I had a quick chat on Twitter with a reader about the new Bitfinex CSV reporting system, and I gave him a shorthand guide for using their CSV to collect the necessary tax information. However, there’s been a lot of buzz about Bitcoin and taxes, and so I thought I’d put together a quick video walkthrough showing how I’d done it. I’ve also provided the formulas I used to derive the data we need. Advance notice before you watch: I’m not a tax professional, and while I’m confident this is a fair and honest method of determining your tax liability, I am NOT as confident that it is a “by-the-book” way. The new IRS tax reporting guidelines for Bitcoin are a strange animal, and while my results at the end of the day are similar or identical to what their system would create, I don’t arrive there in necessarily the same way. In addition, this is the first video I’ve done for TheBlogChain, so I’d love feedback on the format in general. I hope to do more in the future.
How To Use The New Bitfinex CSV Function
As mentioned in the video, the formulas I used for this:
I hope you found this video guide to the new Bitfinex CSV system useful. Comments appreciated–especially please let me know if you have any difficulties or if you think I’ve made a mistake!
If you stayed until the end of the video and are interested in getting in touch with me, go take a look at my Contact page.