How Taxes Work for Crypto Margin Trading TokenTax

For taxes report: Do you plan to improve your CSV export to separate Margin trades?

Hello, I have a big issue with the way the trading reports (or balances) exports are made.
The regular trades and margin trades are all together with no differences.
I made more than 10 thousands trades over the year and I do not declare the regular trades (taxes as regular income where I live) like the margin trades (taxed as Capital gain - so lower).
It's impossible to make a proper tax report with the way the trade history is handled. We should have the possibility at least to have a report for all margin wallets and a report for exchange wallets.
Also the borrowing fees do not appear in the trading reports which make things even more complicated.
Do you plan to have a better system any time soon? The year end and in Q1 2018 many people will need to report their profits
Thank you
submitted by Necka44 to bitfinex [link] [comments]

Crypto Tax Software that supports Bitmex Margin trading?

I need one that's affordable under $500. Currently paying $1500
submitted by PCftwConsoleFTL to Bitcoin [link] [comments]

Quadriga Monitor's Report: Quadriga kept no records, paid no taxes, transferred customer's coins to third-party exchanges, and lost most of it margin trading. (plus embezzlement!)

submitted by gamblekat to Buttcoin [link] [comments]

Bitfinex and US taxes

Can anyone suggest a way to deal with margin trading taxes on fines last year? Coin tracking doesn’t support it.
I’d also be interested if someone can suggest a really good US cpa that could figure out a giant mess of crypto taxes.
Thanks for any help. I’m feeling pretty overwhelmed and don’t know how it’s gonna be possible for me to calculate everything across so many exchanges. Bitmex also seems really tricky
submitted by maxpainpays to BitcoinMarkets [link] [comments]

Day trading on Margin Account. Any potential issues in the longer run with the tax dept?

Hi,
Sorry if this is a noob question but I read all possible resources online/personal finance sites but could not get a satisfactory answer.
I have been doing some day trading on my margin account for over a year now. Not every day but few trades in a week or sometimes even just a few trades in a month. I have made some nominal profits.
I reported capital gains in my returns (took the help of a CPA in calculating the ACB value and calculation of taxes on capital gains). It was nominal.
My question is if I continue to do day trading and maybe increase the frequency of trades, can it create issues for me in the future with the tax dept? I will make sure to report all capital gains correctly. Will a large number of trades attract any undue attention. I trade a few thousand in day trading ~15k CAD at a time.
Can the CRA raise any objection seeing the volume of day trading? I believe mine is still very small to more experienced traders/professional. But just wanted to make sure that these small gains do not unnecessarily result in issues in the longer run.
And yes. I do not day trade on TFSA/RRSP accounts. Only the margin account.
I would be very grateful if the more experienced folks on this amazing subreddit share their opinion/advice!
Thanks a ton!
submitted by meetneo911 to CanadianInvestor [link] [comments]

How Taxes Work - Crypto Loans, DeFi, and Margin Trading

How Taxes Work - Crypto Loans, DeFi, and Margin Trading submitted by stratguy56 to ethereum [link] [comments]

06-23 21:44 - 'Crypto Tax Software that supports Bitmex Margin trading?' (self.Bitcoin) by /u/PCftwConsoleFTL removed from /r/Bitcoin within 112-122min

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Paying $1500/year with tokentax. Does anyone know one that's more affordable? :(
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Crypto Tax Software that supports Bitmex Margin trading?
Go1dfish undelete link
unreddit undelete link
Author: PCftwConsoleFTL
submitted by removalbot to removalbot [link] [comments]

How Taxes Work - Crypto Loans, DeFi, and Margin Trading

How Taxes Work - Crypto Loans, DeFi, and Margin Trading submitted by stratguy56 to CryptoCurrencyTrading [link] [comments]

How Taxes Work - Crypto Loans, DeFi, and Margin Trading

How Taxes Work - Crypto Loans, DeFi, and Margin Trading submitted by stratguy56 to LitecoinMarkets [link] [comments]

How Taxes Work - Crypto Loans, DeFi, and Margin Trading

How Taxes Work - Crypto Loans, DeFi, and Margin Trading submitted by stratguy56 to btc [link] [comments]

How Taxes Work - Crypto Loans, DeFi, and Margin Trading

submitted by cryptoallbot to cryptoall [link] [comments]

Margin loan trading fees for tax?

