Coinbase put out a status update on their blog detailing some changes/updates they’re making to their platform here. One of the things mentioned is a new tax tool to help make it easier for customers to report their cryptocurrency trades for taxes. So far there aren’t a lot of details on this. Hopefully it applies to GDAX as well. Interestingly, they explicitly mention they hope to make it easier for people using multiple exchanges or transferring a lot of coins to use the tool, so maybe they’ll have a nice import feature. Should be many more details on this soon.
I’m actually disgusted at services like bitcoin.tax and cointracking.info for hiking their rates up so much from last year. Last year I used bitcoin.tax and paid a flat fee of something like $20 and ran into minimal issues. This year, for the same service, I would have to pay $150, just because I have a lot of trades. The computational intensity to calculate gain on 10 trades vs 10000 trades is minimal in either case, so the hike in price is completely and utterly unjustified.
With that said, I’ve resorted to building my own tax calculation tool. Once complete, I intend on making it open-source, so others without the means to do the same don’t get scammed out of money for tools that are mediocre anyway.
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