Poloniex Profit/Loss Tax Reporting Made Easy

Poloniex Profit/Loss Tax Reporting on your Bitcoin and Digital Currency holdings is more than just exporting the Trade History and Lending history spreadsheets from Poloniex… This kind of accounting is complicated, especially after thousands of trades across dozens, or even hundreds of different digital currencies!

The EASY way Track and evaluate your Poloniex Trade Profits and Losses, and easily create a full reports you can attach to you Tax Return.

CoinTracking: Track up to 200 trades for free – AND – get a nice 10% discount for all Account Upgrades.

It would take an unknown number of hours for a bookkeeper to manually calculate and report the gains or losses made for each individual trade, converted to Canadian Dollar, my local fiat currency.

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Track Your Poloniex Profit/Loss

Knowing that thousands of other traders are facing this same dilemma every year at tax time, I’m very happy to share the CoinTracking Profit/Loss Portfolio Monitor and Tax Reporting Tool for over 4000 Digital Currencies.

This online cryptocurrency trade tracking and tax reporting software is available in many languages, and can adapt to the laws, financial statements and forms of different countries.

Profit/Loss Portfolio Monitor

  • Interactive charts for trades and coins
  • Calculation of key indicators
  • Profit / loss, coin value & balances
  • Realized and unrealized gains

The Portfolio Manager Dashboard contains quick links to the main data about all your trades and holdings:

· Trade Statistics

Profit / loss and total value for all currencies in CAD

· Trade List

All your CoinTracking transactions. Click on the blue plus in a line to display additional details. Use the search or the advanced search to find specific trades.

· Trade Prices

A list of all trades with the respective converted trade price in BTC and CAD on the time of each transaction. Useful for miners to get the Fiat prices for each deposit.

· Current Balance

The current balance for all currencies you own, including your total amount, your current value in CAD and BTC and the market price.

· Daily Balance

All currencies value by day in CAD

· Balance by Exchange

All currencies with their amount and value grouped by Exchange or Trade-Group. Trade-Groups can be set on the Enter Coins page by switching the table view to “Extended”.

· Balance by Currency

Details for all your coins and currencies including trades, amounts, values and volume, grouped by month or by year.

· (Un)realized Gains

Current unrealized and realized gain calculation for all your currencies including a coin-grouped summary. Unrealized gain is the amount you would get today if you sell all your coins. Realized gain is the amount you’ve already achieved with your sales.

· Average Purchase Prices

Shows you whether you would be at a profit (indicated by the color green) or a loss (indicated by red) if you sold those particular coins.

· Short & Long

Calculation of tax-free coins (Long) and taxable coins (Short) for a specific date and period by FIFO.

· Fees

All your trades that include a fee, including the calculated fee value at transaction and the current fee value.

· Double-Entry List

All transactions including deposits, withdrawals and fees, split according to debit and credit. Use the search to filter individual types, such as fees or sales.

Tax Reporting Tool

CoinTracking will calculate all your trades exact to the cent and prepare them automatically, so that they only have to be attached in the tax return for Tax Declaration.

Canada CRA and United States IRS compliant with variable parameters for all countries.

Generate a Capital Gains Report in a format that is already prepared for accountants and the tax office!

As I’m learning more about reporting bitcoin investments for tax purposes, and starting conversations about CRA in Canadian Bitcoin Forums, I want to learn if the ‘tax-free coins’ classification applies within Canadian Tax Law.

Frequently asked questions about Bitcoin and Taxes

I bought some things with Bitcoins directly, do I owe taxes?

When doing my Taxes, do I have to report every thing I buy with Bitcoin?

I have not liquidated any of my Bitcoin so I did not report any capital gains on any of my crypto holdings on my taxes. Am I am breaking the tax laws?

Be sure to check out https://bitcoin.tax/faq for answers to these and other questions about bitcoin.

Daily and Realtime Poloniex profit loss reporting
Automatically calculate profit loss on poloniex
Poloniex trade reporting – Beyond Export Complete Trade History.

Disclaimer: The information I provide is for general information purposes only. Please read our Terms. In addition to educating yourself with articles like this, you should always seek advice directly from a trusted professional before making any decision or taking any action on accounting, tax and financial matters.