The crypto community's choice for taxes. Full service crypto taxes, from forms to filing. Contact us at support@tokentax.co
New York, USA
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We are thrilled to announce we now have full historical support for @0xPolygon, @SushiSwap on Polygon, and @QuickswapDEX!!
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Providing liquidity on @Uniswap V3 is most likely not a taxable event because of the way the Positions NFT smart contract works. Let's dive in...
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This is bananas. Digging in as we speak.
BREAKING: IRS will not tax unsold staked crypto as income
Via @caseywagnerr
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Let’s clear something up.
We know exactly what these things mean:
- yield farming
- impermanent loss
- yoloing into something
- apeing into something
- getting rug pulled
- being a degen
- based
- mooning
- wen tokyo
- few understand
- alpha leak
Does your accountant?
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ngl, $LINK marines asks the most questions about taxes out of any community. Mostly great and thoughtful questions.
shouts to the link fam!
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Last month, the HMRC released a report that outlines Crypto Tax Guidelines for UK Tax Payers, we broke down for you here: buff.ly/2FhquJA #crypto #uk #hmrc #cryptocurrency #cryptoassets #taxes #bitcointaxes
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We now have full support for @UniswapProtocol V2.
Just connect your ETH address and your Uniswap V1 & V2 transactions will be imported into your TokenTax account.
We meant it when we said we’re not screwing around…
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Here’s a running list of all of the #DeFi protocols we automatically support.
Just connect your ETH address and we will pull all of your historical data.
Anything not yet listed is probably coming in a couple weeks or we can support it with our VIP plan!
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We now have full historical support for all @iearnfinance vaults.
Regular, delegated, and yETH!
Just connect your ETH address and all of your transactions will pull into your TokenTax account.
Oh my!
tokentax.co/exchanges/yearn/
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Reminder: Your $JTO airdrop counts as ordinary income for 2023 taxes. Remember, you're taxed on the initial amount, regardless of future value changes. Plan accordingly.
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End-of-year crypto tax strategies Q&A time!
@CryptoMessiah @AutismCapital
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We now have full historical support for @Bancor!!
Just connect your ETH address and all of your trades, claims, add/remove liquidity transactions will pull into your account
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We now have full historical support for @AlchemixFi!!
This includes minting, repayments, and farming.
This does not include income via debt repayments. We will be implementing this soon. The yield income can be input manually for now.
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1inch airdrop pro tip:
For US tax payers, claim the airdrop after Jan 1st to defer the income until 2021.
If you’re on the edge of a tax bracket, this could be an expensive decision!
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NFT tax support?
We support @opensea automatically!
Just connect your eth address and all your trades will pull into your account.
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This is a step in our employee onboarding:
1. deposit to aETH on Aave, borrow DAI
2. trade half of borrowed DAI for ETH
3. put into ETH-DAI liquidity pool on Uniswap
4. stake the pool to earn UNI
We mean it when we say we understand what y’all are doing.
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Crypto taxes are painful, hard, and confusing and TokenTax is by no means perfect, but damn, do we give a shit.
Our staff is slowly closing out the May 17th deadline as the 11th hour nears.
Thank you to all of our wonderful customers.
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$ENS airdrop incoming!
What questions do you have about the taxes?
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We now have full historical support for @AaveAave on @0xPolygon!!
Just enter your Polygon address and all historical transactions will import into your account.
This includes borrows, repays, and farming.
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We now have full historical support for @AaveAave V2!!
Just connect your ETH address and all of your borrows, repays, deposits, and withdrawals will pull into your account.
Transactions where you staked, redeemed, or claimed will be available in a few days.
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gm $blur claimers
Claims are taxable as ordinary income.
Generally speaking, best practice is to sell 1/3 on claim day to cover the liability.
If you claim today and the price drops 90% by year end, you still owe taxes at todays price.
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We now have full historical for @BadgerDAO!
Just connect your ETH address and all of your Badger and DIGG transactions will pull into your TokenTax account.
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don’t yall have anything better to do than to argue if something is or isn’t taxed?
it’s a really boring subject. trust us.
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Rebases most likely are not taxable events. The taxable event occurs when you sell the coin for something else.
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PRO TIP: If you’re farming, think twice about *claiming* and then *holding*.
You are on the hook for income taxes for the fiat value *at time of claim*.
If you hold, it goes down in value, and then you sell; you will still need to pay tax on orig. claim.
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This is a gigantic lie or misunderstanding.
Please reach out. We are happy to walk you through how cryptocurrencies make filing taxes more transparent than traditional finance.
Former Obama economist @jasonfurman on the crypto fracas: "If the technology makes it impossible to know people's capital gains, then the technology should not exist."
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Just actually file your taxes and mail in an 8949.
If you have 15k trades per year (not uncommon) your 8949 would have 1,071 pages
Have you ever printed 1,071 pages?
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We now have full historical support for @AaveAave!!!
Just connect your ETH address and we will pull all of your Aave history into your TokenTax account.
Learn more about doing your DeFi taxes with Aave here: tokentax.co/exchanges/aave/
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We are thrilled to see the traction with the NFT market. A few integrations that will be built soon:
- @opensea
- @rariblecom
- @NFTX_
And many more…
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REAL TALK: If you have losses on purchases from the Big Dump.
