We saw the following Tweet yesterday from one of our friends in the Bitcoin community and thought now would be a great time to finish writing a post we’ve been wanting to put out for quite some time:
— Ryan Selkis (@twobitidiot) June 9, 2015
Here at Libra, we have a significant community of Bitcoin investors and traders that use our platform. Libra for Business is a must-have for Bitcoin investors and traders who are actively monitoring Bitcoin price variances. As Bitcoin fluctuates daily, it is critical that individuals and professional trading syndicates alike have ways to automatically analyze their positions in real-time. Without Libra, it’s a huge headache to do this kind of work with a spreadsheet. Not only does it have to be updated manually, but it’s also subject to error with each and every transcription.
Libra for Business removes the headache from this equation by automatically connecting to major exchanges, allowing traders and investors to crunch critical data relating to their positions, on-demand. Below are 5 reporting tools we offer bundled inside of Libra for Business.
Balance reporting places all trades in separate columns, as acquisitions (buys) and disposals (sells). Libra ignores cross wallet transfers. This allows investors and traders to track a total net balance, and associates each transaction with its destination and an optional note.
Acquisition (Buy) Reporting
This report establishes a unique “Lot” ID for every acquisition event, while creating a record for its holding period and original cost basis. Additionally, it shows which lots have been disposed from or partially disposed from. This report is dynamic, and will reflect the cost basis method an investor or trader would like to choose (FIFO or LIFO).
Disposal (Sell) Reporting
This report displays all disposal transactions, those which constitute a taxable event and a “realized” capital gain or loss. Every disposal is listed with its exchange rate (either a fair market value or specified price), and a corresponding gain or loss.
This report is formatted for the IRS to declare your line item capital gain or loss for each taxable event in bitcoin (Form 8949 – a section of Schedule D).
Monthly Cost-Basis Reporting
Monthly cost-basis basis reporting makes reconciliation positions extremely easy. Run for the present month, or any month in the past. Because our system works retro-actively, it’s easy to re-create events of the past and get your books in order.
Libra for Business is free to sign-up for, which includes limited gain/loss reporting. Users who would like to unlock additional reporting features can do so by purchasing a one-year license which enables all reporting, for $49.