Estimate your Bitcoin taxes on BitTax | Hacker News Reader

Estimate your Bitcoin taxes on BitTax

bittax.com

29 pointstadruj15 comments

This looks cool, but https://bitcointaxes.info allows imports from all the major exchanges and has been a great tool for me.

I wasn't able to figure out how much I owe for taxes and I spent more than 10 minutes on the bitcointaxes.info. It looks more like an accounting software to me. A lot of tabular data and accounting lingo I don't understand.

Hmm, I didn't have trouble. It even calculates how much you owe with different approaches, e.g. first in first out (FIFO), last in first out (LIFO) etc. and can handle trades between coins like Bitcoin -> Dogecoin

Great service, dead simple, accurate for me. I had already calculated my tax liability and this basically made me feel silly for going to the trouble.

I'm sure the final number is right for me, but that's because I had done the legwork beforehand. Right on.

Looking forward to upcoming features with other currencies (litecoin and peercoin, especially).

Keep with it, Bittax. Looking good.

Your 2013 calculations are wrong. Really wrong. You said I am due a refund of about $50, but in reality I owe over $500 in taxes on short term gains.

0/10, would not use again.

Would you mind giving us the data at info@bittax.com? We will check these round numbers quickly. We do not keep any of your data for privacy reasons.

I like the site, because they are the only ones who didn't launch just a landing page full of promises, but they actually calculate how much I owe to Uncle Sam.

Sorry, but this looks exactly like a landing page full of promises unless you enter your Coinbase credentials. This is fallacious because Coinbase is not the only place where bitcoins will be stored.

Without giving up your Coinbase credentials, I was redirected to an email harvesting page to be on their invite list.

Maybe they changed the landing page since you last accessed it and removed that functionality?

Yes, the service currently works only for those with Coinbase accounts. We do not promise anything else at this time. I'd appreciate if you suggest which services should be added next.

I appreciate the difficulty of integrating with other services. It seems that the critical piece of information is figuring out a person's bitcoin buy/sell history based on the FIFO methodology as per IRS guidelines which you do a great job of clearly explaining in your FAQ.

I believe exchanges provide a means for downloading your personal transaction history, typically in CSV format. Thus, it would be great to be able to import/upload transaction histories for US bittax calculations.

This may boost exposure of your service since people could experience your core service functionality without exposing their broker/exchange credentials.

EDIT: If you're going to ask for credentials as the only way to access your service then you may want to also consider other popular wallet services or exchanges such as Blockchain.info, Bitstamp, BTC-E and/or Bitfinex. You may already be working on integrating your service with these suggestions, but I didn't see that listed on your site beyond the "this is an MVP" section and the October 15, 2014 date listed in the FAQ.

This is exactly what BitcoinTaxes provides https://bitcointaxes.info/

Thanks for the alternative. Looks much more fleshed out and feature complete.

Thank you for the detailed feedback. Yes, most of the exchanges allow to download one's personal transaction history. That does make CSV the next must-have functionality.

The challenge for us is not to loose simplicity. It is very easy to end up having bloatware as the result of implementing all of the IRS guidelines. So, we will take a careful one step at a time.

Surprised that Coinbase just doesn't offer this.

In the US the are more or less the only game in town and they probably have bigger fish to fry at the moment.

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