Hi everyone,

I’m honestly wondering which tax tool I should use. I’ve already tried quite a few, but so far, none of them have really impressed me or fully met my needs.

I know that these tools are not tax advisors and are not supposed to replace them. What I would like, however, is for my data flows and transactions to be captured and classified for tax purposes, regardless of which chain or DeFi protocol they come from.

It would also be great to have some analytics and portfolio-tracking features. I want to be able to see and understand my positions, the growth of my portfolio, and how it has evolved over the years.

At the end of the day, every transaction is essentially just a data flow, and I want to be able to track and document that flow properly.
Feel free to let me know which tools you use or share your experiences. I’m honestly getting close to just building my own tool.

Getting more questions about clients who receive payments in USDC or hold digital assets, and I'm trying to understand how firms are actually processing this rather than what the software vendors claim.

For those of you doing it:

• What do clients hand you? Exchange CSVs, wallet addresses, a spreadsheet they built, screenshots?
• How do you get it into QuickBooks or Xero — manual JEs, an import file, one of the dedicated tools?
• Roughly how long does one client's month take compared to a normal bank feed?
• What's the part that eats the most time? I'd guess identifying transfers between a client's own wallets or nailing down cost basis, but curious what actually breaks.
• If you use Bitwave, Cryptio, Ledgible, CoinTracker or similar — what still doesn't work?

I have been reaching out to Summ support team via chat and email and sent multiple messages over the past 3 days and have no response. I'm posting here in the hopes that I can get their attention. As a paying customer I would expect better support.

My account balances are all showing $0 and transactions are not displaying after I attempted to sync my accounts. I attempted to reconcile some transactions using the MCP server. I'm not sure if this caused the problem, but I have a full session log and issue report ready to send to them. It contains sensitive information, so I would only send via official channels.

I will post an update here later on to share the resolution. - cheers

Update TLDR: Summ support has been in contact and apparently it's not an issue with the MCP session, but possibly a back end issue. Everything appears to be in order now and I have not lost any data. Thanks to JustinCPA for reaching out below also!

Do crypto tax rules make people less likely to spend their crypto?

It feels like spending or swapping crypto can create extra tax paperwork, which makes holding it seem much easier.

Do you think simpler tax rules would lead to more real-world crypto use?

Planning to register as an Individual Entrepreneur in Georgia with Small Business Status (1% tax rate).

I understand crypto trading is 0% tax in Georgia for individuals.

My questions are specifically about Polymarket:

1. Does Polymarket income fall under the same 0% crypto exemption in Georgia, or is it classified differently — gambling, financial instrument, something else?

2. If trading Polymarket through an automated bot that generates consistent income — does that change the classification?

3.Has anyone actually declared Polymarket winnings in Georgia? If so, under which category?

Thanks in advance!

New FOI numbers out last week. Tripled in two years.

Since January, UK exchanges are legally required to collect your NI number and full transaction history, and it all lands on HMRC's desk by May 2027. The letters so far were based on the old patchy data. The next wave won't be guessing.

If you get one, don't panic and don't ignore it. It's not an accusation, it just means an exchange told them you exist. Half the people who actually sit down and work out their numbers find they owe nothing, the old £12,300 allowance and dead-token losses soak up more than people expect.

But "I never withdrew to my bank" is not the defence people think it is. Swaps count. Always have.

I am trying to understand how to report borrowing crypto. Consider these scenarios:

1. Let's say I put 1,000 USDC as collateral and borrowed 10 SOL (at $10/SOL). Then 2 years later I repaid the loan, returned 10 SOL (now at $100/SOL), and interest 1 SOL (also $100/SOL).

As far as I understand, borrowing 10 SOL and repayment are not taxable events.

1 SOL (= 100 USD fair value) interest is "Investment Interest Expense", and could be deducted in some cases, dependent on use.

1. Now, same scenario, but I sold 10 SOL (at $15/SOL) a month after borrowing. Then some time later I bought 11 SOL (at $90/SOL) for repayment.

Selling 10 SOL is disposition -- what is cost basis for that? Should it be fair market value of SOL when I borrowed (i.e. 100 USD = 10 SOL * 10 $/SOL)? Can I add loan fees to this cost basis?

Then, loan repayment is not a disposition -- so what happens with cost basis of 10 SOL I bought (=$900 fmv)?

Another question - what tax software supports these scenarios?

s there a crypto tax in australia, if so is there a way around it, im in the memecoin part of crypto, using solana i make around 200k a month but its all still in solana i havent taken any out

If i cashout 2000$ usdt which i have recieved from a random twitter giveaway in the FY 2025-2026. How much tax has to be paid on it? It was won through giveaways and i have exchanged c2i from discord servers and recieved the money in my bank directly.

