Just spent 2 hours cleaning up my bitcoin transaction history over 4 different exchanges over 5 years. My eyes are bleeding. I’ve never done this before so it’s a mess. Word to the wise. Stick to one exchange and don’t do hourly DCA. Weekly lump sum is best IMO. #bitcoin
Discussion
Also google sheets (I know F Google) is so much better than Microsoft excel. Gemini AI helps A LOT if you know how to use it.
It’s a mess for sure, I myself am trying to get a grip of everything. I just averaged everything out from the past few years since that’s just easier.
I’m trying to get my own spreadsheet that’s very simple. Columns with ‘exchange’ ‘BTC buy/sell’ ‘BTC withdrawal’ ‘date time’ ‘price of bitcoin’. The transaction sheets provided by the exchanges is a lot more complicated than necessary. Going forward I’ll update the sheet every week as I get paid or need to pay for a bill.
Also use FIFO cost basis for simplicity. Sell oldest coin first.
I use HIFO, ChatGPT helped figure out the formula. As long as the IRS gets their cut, I’m not worried. I would be interested in seeing your spreadsheet (blank obviously) and compare it to mine. I go too much in depth.
Update. I think I did some eye damage lol. 