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Scripts to calculates profits and losses for taxes by pharesim

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· @pharesim ·
$68.73
Scripts to calculates profits and losses for taxes
It's a topic avoided by a lot, but don't think you can escape. Cryptos are in their focus already, and no one should think they'll get away with free money forever.

<center>http://s.quickmeme.com/img/57/57d5c9e58b124491709e353b41ca64fc85013d1008d8bb954c5f867cb829f3f0.jpg</center>

The tax report I filed for last year was finally accepted, and after someone asked for it I decided to publish the script I used to go through all the CSV reports from the services I used last year. The scripts probably won't be usable by you in their current form, but as a reference to start creating your own one they might be useful. I can also help you with your individual adaptions, but that'll cost something of course.

Code on github:
https://github.com/pharesim/tax-tools

files:
- fifo.py - first in first out profit/loss calculation
- lifo.py - last in first out profit/loss calculation
- author_rewards.py - gets a list of all post and comment rewards with respective btc and eur values


If that's too much for you and  you prefer to simply use a webservice instead try out https://cointracking.info
πŸ‘  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 221 others
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vote details (285)
@ahlawat ·
thanks for information! excellent pharesim
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@alexpsyllos ·
The question is not if the authorities will try to tax bitcoins but when. Bitcoin is simply challenging the establishment, and the very liberal approach to the bitcoin in many countries shouldn't be perceived as the governments would put up with the bitcoin forever. 

Many believes that Bitcoin at some point will be integrated in the current system at some point, if the bitcoin wish to stand alone, then it is challenging the whole establishment, and the question is if bitcoin is strong enough to take that battle, and if an even bigger part of the society wish to give bitcoin its chance.
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@bdk1970 · (edited)
That is something we never want to think about... TAXES.

I have bought and sold so many different cryptos on so many platforms and exchanges that it is very confusing. I will probably look into the last option. 
Followed, resteemed and upvoted because this is useful info @pharesim
Thanks for the info that nobody wants to talk about :)
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@bdk1970 ·
Lol your meme just cracks me up every time!
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@bescouted · (edited)
$0.02
I hope i will have a use for it in the future for sure, as that would mean i have meaningful to declare from crypto income, so thank you for sharing. But since i am just saving up Steem Power i believe i do not need to report it? :)
πŸ‘  ,
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vote details (2)
@pharesim · (edited)
$0.03
I tend to agree, SP received and kept as SP should not be taxable, as it's not possible to pay those taxes without liquidating it, which could result in a forced loss. But I cannot give professional tax advice ;-)
πŸ‘  ,
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vote details (2)
@bescouted ·
I thought so, that it becomes taxable only when you convert it to a fiat currency and register it as a capital gain. And i think even tax office can not give a professional advice on this topic in many cases yet :)
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@juanmiguelsalas ·
How it would be if u get always everything in 100% SP? Because SP can not be consider an asset ... or it can? You can not move it anywhere, no trade it ...
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@bitfixer999 · (edited)
Just wanted to say hi and thanks for stopping by. Followed :)
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@bitgeek ·
comment
Congratulations @pharesim, this post is the seventh most rewarded post (based on pending payouts) in the last 12 hours written by a Superhero or Legend account holder (accounts hold greater than 100 Mega Vests). The total number of posts by Superhero and Legend account holders during this period was 19 and the total pending payments to posts in these categories was $1079.73. To see the full list of highest paid posts across all accounts categories, [click here](www.steemit.com/steemit/@bitgeek/payout-stats-report-for-11th-october-2017--part-i). 

If you do not wish to receive these messages in future, please reply stop to this comment.
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@buzzbeergeek ·
I don't think Croatia will be able to make heads or tails of BTC for some time in the future. I wouldn't mind paying reasonable sum, just to keep my peace of mind.
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@captainobviou3 ·
>I can also help you with your individual adaptions, but that'll cost something of course.

Are you in the United States? I almost always use Turbo Tax. Do you think that they are going to start taxing crypto in the next 5 years?
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@cloudspyder ·
$0.27
The only time I think to declare a taxes 0
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vote details (11)
@cloudspyder ·
$0.27
Since most of my mine crypto promote anonymous transaction monero & sumokoin. I think I wont
πŸ‘  , , , , , , , , , ,
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vote details (11)
@cryptofinance ·
Wow, fascinating bro. Thanks for sharing this valuable information!
πŸ‘  
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vote details (1)
@cryptokeepr ·
Thank you for sharing this!

This is my first year trading / investing in cryptos and I'm already dreading the coming tax filing season. Seems like I can't do anything in this country any more without reporting it to the Internal Revenue Service. Hopefully some day the boneheads in Washington DC will simplify the tax code. I'm not going to hold my breath though.
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@dexpartacus ·
Thanx a lot, this can be very usefull!the governments just wait for us to the corner for taking back what is "theirs"...
πŸ‘  
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vote details (1)
@ycz ·
Yeah I can smell a rat too. . .
πŸ‘  
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@dexpartacus ·
πŸ˜‚πŸ˜‚πŸ˜‚
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@dianna1 ·
# Smiled πŸ˜ƒπŸ˜ƒπŸ˜ƒ
 Thank you for share it.
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@dreamchasser ·
Well, first things first, You should pay your taxes and otherwise be a law abiding citizen. 
So with that being said the ideal is crypto should be free from all form of govt regulations so if  You have money in bitcoin.  No one knows that you have money in bitcoin, and no one tries to tax the money that is in bitcoin.