My CA says i have to pay 48k as income tax on this

There's a real fight happening in Congress right now over how staking rewards should even be taxed.

The current rule,as most of you probably know, is you get taxed twice. Once when you receive the reward (based on that day's price), and again when you sell it. 

The problem is if the price tanks after you receive it, you can end up owing more in tax than the tokens are even worth by the time you'd cash out. People call this "phantom income."

For those who don’t know, there's a bill (H.R. 9175) that would let stakers elect to defer that first tax hit for up to 5 years instead of paying immediately on receipt. Congress is still split on how to even think about it. 

Is a staking reward more like a paycheck (taxed the moment you get it) or more like something you created yourself, where the value only really matters once you cash it in?

No markup scheduled yet, but the Senate's apparently got a similar framework ready and might move on it this fall.

I don’t know how many of you remember but there was a well-known case around this exact debate (Jarrett v. United States). A Nashville couple staking Tezos argued their staking rewards shouldn't be taxed the moment they're created, using the same logic as a baker and a cake. You're not taxed on the cake when it comes out of the oven, only when you sell it. 

The IRS ended up offering them a refund before any court ruling actually happened, so the case got dismissed without ever settling the question.

Which analogy makes more sense to you, paycheck or self-created property?

There's an interesting provision in the crypto tax bills currently sitting in Congress.

H.R. 9172 would extend the wash sale rules to most digital assets.

Under current law, direct holdings of most crypto aren't expressly covered by the same wash sale restriction as stocks.

So selling BTC at a loss and subsequently buying BTC again isn't automatically subject to the 30-day rule that would apply to a stock.

Important distinction: that doesn't mean everything giving you crypto exposure is outside the rule. Crypto-related securities, including shares in spot crypto ETFs, can already fall within §1091.

If you have underwater positions, the practical work I'd be doing now is:

• Check your actual cost basis. Being 50% below a token's ATH doesn't mean you have a tax loss. Your acquisition cost is what matters.
• Look at individual tax lots. You may have significant losses in some lots and gains in others.
• Reconcile transfers and missing basis before making decisions. Bridges, old exchanges, wallet transfers and DeFi activity can make the loss shown by tax software very different from the loss you can substantiate.
• Look at gains you've already realised this year. Harvesting losses makes much more sense in the context of the whole portfolio than as an isolated trade.
• Don't assume every underwater asset can simply be “harvested.” Worthless tokens, liquidations, LP positions and assets you can't actually dispose of can raise different tax issues.

The timing is interesting because Congress is now explicitly trying to change this.

H.R. 9172 would bring most digital assets into the wash sale regime. More unusually, the draft says the provision would apply to dispositions after the bill's date of introduction, not just transactions occurring after a future enactment date.

So I wouldn't interpret this as “quick, harvest everything before Congress passes it.” If the bill were enacted with that effective date intact, that assumption could be wrong.

There's another part worth watching if you hedge large appreciated crypto positions rather than selling them: the bill would also extend the constructive sale rules to certain digital assets, with the same introduction-date effective date.

Nothing here has become law yet. But if tax-loss harvesting or hedging was already going to be part of your 2026 planning, this seems like a particularly bad year to wait until the last week of December to work out your basis and positions.

I traded crypto futures for the first time and made 1.5L losses. I want to know if anyone has declared crypto futures as business income or loss in the past. Asking as I have got different opinions: VDA (conservative) and business loss (risky).

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I traded crypto futures for the first time and made 1.5L losses. I want to know if anyone has declared crypto futures as business income or loss in the past. Asking as I have got different opinions: VDA (conservative) and business loss (risky).

Hey guys, this is so hard to write but I have nowhere else to share it and this is to throwaway accounts because no one really knows I’m a trader and I have family and friends in my other account.
So basically I’ve been trading futures and Forex since 2018, and between 2023 and 2026 I made well over $2M from payouts and personal accounts the problem is I never found a way to withdraw the money to my bank account because trading is a gray thing in my country, and if you wanna pay taxes, there is no category for you to be in so what I did as I skipped all of that and was only doing Binance P2P through my bank account, and for larger amounts I sometimes did cryptoforcash transactions in person.
Over the years, I bought two houses completely in cash, worth around $500K combined, and built a life that I genuinely thought was secure.
I never paid taxes on any of it, and now the government has seized basically everything I own and I’m back at $0.
Also, this June I decided to take a break from trading and I withdraw everything I had in personal accounts to my bank account which was also seized.
I already talked to a lawyer who would be working on commissions since I don’t have money to pay him and he told me that the government will mainly freeze my assets for six months to a year until they investigate and I would mainly pay a percentage which can be from 30% to 40% of what I own plus a fine for committing tax fraud, and dealing with crypto, which is actually illegal in my country
What makes this so scary is that I’ve never had a normal job, trading has been my entire life, and as a girl, I honestly don’t know what to expect and what’s happening out there also I don’t have anyone financially supporting me or a safety net to fall back on.
I know I made mistakes, and I’m not looking for sympathy. I just genuinely don’t know what rebuilding from $0 looks like when you’ve never had to start over before.
I know I’m capable of making money again. I just dont know where or how to start again.
I also maxed out payouts with almost all futures prop firms so its hard going though the props again.
**Any advice would be so helpful.**
Thank you and sorry for the long read.