Margin loan charges, extra money per trade in addition to the brokerage. Would this charge by added to the cost base or would it be claim as a deduction at tax time?
submitted by DownUnderPumpkin to ausstocks [link] [comments]

How to calculate cost basis on margin trading?

I'm writing a program to figure out my taxes owed for 2017 and also to understand when my crypto purchases are eligible for long-term capital gains. I did some heavy margin trading and I'm not sure how these trades should be calculated.
Let's say I bought 100 ETH in March 2017. Using FIFO, these would become long-term capital gains in March 2018. Easy peasy.
Let's now say that I margin traded on borrowed USD (went long, closed position, rinse repeat) for more than 100 ETH later in that year.
If I'm using FIFO, when I close my position (sell ETH) does this change the long-term capitals gains date of my initial pool of 100 ETH? Or is margin trading treated completely different in it's own separate pool?
Any advice in general in calculating margin trading taxes is much appreciated. Thank you!
submitted by _otpyrc to CryptoTax [link] [comments]

Paying taxes on profits from crypto margin trading site

I was lucky enough in 2018 to make some good trading calls on a popular crypto margin trading site (enough to consider retiring). I realize most people here aren't fond of either leveraged trading or bitcoin, so I'll cut to the chase: How do I show the IRS in good faith that I'm willing to pay taxes on all my gains?
As a recent college grad with an ok job, I haven't had to touch any of the money yet, but I can't say it hasn't been tempting. Being pretty stupid, I did not keep a transaction/trade history on the dozens of trades I made per day (nearly every day) in 2018, but I'm willing to pay even half my total sum if it keeps Big Brother off my back. I was too paranoid NOT to make a throwaway so here we are.
UPDATE: Looks like getting a CPA is the best option here. I'll make sure to backup the balance change history I have. Worst case, I'll pay short-term capital gains on the entire sum. Thank you everyone for your help!
submitted by zestylemon4 to personalfinance [link] [comments]

looking for tax software that supports margin trading and unlimited trades

those are my 2 big requirements, can't find anything that works. need to support 50k+ trades as well as margin trading on bitmex, deribit, okex
submitted by I_SUCK__AMA to CryptoTax [link] [comments]

[uncensored-r/BitcoinMarkets] Bitfinex and US taxes

The following post by maxpainpays is being replicated because some comments within the post(but not the post itself) have been silently removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ BitcoinMarkets/comments/7y85w3
The original post's content was as follows:
Can anyone suggest a way to deal with margin trading taxes on fines last year? Coin tracking doesn’t support it.
I’d also be interested if someone can suggest a really good US cpa that could figure out a giant mess of crypto taxes.
Thanks for any help. I’m feeling pretty overwhelmed and don’t know how it’s gonna be possible for me to calculate everything across so many exchanges. Bitmex also seems really tricky
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Opened a TFSA but traded in Margin account [Taxes]

In 2016 I opened a TFSA and followed the online brokers instructions of how to open and fund the account.
The first email said to send funds to account 12345 which I did and it was a success to create the link (verification). Then I received an email about account 12345 and account 56789. I recall calling the broker about the 2 acounts and was simply told I could trade from both. I don't have a recording of the call and have asked them to find it but they said their records don't go that far back.
With their answer I didn't think anything of having 2 acounts opened as I had only filled out paper work to open a TFSA. I sent funds to account 12345 as this is how they had first told me to send money, turns out it was a Margin account. I've traded in this account ever since.
Last week I received a letter from revenue Quebec asking about trades I have done in 2016 and why I haven't declared them and paided taxes on any gains. I spoke with revenue Quebec and they said it's possible to have the broker correct previously issued tax statements they sent. My broker is saying it's not possible and have not admited fault in the matter.

Do I threaten legal action vs the broker? Should I do that once I get the tax bill?
Once I submit my trades to revenue Quebec I will get a tax bill which I can challenge, is it worth it or should I pay the taxes and try to pass them along to the broker?

