CRYPTO TAXES DONE IN MINUTES!!

So everyone this is Tony drinker too in this video we're gonna be discussing how you can do your cryptocurrency taxes in a matter of just a few minutes.So over the next couple months we are in tax season it's very important we do our cryptocurrency taxes correctly so there's no problems and fees it later on also doing your crypto taxes yourself can take dozens of hours last year I actually did my own crypto taxes by hand writing out each transaction and are doing this in the tax form it was a huge headache and a huge waste of time I spent over 12:00 hours doing this and this could've been time.

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I used for other things so I'd like to quickly think crypto trader.tax for sponsoring this video sponsors do make this channel possible and allows me to make content for you guys full time here one using crypto trader.tax for my crypto taxes during this tax season it's very important we do our crypto taxes correctly to avoid problems and fees later on some I do a very quick walk through if you guys showing just how simple it is to set this up and how you can finish in just a matter of minutes here you can even do this for free before you even pay to see what you're getting so before I show you guys this walk through on if you guys do you want to sign up for this there is a link in the video description I'm if you guys use that link it does give me a small kick back and I do appreciate that also you can use the coupon code J. R. and why in all caps and this will give.

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You 10 percent off your order I guess I quickly go through this website and the main features here and show you guys how quick and easy it is to use as well so getting your crypto taxes done in minutes is huge in my opinion it's definitely worth the money here specially if you don't have any transactions so their platform is very simple and easy to use which I really like it makes your crypto taxes as quick and stress free as possible which really makes it worth the money in my opinion it's not as complicated as other platforms it easily integrates into many different platforms here exchanges and wallets so after importing all your transactions from the exchanges you use and the wallet to use you're gonna be able to instantly generate a tax report and hi this is. Basically what you use to file your taxes for crypto currency trading so I did this for myself last tax season and it was just ridiculous I spent over 12:00 hours figuring this out each column here making sure I did it all correctly and then I even had to spend a couple more hours with my tax professional which also costed me more as well so my taxes are a little bit more complicated as it is.

I have an LLC and a lot more stuff to report but for the average person that can use turbo tax for this crypto trader.tax actually integrates into TurboTax makes it very simple to use you can upload this tax form and TurboTax will determine how much money you're going to for all your cryptocurrency trades and all your taxes in general is well so very simple to use pretty cheap using turbo tax and crypto trader.tax together definitely a great pair in my opinion all this also supports international taxes if you're in different countries.

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I guess you're gonna get this done in 3 very simple steps you can import your trades very simple they're gonna add your crypto incomes very stuff like airdrops gifs mining rewards for staking rewards and then you're just going to download your tax report take this to your tax person or just simply integrated with turbo tax is a well also crypto tax reports so this is going to give you an audit trail report which is very important as well iris form 8949 this is the form we already discussed that you would have to fill it yourself if you didn't have software like this are so short and long term gains report cryptic currency income report and TurboTax direct import I guess I'm logged into my crypto trader.tax account

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 so does have a very simple introduction here now let's get your taxes done a few steps to the X.. Lanes what you're doing so here you can add your counter exchanges and your wallets are this is where you're going to import all your transactions from so we have to do is click add account here and one by one integrate the exchanges we traded crypto currencies on throughout the year as you can see there's a very wide selection of exchanges they even it just added Eunice what so for this example we will be integrating Coinbase Coinbase pro and a Eunice wop a theory and wallet is well. 

So starting with Coinbase once you click that you're going to have the option to file import or auto import so Coinbase does give you the option to download a file which you can manually import here or you can do auto import which allows you to connect to the exchanges A. P. I. and keep in mind this is safe it's read only access so crypto trader.tax can see your transactions and be able to generate this tax report but you can always do file import if you don't trust that as well so for coin base we will be doing a file import very simple here you just click and then upload the file.

You guys can see success 40 transactions have been imported now will be adding clean bass pro here. And for this we will do it A. P. I. all right so I added my API info here if you don't know where to find this info there's guides at the bottom here for every exchange I highly recommend going through that if you do need help so I'm just gonna press connect here. And as you guys could see importing. While it is connected I'll give it a second here to verify all the transactions and as we can see success 79 transactions have been imported successfully so now that's done and now we're gonna add a Eunice WAP Wally so they just added this feature in basically this is going to connect your Ethereum wallet address and then it's going to verify all the transactions from this wallet on the blockchain all right so I inputted my Ethereum address while here keep in mind this is a sample this is not my wallet so we're gonna press connect once you put that in it's gonna take a few seconds.

To import all the transactions and then I just you guys know you can import multiple units swap wallets as well because I know a lot of people do I use you know swap for different wallets as well so success for transactions have been imported so if you did need to do another units walk you just press add account and then select another Eunice walk here and as you guys can see you know swap to you just import your second third and wallet address here but for this purpose we just gonna do these 3 exchanges so now that that's done and we have all the trades imported we're gonna go to number 2 here other transactions. And from here you can add stuff like. It's you got encrypted currency staking rewards air drops and anything else that's not trades that are will be imported from exchanges so very self explanatory so number 3 here review data this is just going to be reviewing all the transactions and everything if you do want to verify that everything is here and then after that you're just gonna go to number 4 here create report and that's it once you.

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Have a paid account you can generate your tax report which you can integrate into TurboTax or take to your tax professional and this goes years back as well in case you do want to generate reports for the previous years or you are you have any tax problems we do have to go back this does allow you to go back to previous years so we're gonna do us start report for tax season at 2020 so very simple completed they're gonna do view report is gonna take you to your page with you are finished tax season information as you guys can see it a summary up here so our net gain it was 300 $37 for all the trades and you're gonna print out this report or integrated into you turbo tax and that's it it's a very simple here as you guys can see only took a couple minutes to do this and it's gonna save you dozens of hours so this is definitely worth the money especially if you have a lot of trades are the more trade you have the more time it's going to take to do this yourself and as you guys can see there's different tabs here income outgoing audit trail.

So 1 thing I really like about this crypto tax software is how simple it is to use and the pricing is very cheap as well if you don't have a lot of trades so just a 1 time payment of $49 if you only have up to 100 trades which most beginner traders only have a very small amount of trades when you think about it if you're day trading and large amounts though it does start going up a small amount for the trades but on how much time you're saving at not having to do this yourself or figure it out in another way is definitely worth it in my opinion so you get unlimited trades for $300 and that's per tax season so once a year or $300 is not bad at all for how much you're saving on specially.