Using Digital Currency?
You’ve probably triggered a taxable event.
Any time you purchase goods or services with a currency like Bitcoin, Dash, or Litecoin, you need to assign a proper valuation to the transaction and determine if there was a gain or a loss.
NODE40 Balance makes this type of blockchain accounting easy and intuitive.
How Does It Work?
NODE40 Balance makes it easy to treat your blockchain assets just like any other asset you may have in your investment portfolio.
STEP 1:
Import your wallet transactions
Safely and securely upload your wallet transactions, and NODE40 Balance will analyze the blockchain to provide valuation data for every aspect of a transaction.
STEP 2:
Manage your Ledger
Annotate your transactions, and modify valuations based on your real world experience. Not all transactions are taxable.
STEP 3:
See your income and gains
View your income, gains, and losses. NODE40 Balance can even generate the necessary IRS Tax forms, making it easy to report your tax liability.
STEP 4:
Keep your records up to date
Just like traditional portfolio services, you can use NODE40 Balance on a regular basis to see how your assets are performing.
Why is Digital Currency Taxable?
While most jurisdictions allow you to use digital currency to purchase goods and services, when it comes time to pay your taxes, digital currency is considered property. Transacting with property means that every purchase you make will incur a taxable gain or loss. The IRS is explicit in its treatment of digital currency as property.
Key Features
Data on the blockchain may be permanent and immutable, but reporting of real world transactions requires flexibility. NODE40 Balance allows you to define how you interacted with digital currency.
Tax Documents
NODE40 Balance will generate IRS form 8949 along with the required worksheets so you can easily reports your gains and losses.
Exemptions
Not all digital currency is taxable. NODE40 Balance allows you to designate transactions as exempt from ordinary income reporting.
Custom Valuations
If your transaction value differs from the daily average market valuation, you can make adjustments according to your records.
Multiple Wallets
Upload and manage ledgers for multiple wallets.
I'm really excited about my digital currency investments, but I'm even happier knowing I'll be ahead of the curve with tax liabilities as those rules evolve. NODE40 Balance is exactly what I need to calculate my digital currency income, gains/losses, and tax liability. Even as a tech professional, this would be almost impossible without a service like Balance.
Always secure, always protected
NODE40 takes security of your data very seriously and has procedures in place to ensure that your data is protected.
Sharing your transaction details or wallet addresses with Node40 does not put your digital currency at risk. The transaction details and address are used to identify your inputs and outputs so that proper valuations can be applied.
