Be The First Crypto Broker To Offer Easy Tax Reporting
under review
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Nimrod
One of the annoying things about Crypto is that the exchanges don't offer reports like traditional exchanges do so I have to pay a 3rd party software $1,000 just to give me a report I could then add to my yearly report.
If you could add that functionality built in, I'd definitely start using the Finandy exchange and I'm guessing a lot more people will too.
Something to think about.
MI DW
Yes, please! At least a simple csv or better: XLS export would be awesome. Otherwise it is close to impossible to report what happens on Finandy and stay on the legal side of things. My scalping algo has thousands of closed trades so the only way to put this in my tax report right now would be to copy all these numbers into Excel or my tax software by hand. Which is close to impossible to do with these amounts of trades...
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Elie Grinjon
I think this feature is good idea! Atani have it by example.
Render Boom
Inititally can be also good to have just a CSV like the Binance one with all deposit, withrawal transaction, swap, trades.(both for spot, and futures) For example the Binance Platform API lost all fee transaction and Binance CSV export all transaction in the correct way. I have test this issue with 3 tax software (Koinly.io, cointraking.info, cryptotaxcalculator.io) If you want you can take a look at this, https://tax.crypto.com/ is a free tax calculator by crypto.com, (you can download the report from here).From what they say is good for USA and Canadian, I'm European and I will need a different tax report. (Bud this can be seen later.)
Finandy Exchange
under review
Show how the tax report should look like.
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Nimrod
Finandy Exchange: This isn't the tax report but an example of a "Performance Report" export. I know you have something similar but it needs to be exportable and accurate enough to report taxes.
Another thing you can do is have a FIFO calculation of every pair, that should cover it for tax purposes.
For example-
Asset: BTC
Base Currency: USDT
FIFO Realized P&L: $100
Number Of Transactions: 50
That would rid the need of 3rd party software, and you could also charge a small fee since I know it will require additional processing power.
And you could easily market yourselves as "The First Crypto Exchange To Offer Extensive Reports".
That could greatly benefit you and of course, the users.
If you're interested I could send you the report the 3rd party made for me, it's a compilation of all transactions like I demonstrated above.
You can also take inspiration from tax reporting websites :) (cointracker.io, koinly.io, etc).
Thanks for receiving feedback <3
Travis Lamming
Fantastic Idea
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Riccardo
Totally agree, now I'm just using Binance connected via Api for this reason. This is a must.