But in reality you either live in a country with competent tax authorities, or one with incompetent ones.  If your country has incompetent tax authorities, then there are a dozen other easier ways to hide your money.  If you have one with competent tax authorities, they can follow the money and find it although anonymous protocol such as Zerocoin and the rest can give them tough time.
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@freedomno1 ·
It depends to an extent on your income level and ability to disguise it using cash is one way as long as you don't go to far beyond a standard of living relative to your income level lol. That said good on you for paying your taxes and building a script to sort it out.
properties (22)
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@fromportugal ·
that's because you make lots of money.....Tax services won't waste their resources trying to track someone who makes some hundreds of euros a month
properties (22)
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@ycz ·
Im not so sure about that. They came after my father 25 YEARS after some tax irregularity and emptyed the 2.000 € that he currently had on his account. At the time he was homeless and had saved that money from the few bucks that he was still receiving for his previous work to try to get a place (this happened in France). I can guarantee you if theres one thing governments are hellbent on it is enforcing their taxes, however small the amount.
properties (22)
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@fromportugal ·
pharesim you should register yourself in gibraltar...it's easy to have gambling licenses there.......you are not the worst person in the world but you are not the best either....you have to improve and you will be saved.....God exists, Christs exists....God bless you.
properties (22)
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@hakeemshah96 ·
Nice and Cool Stuff @pharesim
properties (22)
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@jaraumoses ·
Indeed many people do not like to pay taxes and some thought by enganging in crypto they would have dodged taxes forever! Sorry you have to pay your taxes.
>Cryptos are in their focus already, and no one should think they'll get away with free money forever.

Paying taxes shows responsiblity.
Jesus said something like this below in regards to paying taxes
>Give Ceasar what belongs to Ceasar.

Thanks for this web service cointracking.info,signed up and learning about it.
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@pharesim ·
I do not operate that service, just linked it as an alternative for the less tech-savvy
πŸ‘  
properties (23)
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vote details (1)
@jaraumoses ·
But i guess it is worth using for the non tech-savvy folks?
properties (22)
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@ycz ·
I m not sure if you are interpreting that verse correctly...
What if a government decided to instore a 99% tax ? Do you think the biblical view would still be to give unto Ceasar what belongs to Ceasar ?
The bible is actually very pro property rights in many regards...
properties (22)
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@jasonshick ·
It's going to be interesting to see how governments try to tax their citizens. The whole anonymity with crypto can definitely make it more difficult for uncle Sam to siphon your hard earned bitcoin
properties (22)
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@pharesim ·
As soon as you use an online service to trade, you're in the net. The blockchain reveals everything, it's just a matter of time until their tools are advanced enough to find most people. And they have like 10 years in most countries to get back at you.
πŸ‘  
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vote details (1)
@jasonshick ·
Yeah, I guess it also depends on which nation you hail from. Im sure some countries will be more diligent when it comes time to pay the tax man. Lets just hope we've all made enough money from our coins where the tax man gets his chunk and we can still afford our Lambo's
properties (22)
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@jassarias ·
taxes and Cryptos don't mix just like oil and water.
πŸ‘  
properties (23)
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vote details (1)
@john-unasa · (edited)
We as a crypto community should be fighting against taxation for as long as possible...to adhere to government regulation on crypto is to contradict the premise on which bitcoin was founded. My 2 cents #taxthat
properties (22)
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@ycz ·
Before we can live by your reasoning the cryptos will have to do their part on the technology side and GUARANTEE anonymity
πŸ‘  
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vote details (1)
@john-unasa ·
That's true. I sense crypto will live in the grey  area of regulation for some time
πŸ‘  
properties (23)
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vote details (1)
@journeyoflife ·
I feel like until we do not have to , I wouldn't
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@karinxxl ·
I didnt even think about this as yet. Every country handles crypto in a different way I think still. Have to sort out how this works....HATE
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@kirstyelms · (edited)
Great post πŸ‘ŒπŸ˜‚ great Read too thank u xxx
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@lijnik ·
Thats the way out of our system
πŸ‘  
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vote details (1)
@luka2bizness ·
$0.04
https://media.giphy.com/media/kGCuRgmbnO9EI/giphy.gif
πŸ‘  , , , ,
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vote details (5)
@machhour ·
Interessing post thanks for sharing
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@marconah ·
Nice post, thanks for sharing.
πŸ‘  
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vote details (1)
@mastermarketier ·
It was theft all right
πŸ‘  
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vote details (1)
@mejustandrew ·
I'm here for the meme :))
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@positivesteem ·
$0.12
I have not earn enough to be eligible for tax. Anyway Malaysia  only have capital gain tax for property only and not for other assets.
πŸ‘  
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vote details (1)
@preparedwombat · (edited)
$0.27
Buying Bitcoin or Litecoin, making occasional purchases with it, converting some to SP, once in a while buying a gift card from Gyft (essentially, converting crypto to fiat), using blocktrades to move from one altcoin to another -- what a freaking mess. *And* the IRS treats crypto as *property* but the Treasury treats crypto as *currency*.

