BearTax Demo – Cryptocurrency Tax Calculation


Hey welcome to BearTax! so if you go to
www.bear.tax and click on register so you can sign up for the application you need to give
your first name last name and then your email id valid one where you need to
verify and a password so once you sign up you get a confirmation email which on
clicking the activate button which says thank you for signing up with pay tax
just click on the activate account which activates your BearTax account and now
you are good to sign in so use the same email id to log in and then the password
you are in so once you are logged in there’s a home page where you have a
dashboard and the top three tabs is where you do all your things so upload
transactions calculate gains so first is get started let’s get started but we
just click upload transaction so it takes you to the next tab upload
transactions so here we have all the APIs that we can connect and all the
exchanges that we can manually upload the CSV files if you have no files
loaded you’ll have like no file stored then you can refresh if you have already
uploaded so on the right side you can see the guides where you can connect to
your various exchanges so here’s a guide for granting the coinbase
how you need to authorize and authenticate and then the GDAX how you
need to get the api keys and secret and passphrase and how to upload it into the
bay attacks similarly a guide for Poloniex how to get the API keys and
upload it onto the BearTax yeah so let’s try uploading our coinbase so I
click on coinbase button then it takes me to the coinbase my neck of my
account is already logged in so it asked me to authorize with specific
permissions the read-only access and you need to
check the URL that it is showing up so it should be app.bear.tax with
HTTPS so once we authorize it it comes back to the BearTax saying like it would
take some time and you will be informed once it is done so close it so it will
be in progress it is showing like it’s importing so many transactions from
coinbase and then meanwhile you don’t need to
wait for it you can just go ahead and enter other other exchanges API keys and
secret and then continue importing transactions from there so input your
transactions from so we are using our test credentials for Poloniex so we gave
the API key and secret click on proceed so yeah we scheduled our jobs to fetch
your data securely from Poloniex using API key and secret and yeah as you can
see it shows like it’s in progress so any transactions that you import any
exchanges that you connect will be shown in that middle row so let’s go and do
from finance so will be give the API key and secret fetch it
then again the jobs are scheduled to fetch it securely and you’ll be informed
so it shows that it’s loading and it also shows like what exchange what
trading pair is it switching currently so yeah GDAX you can give your key
secret and passphrase for Bittrex you can give API key and secret and also the
file so you can read through the instructions there so bitters has
special instructions where you need to give API key and secret which fetches
only withdrawals and deposits and you need to upload the CSV for trades so we
never store your API key and secret you’ll need to enter every time you want
to import this for your security and we only ask for read access so you refresh
it to see now you have the coinbase completed so once
an API integration is done so you see a green check mark with a remove button
beside it so when you click remove button it removes saying transactions
that I imported from that API so yeah so now as you see the Binance is also done
so you’ll be notified automatically because we have the checking mechanism
so once you have all the APIs integrated now the third step is to go to calculate
gain and loss here you have uploaded transactions so you can see like how
many items have been imported and what are the type Buy, Sell, Withdraw, Deposit
and by coin and you can change the pagination and number of items you can see
in a single page so you can go through all of them if you would like to verify
if everything is properly imported now we have a five step process here so it’s
like you’re on upload transactions you are done second you need to go to review
where we run all these things then gain/loss info then payment and you can
download the tax forms so once we have done this uploaded transactions so we go
to review where we run through all your transactions to see like all the
deposits and withdrawals are being matched and if not we do a smart
matching we run a smart matching algorithm to put them all together then
if we have any missing transactions missing deposits for which we don’t be
couldn’t find from the exchanges maybe it’s because somebody sent you or your
trans your exchange doesn’t sub like BearTax is not supporting your exchange
then we have some orphan transactions where we don’t have deposits here we
show all those transactions for which deposits are not there this can be also
referral bonus this could be from mining which you have withdrawn from some
address things like that so yeah so you need to provide proper input proper
deposit source for these things for these transactions so that yeah and now
you see like you are going to get that so here list of transactions to be
reviewed what what does this so you have a clear we have a clear explanation of
like what actually this is and what you have to review
and why you need to provide appropriate reason so that everything can be
calculated properly without throwing you into like negative balances situation or
something like that so it could be coin-mining, referral bonus, it could be a forked coin it could be a coin that’s airdropped or you could have received it from
a friend or you have sent it from different violet or something like that
so select a source select a date and fix the transaction you are done so here
let’s try for the first one so I would go and select a source so you have
different sources here so I am selecting received from a friend which allows mod
me to give a date time where I have purchases when I have purchased this so
I can provide a time date and click on fix that’s it we update the transaction
with that date ten times four spaces and put it there so you you can also select
all and select this common source and apply for all so once you have applied
it for all you can fix all review items but here like first one is already fixed
