CoinTxx





Calculating capital gains tax for crypto assets is hard!
Simple transactions are rare: e.g., if you buy 1 Bitcoin (say for $1500.00) then you sell that same Bitcoin (say for $4000.00) your capital gains calc will be very simple ($4000.00 - $1500.00 = $2500). However, most crypto transactions are more complicated:

1. Buying and selling partial shares is the norm. Most cryptos allow you to transact with amounts as small as 1/100000000 (8 positions to the right of the decimal).
2. Rarely does a sales transaction amount equal the exact amount of a purchase transaction. The sales transaction must be split into several pieces to allow the correlation of a portion/accumulation of purchase transactions(s).
3. Furthermore, trading one crypto for another must be reported to the IRS, adding another level of complexity. The exchanged crypto along with the crypto purchased must both be converted to fiat currency (e.g. $ US dollar) for proper value comparison.

These points greatly complicate the capital gains calc. Cointxx.com will greatly simplify the process:

Step 1. Add Crypto Transactions: Enter all of your crypto transactions into CoinTxx (purchases, sales, exchanges, gifts - start with your first ever purchase below).
Step 2. Get Cost Basis for Sales/Exchange Transactions For each sales/exchange transaction we must assign purchase transaction(s) (and/or portions of a purchase transaction) to determine the cost basis. This can be done with one of 3 methods (FIFO, LIFO or Custom):
FIFO: First In/First Out(FIFO) This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. The oldest purchase transactions will be assigned first.
LIFO: Last In/First Out(LIFO) This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. The latest purchase transactions will be assigned first.
Custom: This option will automatically assign purchase transactions(that have yet to be assigned) to the cost basis of this one sales transaction. Only purchase transactions of your choosing will be assigned.
Step 3. Capital Gains Report: A Capital Gains Report will be automatically generated for you. The format is very similar to IRS form 8949
Get Started Now! - Enter a Purchase Transaction Below
Transaction
Date & Time
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Qty/Amount
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Qty/Amount
To
Currency
Transaction
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