I started buying crypto in 2017, I made a lot of trades. Coinbase, Binance, Kucoin. I exported my trades. I have approximately 1,450 total trades, most are weekly DCA buys and not taxable events. The challenge is, over the years I've changed wallets, especially each time some event happened (ex: ledger and lately, coldcard). I don't have those wallets anymore. I also had trades where I may have sent from coinbase to a wallet, from wallet to binance, made trades, send back.

I've submitted taxes honestly when trades occur, I have my 8949s for all applicable years. My records for the past 4-5 years are quite clean. I'd say 60-70% of my holdings has a reasonable cost basis. As of the past 1-2 years it's been 100% BTC.

I don't think the crypto tax software can address this. It's just going to leave me guessing. I assume the path is establish reliable cost basis for as much as I can, and just state basis as $0 for what I can't?

From this point forward I'm only buying into an ETF, so this will remain a problem, whether I get it solved tomorrow or 5 years from now.

Is a CPA the way to go? What would this even cost? I'm going to chat with a few crypto friendly CPAs over the next week. I'd love feedback from people not trying to sell me on their services, if possible.

I’m an Indian resident and I trade **crypto futures on Binance**.
I’m honestly getting a little worried and need some clarification from Indian traders/CA professionals.
My situation:
I buy **USDT through Binance P2P using INR**.
I use that USDT to trade **Binance Futures**.
I have made **4,000+ futures trades** during the year.
After adding all my winning and losing trades, my **overall/net gain is only around ₹20,000**.
My Binance account may show a very large total trading volume because I trade frequently, but my actual net profit is only around ₹20,000.
Now my friend told me:
“You have to pay tax for every trade you made.”
This has honestly scared me because I have made 4,000+ trades.
**Is that actually true?**
Does it mean I have to calculate tax separately on every single futures trade and potentially pay tax on the gross amount of each trade, even though my final net profit for the entire year is only ₹20,000?
Or is the taxable amount generally based on the **overall profit/loss**, depending on how Binance Futures is classified for Indian tax purposes?
I’m also confused about the following:
Are Binance Futures profits treated as **VDA income taxed at 30%**, or as **business/F&O income**?
Does the number of trades (4,000+) change the tax calculation?
If I have ₹20,000 net profit after thousands of winning and losing trades, is ₹20,000 the relevant profit figure?
Do I have to report every individual futures transaction in my ITR?
Does buying USDT through **P2P** create a separate taxable event?
Does **1% TDS under Section 194S** apply to my Binance Futures trades or P2P USDT purchases?
Can Binance trading fees and funding fees be considered when calculating the profit?
Which ITR should I file?
What records/reports should I download from Binance to give to a CA?
I’m **not trying to avoid paying tax**. I want to declare everything correctly and pay whatever tax is legally due.
I’m just worried because someone told me that since I made 4,000+ trades, I might have to pay tax on every individual trade even though my total net gain is only around ₹20,000.
**If anyone here actually trades Binance Futures from India and has filed their ITR, please explain how you handled this. CAs/tax professionals especially welcome.**
Do I need to pay tax first for 20000 gain?

The French cryptocurrency tax platform Waltio suffered a data breach affecting approximately 50,000 users. Perpetrated by the Shiny Hunters hacking group, the January 2026 incident involved an extortion attempt after hackers exfiltrated user email addresses, payment details, and tax report data.

A crypto tax software data breach is so much worse than an exchange or hardware wallet data breach because it ties your identity and home address directly to your self-custody public addresses and total crypto net worth.

If a crypto tax platform only accepts card payments the payment gateway requires your full name and billing address to process the payment. That identity data is then tied directly to your profile. If a data breach occurs all of that information is then exposed to the dark web making you a target for physical attacks.

You can use crypto tax software without a name and while using an anonymous email, but never use crypto tax software that only accepts card payments because that card payment ties your identity and home address directly to your public addresses and net worth data.

If a crypto tax platform only accepts card payments consider this a massive red flag.

Crypto tax platforms have a responsibility to protect your identity, and the only way to guarantee this is to allow completely anonymous accounts. They have an obligation to accept anonymous payment methods and if they do not do this then do not use them.