I'm not sure of the amount of money but I would think around 1k in taxes with the 6% anual penalty.
Please help!
submitted by datanner to legaladvicecanada [link] [comments]

Any economist will tell you that you can't raise money by taxing high frequency trading. Taxing it stops it because the margins are so low. Which is fine, but can't fund anything.

Any economist will tell you that you can't raise money by taxing high frequency trading. Taxing it stops it because the margins are so low. Which is fine, but can't fund anything. submitted by Mrs_Frisby to Enough_Sanders_Spam [link] [comments]

Complicated Bitcoin Tax Scenarios & How To Fix Them! (BitMex margin trading, mining write-offs, Bitcoin forks, Arbitrage bot traders, Bitcoin IRAs, and more!)

Complicated Bitcoin Tax Scenarios & How To Fix Them! (BitMex margin trading, mining write-offs, Bitcoin forks, Arbitrage bot traders, Bitcoin IRAs, and more!) submitted by stellarowl12 to Bitcoin [link] [comments]

David Dayen: AOC's 70% marginal tax rate won't pay for much. We should reverse corporate and inheritance tax cuts, tax stock trades, treat capital gains as regular income, tax existing wealth, or even print more money (modern money theory).

David Dayen: AOC's 70% marginal tax rate won't pay for much. We should reverse corporate and inheritance tax cuts, tax stock trades, treat capital gains as regular income, tax existing wealth, or even print more money (modern money theory). submitted by nirslsk to LeftWithoutEdge [link] [comments]

Complicated Crypto Tax Situations And How To Fix Them! (Margin, IRAs, DeFi, Masternodes, Arbitrage trading, and much more)

submitted by stellarowl12 to bitcointaxes [link] [comments]

Complicated Crypto Tax Situations And How To Fix Them! (Margin, IRAs, DeFi, Masternodes, Arbitrage trading, and much more)

Complicated Crypto Tax Situations And How To Fix Them! (Margin, IRAs, DeFi, Masternodes, Arbitrage trading, and much more) submitted by stellarowl12 to CryptoTax [link] [comments]

Marginal and average tax rates - example calculation - YouTube Income tax rules for stock market trader HOW TO MARGIN TRADE ON BTCMEX EXCHANGE Trader Taxes: Your Guidebook To Paying LESS📓 - YouTube ACCOINTING Explains - Episode 14. Crypto Margin Trading Fees

ON MARGIN TRADING AND TAXES: Margin traders are constantly making short-term capital gains and losses, and thus they are subject to the short-term capital gains tax (both its rate and the requirement to report trades and pay quarterlies). Meanwhile, those who simply hold crypto avoid this and, if they hold long enough, can enjoy long-term ... Margin trading taxes for Bitfinex and Poloniex are a little more complex, but for our Pro and VIP level users, we’ll handle the calculations for you. We can also account for lending interest income and liquidations. Get Started Margin is the amount of money needed to open a leveraged trading position. It is the difference between the full value of your position and the funds being lent to you by a broker or leverage provider. There are two types of margin to consider when you’re trading: initial margin and maintenance margin. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Crypto margin trading taxes in the United States. If you’ve ridden into the depths of margin exchanges like Bitmex, then you’re probably wondering how to handle your taxes. If you lose assets in a margin call or liquidation, those detract from your margin profits. Crypto lost in margin trading either via closing a position at a loss or a ...

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Marginal and average tax rates - example calculation - YouTube

Your A to Z on margin trading with Binance. Learn everything from opening your account, how to long and short and how to repay margin loans. Subscribe to kee... Charlie gives a walkthrough on how to pay significantly less in taxes as a trader. He talks about how trades are taxed, how different business structures can... Avoid Paying Taxes Legally!!! The Power of A Home-based Business ... HOW TO USE FIBONACCI RETRACEMENTS FOR MARGIN TRADING ON PHEMEX EXCHANGE - Duration: 5:16. SHILL GATES 1,577 views. 5:16 ... If your stock market trader or you are trading in stock market based on margin money or you are trading in futures and options then this video will help you safeguard you all from income tax rules. Marginal and average tax rates explanation. For Unit 6, www.inflateyourmind.com by John Bouman. Made with Explain Everything

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