Think about selling them, realizing the losses, and moving the capital to a new position.
Doing this is called Tax Loss Harvesting.
Your realized losses can be used to reduce or even cancel out your capital gains.
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We will accept your phone call from jail
Happy New Year! Have some new crypto tax reporting requirements with no guidance on how to comply 🍾 Read here 👇 coincenter.org/new-crypto-ta…
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a TT employee that was working on a clients account saw common transactions that were tax inefficient on a protocols side.
they messaged the protocol devs on discord and the devs altered the contracts to become more tax efficient.
and ur working with another cpa anon?
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Happy New Year to the degens, chads, virgins, protocol hackers/arbers (idk), investors, traders, vcs, maxis, devs, anons, ico marketers, trolls, farmers, smooth brains, IQ <80, IQ >400, and everyone who holds crypto.
<3
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We now have full historical support for @iearnfinance governance and rewards!!
Just connect your ETH address and all of your transactions will pull into your account.
This includes the initial YFI distribution and staking rewards.
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🇺🇸It's Tax day!! If you need more time to file your crypto taxes we are offering extensions for FREE with a full filing plan!
Don't fill out a single IRS form today.
tokentax.co
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We’re just about finished with the 2020 U.S. extension deadline and our 4th year on the books.
We love working with each and every one of you. Thank you for giving us a chance!
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We now have full historical support for @opensea!!
Just connect your ETH address and all of your buys and sells will be pulled into your account.
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$LOOT gave us fun, wonder, exploration, creativity, and taxable events.
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🚨 ANNOUNCEMENT
1/ Many of you have expressed that you (and your tax professionals) see certain DeFi transactions such as depositing to Aave, wrapping ETH, or entering a liquidity pool as non-taxable. Here's what's going on:
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you think 2023 tax year is crazy??
just wait until 2024 when you get hit with a fat ass tax bill...
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Lots of information coming through. It’s emerging that this was NOT a court ruling but in fact a one-off settlement- something often done to AVOID a precedent setting decision being handed down - but new info still trickling out
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no, seriously.
here’s how to reduce it:
- tax loss harvest
- use hpfo/tokentax minimization
- donate crypto
- prefer ltcg
- never sell
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Me to my accountant:
Locked yCrv tokens in yGov to farm YFI, used YFI as collateral in Aave to borrow stables. Farmed Based, Sushi, Sashimi, Pickle, Swerve. Big pool 2 user. Hotdog rugged me. Also hedged SC risk with NXM.
Oh, I also used GST1 and GST2 in all txns.
Tokentax:
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Tired of paying 40% in crypto taxes?
These 15 countries are crypto tax-free:
Belarus
Bermuda
British Virgin Islands
Cayman Islands
El Salvador
Georgia
Germany
Hong Kong
Malaysia
Malta
Puerto Rico
Singapore
Slovenia
Switzerland
U.A.E.
Find out more below 🌎⬇️
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U go over your cousins house for Christmas dinner, they say they started buying crypto and are really heavy in XRP...
What do you do?
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.@yaxis_project has one of the best contracts we’ve seen from a tax advantage perspective.
Mostly b/c they dont send you a LP token in return when you deposit and they store your staked amount internally.
This will really shine once they create vaults with more volatile assets.
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This dip sucks.
Do what you can to save money on your tax bill.
If you bought a coin at a higher USD value, trade it for something else to lock in the loss. This loss can be used to reduce your 2021 capital gains.
tokentax.co/guides/the-compl…
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We now have full historical support for @YamFinance!!!
Just connect your ETH address and all of your YAM transactions will pull into your account.
This includes the V1 staking/rewards contracts and V3 contracts!
Everything that u need to file your taxes 2 be a good farmer!
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We are pleased to announce we are fully integrated with @1inchExchange!!!
Just enter your ETH address and your full trade history will be imported into your account.
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We just wrapped our 3rd full tax season.
Our 4th birthday will be on November 30th.
We are thrilled to have helped such a smart and talented group of people. Here’s to the next 4 and beyond.
Much love <3
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Hard pill to swallow: NFT taxes are much easier than DeFi taxes.
The biggest issue with NFT taxes is establishing the original cost basis for the NFT.
The cost basis can be established via the mint cost or the ETH that was spent to buy it.
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As the space develops at a rapid clip, it’s worth exploring how primitives such as DAOs could be taxed.
We explore this through @radicle as an example.
tokentax.co/blog/crypto-taxe…
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We now have full historical support for the @UniswapProtocol airdrop and liquidity pool mining!!!
Just connect your ETH address and your transactions will pull into your TokenTax account.
We couldn’t go a day without launching something new :)
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We are happy to announce that we have general ERC-721 and ERC-1155 mint support in TokenTax.
This means that any NFT mint will pull into your account with the correct cost basis (0 ETH if the mint was free or the price of the mint in ETH).
Just add your ETH address!
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We are super excited to announce full historical support for our most requested integration. @synthetix!!!
Just connect your ETH address and your Synthetix data will pull into your TokenTax account.
This includes issuing, burning, claiming, and trading!
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We’re thinking about doing a few defi/crypto tax clubhouse sessions soon.
Who would want to join? Any traders or users that have questions they want answered?
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