Ivan (ivanz)

Here's what we do: 1. Xero for bookkeeping. 2. Find someone to bookkeeping for you on Upwork. 3. If you do a lot of crypto, it may be a headache to track that. We built our own infra and offer it to others as a service. 4. Aggregate data for crypto and journal it periodically. 5. Hire competent accountant for taxes.

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Indefinitely if you just tape it again using electrician's tape.

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How to leverage Portugal's crypto tax benefits? Here's the TLDR: Scenario 1: Day 1: Buy 1 BTC for $100. Day 2: Swap 1 BTC for 5 ETH. Assume the BTC is worth $150 at this time. Day 3: Sell ETH for $151. Swap BTC for ETH is not taxable since it's crypto to crypto, but you'd be taxed on day 3 ETH sale, it'll "inherit" the basis of $100, so you'd pay cap gains on $51. Scenario 2: Day 1: I buy 1 BTC for $100. 1 year + 1 days: I "swap" 1 BTC for 5 ETH. Assume the BTC is worth $150 at this time. 1 year + 2 days: I "sell" $ETH for $151. Swap BTC for ETH is not taxable since it's crypto to crypto, AND the ETH gets a new basis at $150 since BTC was held for more than 1year. You'd be taxed on 1 year + 2 days ETH sale, so you'd pay cap gains on $1. A safe way to ensure no tax liability is swap coins to a stablecoin since it still counts as crypto, and wait for a year to convert it to fiat. I'm not a tax lawyer or accountant, please consult a professional if you need personal advice.

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Which one is it? Looking for recs

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