Free Crypto Tax Calculator

Рет қаралды 1,270

Күн бұрын

Here is a free crypto tax calculator I have created that anyone can use. I created this free crypto tax software since there are no other free available ones that allows us to book our crypto transactions, NFT and airdrop transactions across multiple blockchains. This tax tool even allows us to deduct our transaction fees directly in the booking process. In this video I show you how to use this free crypto tax tool and were to get it.
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0:00 Intro
0:49 Free Crypto Tax Calculator
1:50 How it works
6:24 NFT Tax
7:01 Crypto airdrop tax
My videos are not financial advice and neither investment advice. I am only sharing my opinions and educating on crypto-related contents. You are responsible for your own investments.
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Пікірлер: 27

@saeidchaab6660 4 ай бұрын

Tack för videon och Excel-filen, de var precis vad jag behövde. 🙏❤

@NordicCrypto 4 ай бұрын

Thank you for your comment! Awesome to hear it will be used!

@terrelld7429 4 ай бұрын

Great video. I'm going to give this sheet a try. I think this will be very useful for me here in the USA.

@NordicCrypto 4 ай бұрын

Thank you! It will definitely! It works anywhere in the world. It's about manual input and thereby is not bound to any regional applications. Each country's laws and tax percentages must however be applied of course

@randystogner5466 4 ай бұрын

Thank you

@NordicCrypto 4 ай бұрын

Thank you so much!

@jhermans7297 4 ай бұрын

Takk... Hva med transfer til / fra wallets og swap..? Blir som nye BUY og SELL da tror jeg?

@NordicCrypto 4 ай бұрын

Good questions! When sending crypto there is indeed a transaction fee. To book this we can simply duplicate a new coin sheet and call it "sending coins". There we can add a buy of one coin and sell that coin immediately (add a buy & sell transaction to even out the amount of tokens) but have the transaction fee in place. That way we can calculate our transaction fees only when sending crypto.

@sparadefilmer3326 4 ай бұрын

Great video, As I understand it, this is valid for private persons. What is different if one choose to run this activity in a Ltd company (AB)? As I understand, you can handle all purchase and sells a you do in your sheet, but the mining income you have to book as profit, at the time it occur, meaning possible profit will be handled as example 100 FRY x today value. Than this amount will be the purchase value when sold?

@NordicCrypto 4 ай бұрын

Interesting question. Running a company you book costs and all sell activity. So, whenever you buy mining hardware you book it as costs of course. And whenever you get crypto coins you will need to book it as company income. Don't know if there are any certain income tax percentages for companies in Sweden mining crypto. That you will need to check so you get right percentage. Then simply apply that percentage and you are good to go

@chris_in_limbo 4 ай бұрын

great guide and info, ima gonna have to hand this over to a pro though, numbers and taxes are a nightmare for me. 😅

@NordicCrypto 4 ай бұрын

It very fast turns into a nightmare if it goes out of hand! That is why I always make sure to book every transaction always. That way I never need to worry about it. Best of luck to your pro! Whoever it might be, they might need it :_D

@Nillet 4 ай бұрын

hur bokför du miningen? typ Fry och ETCPOW?

