Tuesday, February 19, 2019

Automated Stellar transactions data export for tax reporting

Since my recent post regarding Stellar data export, I received more than 30 emails from people requesting their transactions history. And most of them mentioned that they are going to use BitcoinTax for the tax preparation. So I spent two weekends building a simple data export wizard that generates CSV files compatible with BitcoinTax format.

It generates separate files for income, spending, and trades operations. The wizard supports XLM and all Stellar assets. You can also optionally include your transaction fees into the spending category. Inflation payouts are included into income and classified as "mining" profits. The service is completely free and anonymous. Neither StellarExpert or third-party services have access to your data export requests.

Currently the service is in public beta, which means that it is stable but you should verify the history and resulted balances after the import. Two users have already tested the export wizard, and the data seems consistent.

Please note, BitcoinTax or any other external software may incorrectly interpret transfers between your wallets or your Stellar account and exchange, which may result in a double counting. However, transfers between your own wallets is not a taxable event, so please check your data after the import. You might need to delete those double records manually. Also there is an "Opening" tab in BitcoinTax interface, where you can manually add crypto tokens that you owned at the start of the year. Make sure that you have added them too.

Check the wizard here: https://stellar.expert/explorer/public/tax-export

Hope it will make life a little bit easier for those who are going to file crypto taxes this year. Enjoy!

https://i.redd.it/zas6ftg27mh21.png

P.S. Since we are talking about the official documents here, I must add that

The service is provided as-is, without warranties. The responsibility of checking the accuracy of tax reports lies on a user.


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