lot of that stuff and keeping on top of stuff, so I’ve simplified my life quite a bit over the past few years.”

Featured image courtesy of Business Insider

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/ethereum-co-founder-anthony-di-iorio-bets-big-on-the-future-of-cardano-and-polkadot/

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