@NordicCrypto 4 ай бұрын

Crypto mining goes for me In Sweden under "income tax" and are declared in another area, so we need to make sure we separate our mining earnings (income) from investment profits. However, since for us the tax percentage is the same 30%, we can simply use this excel calculator to calculate our crypto mining income as well. The only thing we need to remember then is to make sure we name the sheet for mining with something like "Crypto mining". Because at the last step, when I show how to calculate everything to get an overview of the total taxes to pay, then we should not include to add the mining profits to the sum (because those we need to handle separately). So then I would sum everything regarding profits from investments/sum losses from investments and calculate the total tax for potential "profit tax". Then I would do the same but for the "Crypto mining sheet" to see the total income tax needed to pay for the mining. The booking of crypto mining events I do the following. I begin by creating a new mining sheet called "crypto miners". The second the mined coins arrive to my wallet, then 30% of what those coins are worth will need to be paid in income tax here in Sweden. So let's say my fry camera miner gives me 100 fry tokens. Then I would add a transaction under the "BUY" section. That I got 100 tokens, the price I set to "0", and I type in the "Transaction ID" cell which crypto miner, which token and transaction hash (to keep track of which miner/token). Then directly, I add the following in the "SELL" section. I enter in a sell transaction of 100 coins, the price is set to the FRY tokens current price. And then the calculator will perform the calculation. This will look like I sell all my mined Fry tokens instantly (even though I might not sell all the tokens). So this specific "crypto miners" sheet should only be seen as a tool to calculate income tax on mining, and will not be an accurate representation of what we actually do with the coins (if we decide to hold some of them). Then, at the end of the year, when I sum up all my income tax from mining, I use the 30% income tax (for me in Sweden), and the calculator will calculate that 30% of all the mining profits I have made during the year. So, the "crypto mining" sheet is not an accurate sheet of how many coins you hold/sell, it can be used the above way to simply book all mining events and calculate the total income tax for it. But if we decide to hold some of the mined coins, see below. If one decide to hold the fry tokens for a longer period of time (the 30% income tax for mining is taken anyway like above and should therefore always be booked in the "crypto miner" sheet). But if I decide to hold some of the tokens for a longer period of time, and if I then sell the tokens to a higher price than what I got it for, I need to pay profit tax on that price increase. So then I need to compare the inbound value of the fry tokens I decided to hold/outbound value of the fry tokens sold and add both those transactions to a separate normal coin sheet, called "Fry Coin" or something similar. The "Buy" transaction price should include the number of coins you decided to hold, the price should be set to "0". And the sell transaction should simple show a normal sell transaction of how many coins were sold and to what price. Hope it helped! Might need to make a separate video on this.... /Nordic

@kryptokingen 4 ай бұрын

Any tips on what to do if you have thousands of transacations from for example, copytrading, bots, mining and defi plays? Feel like tax authorities are purposely making it very hard or even impossible to utilise crypto legally. That a swap from one coin to another is a taxable event is a joke and that you only can deduct 70% of loss is plain robbery. Means you need to pay taxes even when you're making a loss.

@NordicCrypto 4 ай бұрын

You are correct and I 100% agree with you that it sucks big time. However, that is the currently reality for the country's where we need to pay taxes. One way to avoid it is to become a long term holder of crypto, never sell, move to Germany or Portugal where they take no profit tax if we have hold a token for longer than a year. Regarding your question on thousands of crypto. I would say (this is not tax advice though). Try and find the transactions that are actual investments were your intention is to invest. If you are only buying a coin/NFT and selling it the same day for it's utility I would not consider bother sending those transactions to the IRS (Tax authorities). But you can deduct transaction fees from those events. So, those transactions were you decided to make a big buy/sell, those are of more interest in comparison to the airdrop hunting transactions. The Tax authroties want to know/get tax on your big profits and does not really care on the single dollar transaction events, because that would clog their system with too much manual work if they needed to go through that. That is simply something worth thinking about! Best of luck! /Nordic

@kryptokingen 4 ай бұрын

@@NordicCrypto Thanks for the advice but the problem with this automated protocols is that they can generat quite profitable numbers, especially with leverage. Maybe koinly or something can handle it but I doubt it.

@NordicCrypto 4 ай бұрын

This calculator here is not automated and mainly manual (which is what I like about it). Koinly's system is purely automatic and miss a lot of transactions, which is why I don't think it's usable

@kryptokingen 4 ай бұрын

@@NordicCrypto Yeah, it does and it also can't tell what's a sell or a by or a transacion in all cases. I'm sure your calculator does a very good job but when you have thousands of transactions in dozens of cryptos on dozens of platforms it's not really possible to do it manually, unless you hire like hundred accountants full time, so I guess we're back to that it's not possible to do it the "right" way I'm afraid 😅