Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation
  • Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation
  • Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation
Originally published: 12/05/2018 17:40
Last version published: 04/12/2018 13:27
Publication number: ELQ-93697-5
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Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation

Very easy-to-use handy Excel sheet for calculating the gains in bitcoin and other crypto trading using FIFO method.

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Description
Just put your trading details in columns A:D and it will show FIFO gains. You can also set exchange commission for buy/sale in percentage in cells B1 and B2. Spreadsheet is ready to calculate up to 2000 transaction, which can be easily extended further by dragging the formulas (rows) as per your requirement.

You will just have to fill 4 fields i.e. Transaction Type (buy/sale) , Date of Transaction, BTC Quantity and Price in columns A:D. Formulas in columns E:T will set to process this data and you will see Gain/Loss after every transaction on FIFO basis in column S. Besides this, spreadsheet will also show you other important data e.g. Cumulative Cost of BTC Purchased, Cumulative Earning from Sale of BTC, Total BTC Purchased, Total BTC Sold, BTC in Hand after every transaction.

Columns N:Q contains formulas for calculating costs of coins sold in split/parts. These formulas are complex and doing the calculation on FIFO method. These contains intermediate results. You may show/hide them as per your preference.

I have spent several hours in implementing this complex FIFO based calculation into a very easy-to-use format.

As per the suggestion from a valuable customer, I have made provision for users to set buy/sale commission in percentage in the latest version-3.

Version-4 is extended to calculate gains for 5 coins (BTC, BCH, ETH, LTC and XRP) and summary of these gains are shown in "Summary" sheet. In similar way user can add more sheets for other cryptocurrencies.

Please let me know if you have any question or suggestion to improve this template. If you want further customization, I will be happy to make changes as per you requirement for a reasonable fee.

This business tool includes
1 Excel spreadsheet

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Further information

Easily calculate gains/loss in bitcoin trading using FIFO method

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Discussion feed for Bitcoin Cryptocurrency FIFO Gain Calculator For Taxation

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  • Tree
    This looks like exactly what I'm needing, but I have a number of altcoins. Is there any special knowledge required to copy the FIFO pages into new workbooks or tabs for altcoins or does this use VBA that would need to be altered?
    2arrow_drop_uparrow_drop_downReply reply
    • Tejasvita Soni
      Hi,

      It doesn't have any VBA code, so you can just copy the tab and replace the name of coin in new tab.

      Please feel free to contact me, if you have any questions.

      Thanks
      Soni
      1arrow_drop_uparrow_drop_downReply reply
    • M Mm
      It would be helpful also to be able to turn this into LIFO.
      2arrow_drop_uparrow_drop_downReply reply
    • M Mm
      Determining Short Term vs Long Term capital gains would be very helpful. Possible?
      1arrow_drop_uparrow_drop_downReply reply
      • Tejasvita Soni
        Thanks for your suggestions. I will try to add this feature also.
        1arrow_drop_uparrow_drop_downReply reply
      • Frank Taco
        With the alt coins sections and the ability to add our cryptos, are you able to use BTC or ETH or LTC as your cost basis paired with the app and realize that the gains in BTC then need to be converted to dollars for the overall cost basis for tax purposes.
        Say I purchase ADA with BTC that I bought with USD. in order for me to report gains/losses I need to know ADA gains based on the cost basis of BTC's USD price at time of purchase and time of sale.
        Does this sheet do this? I am very interested in purchasing but want to know if it does this?
        arrow_drop_uparrow_drop_downReply reply
        • Tejasvita Soni
          Hi,

          Thanks for showing your interest in this tool.

          To do this, some manual work will be required. I have done similar calculations for another user and can do it for you. For each ADA/BTC pair transactions, 2 equivalent transactions of ADA/USD and USD/BTC need to be created. Same method may be used for other non-USD pairs to convert them to USD pair. It needs some (not much) manual work. If you send data with all the transactions to me, I can do it for you. I hope it makes sense.

          Regards
          Soni
          arrow_drop_uparrow_drop_downReply reply
        • Tejasvita Soni
          * comment deleted *
          arrow_drop_uparrow_drop_downReply reply
          • Sami Nagata
            I would really appreciate a LIFO version too! Great work!
            1arrow_drop_uparrow_drop_downReply reply
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