so we couldn’t apply that so let’s go let’s do a refresh you can see a lot of
transactions here because they’re all referral bonus or something like that so
if you can select other sources and apply it
but here since the first one is already fixed we need to refresh the screen so
let’s go to upload transactions and come back so when we come back it again
checks for orphan transaction since the previous one is already fixed we won’t
get that again so yeah for the remaining things let’s select a single source lets
it be a suit from friend apply so all the data dates are pre pre fetched
so let’s fix so once we fix all this then again we run and try to put them
all together matches and if you still see some transactions this is an
interesting case like if you are using Binance you might have got referrals
and those referrals are never shown as deposits so you need to find it without
having any deposit you will be selling some points so yeah let’s wait further this can also happen in the form of a
what do you say for coin so you are yeah so you get an email saying like action
required tax calculation status so here you’re just one step away you you have
to give the review you have to review the transactions missing sources and
then you are good to go and check your canvass information so clicking on that
review missing sources we’ll get back get you to the screen where you can
review so if you’re holding a Bitcoin on August 1st 2017 in an exchange like
coinbase you would have got Bitcoin cash so that’s a forked coin and you would be
able to sell it so there is no where it shows it as a deposit so but you would
have sold it suddenly there is a transaction which is sold so we need to
find a deposit for it so such kind of deposits will be shown here where you
need to accept that you have either guarded by referral bonus or for coin or
it’s an a drop one or it’s kind of an earning for holding other coins like
near for holding near you get gas so you you would have balance of gas which you
can sell at a latter stage so that sell transaction will have a missing deposit
so for which you need to provide a source so that’s that’s the information
that’s given there there’s a list of transactions for which we couldn’t find
in the deposits or buy orders so every cell should have either deposit or buy
order so if you don’t have that we’ll show it here so you need to agree by
checking the box over there and submit it yeah you can read through it it’s
pretty intuitive so you’ll have all the information there so once we check that
box and submit it so it again tries to match all of them and set them properly
in the database were different now we have every transaction a by and a cell
or a deposit and cell or referral and the cell so every every
cell transaction has a source no so there is no missing sources that means
no negative balances which is much better like you on other platforms you
get like negative balances which is like more confusing and you don’t know what
to do yeah now now it takes some pausing time so it takes some time to compute
match all these things and come up with the gain loss information so hold tight
and you will see the gain loss information you gain loss information is
done calculated and ready to view at the same time you receive an email if you
are not on the platform if you can further tab earlier congrats you give
your gain loss status so here you have a success message you go ahead and view
your gain loss woohoo we have the gain loss information so yeah you you have
the without paying anything like even a single penny you can see this dashboard
here so all the information like the summary information for each coin how
much is your profit how much is your loss how much you made and gains or how
much you lost what’s this this that these are the taxable gain and loss is
based on your FIFO calculations so till here it’s all free you don’t need to pay
anything so only thing once you have failed you will get some more
information so this is a difference so till you have paid you get only the
summary so payment is simple so based on your transactions you will be shown like
what’s your plan so when you click your credit card is process securely by
stripe so we don’t store any credit card information on our servers so yeah this
whole screen is presented by stripe so if you have a coupon code you can enter
that and you will be shown like I’m out of charge that your card will be charged
today then yeah you can just pay and come back to gain loss info to say more
details so the details that you see here are like actual transactions that are
taxable so what is the quantity that you have
bought sold on which date and what price like what is the total amount that’s
been involved and what is the short-term gain type of gain short term long term
and where it’s gained not loss so you can see for different coins when you
have an audit you have to show all this information so that’s why we give all of
this so on download tax forms yay this is the final screen where you can
download your tax forms so that’s eight nine for nine capital gains form or you
can download a CSV so when you click on download eight nine four nine so you get
the form if you see the form you have it is the capital gains form that you have
to include in your tax filing so it has the information short term and what kind
of thing and all the coins that you have traded with their acquired date and sold
a total proceeds and what’s the gain or loss that you made and things like that
so that’s a detailed form that you can include on your tax returns or other way
is you can download CSV if you want to send it to your CPA or if you are in a
country that’s not us and you need to use these numbers then you can happily
download the CSV you have all the information for each coin here
everything that you have seen in the previous screen the acquired a quantity
date time and total pussy is quinoa someone whether short term or long term
so this information is like used for audit purposes or to sending for CPA for
him to upload into a custom software or something like that yeah

One thought on “BearTax Demo – Cryptocurrency Tax Calculation”

  1. hey Vamshi I've been using bear tax and have uploaded all my exchanges except one I'm having trouble downloaded a csv file for my huobi trades is there any way you could help me upload them or some advice on how to get a csv file from huobi ?

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