How does one export transactions from Hive? I don’t suppose Hive records the value of a transaction for cost basis and sale price?
Steem/Hive are a nightmare to manually track based on the relentless number of transactions. I also can’t figure out cost basis for tokens like LEO.
I would pay for a service that could automate these things. I currently pay for Taxbit to account for my investment crypto.
Blocktrades has exportable transactions with costs. Taxbit was able to massage that data for processing. However, I couldn’t find useful exports or a method to export from Hive. And then, adding Steem to the mix just makes it super gnarly with a cherry on top.
I think that if you treat Hive as a business, you need to factor in bookkeeping as part of the work. It’s a job in itself until there are tools to automate it.
Yes, bookkeeping is most definitely part of the job description. In the video, we talk about how transfers don't count but the sale of crypto into another crypto counts.
So I guess the best method is to track the times when you sell HIVE (or LEO/hive-based tokens) into another currency and your cost basis/profit for those.
It's honestly a pain in the ass and we need better systems in place from both a regulation standpoint and from an exchange standpoint. The technology exists for automating this stuff, it's just about implementation.
Posted Using LeoFinance
I was about to start learning Python. Would that help me automate something?