Welcome to BitBoy Crypto!
My name is Ben.
Today, we're going to be talking about your favorite thing,
and my favorite thing.
Taxes!
Yay.
They're fun.
In all seriousness, though,
it's something you have to pay attention to.
There's not anything out there that can probably get you in more trouble in the world of crypto
than doing your taxes wrong or really not doing them at all.
As long as you make your best effort,
you know, chances are you're not going to get in trouble,
but you've got to be really careful when you're doing your taxes in crypto
because they're very complicated.
I've spoken with a lot of crypto tax professionals out there,
and the fact is there just aren't really that many crypto tax professionals.
There's tax professionals that can help you with crypto,
and then there's some crypto guys who know a little bit about taxes,
but really doing both is very hard.
So the way most people get around this is by using a third party software.
So, today, we're going to be taking a look at CoinLedger.
This video is sponsored by CoinLedger.
So shout-out to them for sponsoring the channel.
And we're going to take a look at what people are dubbing the TurboTax for crypto.
And a lot of what's going on here with CoinLedger is going to be automated.
So you're going to be able to plug up your wallets.
You're going to be able to see your taxes.
You're going to be able to see your gains, see your losses,
calculate your taxes in fiat and much, much, much more.
It's a really easy, simple process.
And the best part is here,
as you can see, we're on coinledger.io,
is it's completely free!
Well, most of the stuff.
Once you actually download your tax reports,
that's the only time you're going to pay.
You're going to see the amount of money that's going to be.
And for a lot of you guys,
you see here,
it's not just cryptocurrency but also NFTs.
For NFTs and DeFi, it's very complicated to do the taxes for.
It's going to be automated inside of CoinLedger as well.
And you may be thinking to yourself,
"Well, I use this tiny little wallet. Could this work?"
Well, it works with over 500 different wallets and exchanges.
And it's all done through API and automated.
They make it really, really simple for you.
And that's key.
Like I said earlier, they call it the TurboTax for crypto,
but TurboTax is actually an official partner of CoinLedger.
And you can import everything from CoinLedger over to TurboTax really, really easy.
See, you get your crypto taxes done within minutes.
Everything being automated is really so important.
You know, within what you have to do with taxes.
So this here is coinledger.io.
Now, you may have previously known CoinLedger as CryptoTrader.Tax.
As you see here right at the top, they have rebranded.
You guys can see more about the products here,
how it works, the tax reports, the software,
what it integrates with.
If you wanted to learn more about crypto taxes
because, you know, doing your taxes isn't enough,
you want to learn every single thing about it because you're an extremely boring person,
then here you go.
You can do that here.
So, here, you can see they've got a sample report,
you can get started for free or watch how it works.
We're actually going to dig into the actual app itself,
but just a little bit more here,
you see, you know, 300,000 crypto tax investors have used it,
including this guy with his great beard.
I mean, can you really go wrong with anything that this guy trusts?
And look at this girl.
She's so happy to have done her crypto taxes.
So here's a little bit of how it works.
You import your transactions, preview your report, generate your reports.
And we're not going to spend too much time on this
because we're going to actually--
and you guys can see here a lot of the things that they work with.
But we're going to move straight into the app.
So here we go.
Okay. So, here, we're on the Import page.
This is when the app--
this is once you sign up,
once you actually have an account, this is where you will go.
You can see over here,
now, this is a sample demo account I'm going to be showing you guys.
So, here, they've got Coinbase, Coinbase Pro and MetaMask.
They've got plenty more integrations in that.
Come down here and click Add Account.
You guys will see you can add all kinds of different things.
If you want to find out where all your money went on Celsius,
just click Celsius and there, boom, it adds right over here to the left hand side.
So these are going to be all of your transactions here.
And you can see you can sort them in ascending or descending
if you want to go in order by date, one way or the other.
You guys can see, on September 28, 2022,
this account bought 1.437 Solana.
It was worth $48.
I think, right now, it's probably worth $7.
I'm just kidding.
It's probably worth a little bit more than that.
But anyways, the point is that was right before everything started falling apart
for FTX and Solana,
so maybe not a good time to buy Solana.
So this guy, you know, who was making all these transactions,
he was a big Solana and Ethereum fan.
Poor guy. Poor guy.
But you guys can see they've got Auto-Import here.
You can add them via API, if you know how to do that.
Now, if you want to download the history from an exchange and upload it that way
instead of connecting through API, you can do it right here through Upload File.
Check out your import history over here.
When you're ready to move on, when you've got all your transactions in,
you just click Review.
And this over here, as you can see,
this one, there's something wrong with this transaction,
so you'll see it's going to have a little caution arrow.
"Missing Cost Basis. Click to review."
So you'll click this.
And so if there's a transaction that's questionable,
you'll be able to go here and check out what the issue is,
and you can see what the impact against your taxes is going to be.
So that's to review.
Let's see.
We're just going to--
we're going to ignore this for now,
even though I wouldn't want to do that in real life.
And there we go.
Click All.
And then you scroll down here and all the way to the bottom of the page.
So you see here, it's got all of your transactions.
You got the one reviewed here.
Here, you can--
if you want to not click here, you can also click here,
and it'll show you what this means.
You can reduce your gains by fixing the missing basis.
So it shows you why you really want to do that.
Once you got all your transactions in, and you've reviewed all your transactions,
and you feel comfortable with that, you just click Tax Reports.
And here, it'll show we made $8 of total income.
We lost $1,245 in capital gains.
Now, obviously here,
it shows Upgrade to Unlock, Upgrade to Unlock, Upgrade to Unlock.
Like I said, this is a demo account, so everything's not unlocked.
So if you want to figure all this out and download these tax reports,
you just upgrade here.
This is what I was talking about you would pay for earlier.
And like I said earlier, once you have these tax reports,
you guys can see over here we got the IRS form, tax filing software and CSV reports,
you can either download these and import them directly to TurboTax,
or if you want to add a tax professional over here,
you could come up here and put in your tax professional's name
and his email address, or her email address,
and they will be connected right into your CoinLedger account.
Makes everything very easy, very seamless.
Alright. Now, through CoinLedger, we got a couple deals for you guys.
No. 1, if you want to get 10% off of CoinLedger, of your tax reports,
all you've got to do is just use promo code BITBOY,
and you're going to save 10%.
In addition, because we partnered with CoinLedger,
they're going to be giving away one free $300 tax report.
All you've got to do is click the link down below in the description,
and it will take you to the page where you can sign up for the giveaway
and you get a free tax report.
What can go wrong?
So there you go. There's CoinLedger.
Hopefully, that was very simple for you guys.
You understand how to use it.
We're getting towards obviously tax season coming up.
So don't forget to sign up.
You guys can sign up down below with links.
That's all I got.
Be blessed.
BitBoy out.