Hoping for $1,000 Steem so I can just hire someone to sort it all out for me. πŸ˜…
πŸ‘  ,
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vote details (2)
@progressivechef ·
These blood suckers will never let us live in peace mate! Always on our back sucking for taxes!
properties (22)
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@rabeel ·
hiii @pharesim, thanks for updates, very important issue you discussed here,  about taxes on profit /loss, very useful article you wrote.there should be no compromise on taxes.
FOLLOW
UPVOTE
properties (22)
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@rainer.kormann ·
<img src="https://pic.sopili.net/pub/emoji/twitter/2/72x72/1f37b.png" width=16 height=16>
Danke Dir :)
properties (22)
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@re-steem ·
hello, @pharesim
![re-steem.jpg](https://steemitimages.com/DQmZb8XcJrPw7AMgc1WFG8Ga1dNwMDVGLaf3NNtzB217mRY/re-steem.jpg)
πŸ‘  
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vote details (1)
@rickie ·
Hmmm...Quite a delicate issue.
If coin owners get to pay taxes, would Exchange sites also get to pay taxes?
Since most coins owned by users are transacted via exchanges and transaction charges are also levied via exchanges, i am so not sure how taxing coin owners, is a positive development.
Still musing, 'cause i still not sure whether i am for or against this issue of taxes on cryptos.
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@saif15 ·
nice script...I will also use this script to file my returns also
πŸ‘  
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vote details (1)
@sanuk ·
Its okay to pay taxes wherein you see where the taxes are going. But yes, good point @pharesim
properties (22)
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@scaredycatguide ·
I'm definitely keeping this in my back pocket for when Uncle Sam decides he wants his cut of the crypto money.  Thanks!
properties (22)
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@simivalleyjeff53 ·
This is valuable information, even for newbies such as myself. Thank you.
properties (22)
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@swissclive ·
$0.83
We don’t have Capital Gains Taxes here, in my country, but we do have a Wealth Tax which can go up to 1% of your assets.   I plan to put my crypto on my tax return.  I’m just hoping we have a big crash in the price of Bitcoin on 29th or 30th  December.    

I think that since the tech tools are going to advance very fast it won’t be that hard to know who owns a particular wallet as soon as it is used in a real world transaction.   If in 5 years you suddenly start using bitcoin, and it was not on your tax return, the robots will spot it.

On the other hand, physical gold and silver are not on the blockchain....
πŸ‘  ,
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vote details (2)
@talukder ·
Nice to read your article. I also follow & Upvote you. 
Please follow & Upvote me.
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@tcpaikano ·
nice post
properties (22)
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@theguruasia ·
@pharesim,
Wow friend that's a very useful article! This is the first time I heard about this amazing tool! Yeah I will not be a good fan of that github tool! Coz, I have no idea how to use it :/ But I will try that tool too!
Really appreciate your effort! Can you please tell me what is the language you build this calculator?

Cheers~
properties (22)
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@thekitchenfairy ·
Tax is important, yes, but when you make only 0.01 0.17 0.30 etc in most of your posting, that is super nothing πŸ˜…πŸ˜…πŸ˜…πŸ˜… Would make sense if you produce $200ish per posting ,holy moly πŸ˜‚ We could all dream that !
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@warrenharvey23 ·
Very informative thank you for sharing! Learning more about cryptocurrency every day can sometimes be uplifting and also can leave me in a middle to the future. Tax is a very good point where governments seize control of the money you earn, electronically governments can influence the market no? Declare what you can now and don't regret it tomorow πŸ˜€have followed you πŸ‘
properties (22)
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@yaanivapeji ·
Thanks for the information and advice.
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@ycz ·
I dont know if my understanding is correct but I thought that all BTC transactions are available for anyone to trace the only thing missing is linking the wallets to the people, and they could figure that out soon and then maybe even retroactively ?
Besides most if not all exchanges require IDs now so how can you trade conveniently anonymously ?
It came out that only 800 people have declared Bitcoin earnings to the IRS at the moment so I am guessing that most people disagree with my logic.
Bitcoin owners having a large portion of libertarians I just can't see governments not doing everything they can to press the juice out of them
All those profits would manifest into influence in the world which is the last thing they want in my opinion.
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@yudexisjaume ·
Hello good post my name is Yudexis Jaume and I am from venezuela can you give a vote to my last post?
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@zufrizal ·
Nice..
Resteem from me
properties (22)
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permlinkre-pharesim-scripts-to-calculates-profits-and-losses-for-taxes-20171011t122901598z
categorycryptocurrency
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created2017-10-11 12:29:09
last_update2017-10-11 12:29:09
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root_title"Scripts to calculates profits and losses for taxes"
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