If this tool made your life easier then help make mine easier for making it!
BTC: 16HuArdg9DzXFyBopvkkBYfsSRtcodeq7v
ETH/ERC-20 Tokens: 0xb70A779095F455419d9B6120288eb8C2963d1708
LTC: LbLYzZLJCW4jA8xR5SSW8BLTK8hR8PpGnU
A way to automate logging all of your trades for taxes. This is perfect for people using a day trading bot, or for people who day trade.
Create a logger that runs once a month (configurable) and pulls down all trades since last pull, calculate fair market value at time of trade and then logs these trades into a .csv file for easy viewing in Excel. Then it will have an optional backup feature that will upload the .csv's to google drive to keep them in case the computer this program runs on crashes or fails.
Since I am making this for myself, I am doing this open source and am not selling it.
Note: highlighted text means this part is complete
Pull down all trades that are currently not logged for the year.Calculate the fair market value, as well as profit/lossfor each trade.Save these values as well as the data from the exchange to a .csv (spreadsheet).- Upload the spreadsheet to a google drive folder for safe backup. (Optional, recommended)
- Repeat each month (configurable)
January 2018: This is currently a WIP but I hope to have this done sometime in the coming months (Feb/Mar 2018)
Update (2/12/18): The bot can pull down all past trades (up to 500 per coin) and calculate the Fair Market Value of that trade on the day it was made. The Fair Market Value used in this program is the average cost of BTC on the DAY of the trade. It will save all the information from binance along with calculated Fair market values into a CSV for visualizing in MS Excel.
Update (2/22/2018): The bot can now refer to local 'logs' folder and figure out where to start to pull down new trades. Note: There MUST be untampered 'logs' folder. The bot will move the files to a 'cached_logs_' folder and will get the most recent trade id to pull down new trades.
- DONE, see note above (2/22/2018): create a way to only retrieve what has not been retrieved yet.
- Calculate profit/loss (hopefully you dont have any loss!!!...stay strong and HODL!!!)
- automate uploading results to google drive for garunteed backup
- retrieve more than 500 per coin, if needed (imagine running this program once at the end of the year, instead of periodically throughout the year)
FMV = Fair Market Value, here it is synonomous with the average cost in USD of the coin on the date of trade.
CCT = Commission coin type
Base currency = The currency used to buy the alt coin (BTC, ETH, BNB, USDT on Binance)
Money Flow = The value of the trade, positive for for Sells and Negative for Buys
PC = Purchased coin, the coin that is being purchased with the base currency
The Fair market value of each coin is retrieved from the cryptocompare API as daily averages. Each time a new fmv is requested from the API it is buffered locally so that later fmv calls are greatly sped up.
Notice that if the trade was A buy the resulting money flow is negative and the fee is added to the transaction, showing that we spent/lost money. Conversely notice that if the trade is a sell then the resulting money flow is positive and the fee is subtracted as a loss.
Note: You may decide to check my work, I encourage it...however if you do you may see that the money flow seems to not make sense. You think to yourself "I know I sold this for a gain, but my money flow says its a loss".
There are two scenarios:
- You sold on the same day, and maybe the quantities were different (you sold with some dust left over)
or - you sold on different days and the value of BTC averaged over the day doesnt reflect the actual value of the BTC at the time of sale (maybe you bought on a valley and sold at a peak on two different days, but the average was no where near the valley/peak). This is ok says an article from investopedia, since using the daily average for each day is a "reasonable manner which is consistently applied"(investopedia).
if is_buy:
# If we are buying this we count it as a negative flow.
# However if we are buying we want the fee to look like an outflow, so we add it
# n1 * amt of <sym> * USD / <sym> + $USD
flow = -((quantity * value_of_sym_in_base_currency * base_fmv) + fee_usd)
else:
# We sold, so we need to show our profit as a positive flow, but the fee is still a negative flow
flow = quantity * value_of_sym_in_base_currency * base_fmv - fee_usd
quantity is straight out of the binance api response for this trade
value_of_sym_in_base_currency is the value of a single PC in Base Currency
base_fmv is the USD value of one base currency coin
fee_usd is the value of the fee binance collected in USD
Visit here for installation instructions
The program can be launched in a terminal/command-prompt by running the following commad:
cd CryptoTaxBot/
python main.py
Notice: This will only run the program once. I plan to create a script to add this program to a cron-job for linux, but have not gotten to that part yet. Feel free to try cron-jobs out for your self.
I am not a CPA, accountant, or financial advisor. I take no responsibility for use of this app. If you have questions feel free to email me, or open up an issue above.
Email: imcelhenny1@gmail.com
Telegram: https://t.me/cryptotaxbot