Cryptocurrency Transaction Tracker Spreadsheet to Help with taxes

in crypto •  7 years ago 

I've been thinking for quite a while about how I wish there were an easy (relative), free way to track Cryptocurrency transactions for the purposes of US tax reporting. Since I could not find anything that suited my needs, I decided to make a spreadsheet to do just that!

The link to the spreadsheet is here: https://drive.google.com/file/d/1VGyAbDhuche1QFtXMw5H0uXAb3m6paKE/view?usp=sharing

Password: reddit2018

A note about the spreadsheet: The values listed are values I used to test the worksheet, but do not reflect actual transactions - therefore, sometimes the dollar values and numbers won't make total sense - but they were just to test the concept. Everything would make more sense if you used real numbers. Also, the values may not match from tab to tab, since I had to change some numbers as I was filling in sample data so some lines made more sense - again, it is just a proof of concept sample.

In the creation of this spreadsheet, I did a bit of research to figure out how transactions for Cryptocurrency should be reported, and I've done my best to calculate that, based on my understanding. However, I am not a tax professional, nor a CPA, so I recommend using a real tax advisor when it comes to these matters, and (disclosure) I am not responsible for any misfiling of taxes as a result of this form - make sure you do your own research, but feel free to use this as a guide.

This spreadsheet calculates the correct cost basis, proceeds, gain/loss for each Cryptocurrency transaction you have. I have read that the 2017 tax year may not require you to report each individual transaction. However, since it sounds like that may be the 2018 requirement, I built the spreadsheet based off of that.

There is a ReadMe tab in the spreadsheet that goes into a little more detail on how to use it. I know the spreadsheet could use a lot of work, and I am looking to make enhancements to it in the future, but I wanted to share what I have so far. The functionality is what matters, and I believe it should be working as designed. That said, I do not have extensive knowledge about Cryptocurrency and did not have a lot of sample data to work with, besides what I could make up, so there could still be a few issues with the spreadsheet - I just didn't have the resources to test everything.

The spreadsheet requires the CRYPTOFINANCE Google Sheets plugin, which can be found here (this information is also in the ReadMe): CRYPTOFINANCE Add-On Please tip the creator of the add-on (addresses for BTC and ETH at that link) if you like it - it truly is a powerful tool and the spreadsheet could not have been created without it.

It is also important to note that in order to use the spreadsheet, you may have to make some of your own formulas, modeled off the formulas for the examples I have provided. I only provided some examples for Bittrex and Binance (along with a Mining and Proof-of-Stake example). You will need to have some understanding of how the formulas work if you use other exchanges/mining/etc. that format data differently. The formulas on those tabs are not particularly difficult to understand, but it is impossible for me to provide examples for every single possible coin/exchange/etc.

If you notice issues with the spreadsheet or have questions, feel free to ask, though it may take some time to respond, especially regarding any problems with the spreadsheet. I am open to feedback, but I do not consider myself a Google Sheets or Cryptocurrency or Tax expert by any means, so I cannot guarantee any updates in the near future.

Thanks!

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