A Guide to Easily Filing your Bitcoin Taxes

Walt Smith -

Lolli has partnered with ZenLedger to make filing your bitcoin taxes easier.

We know that for many people taxes are often stressful and frustrating.  Adding  bitcoin to the mix can make things even more complicated, but it doesn’t have to.

With Tax Day right around the corner on July 15th, Lolli has partnered with ZenLedger to make bitcoin taxes super simple.

ZenLedger is a tax tool that compiles your bitcoin information into easy to read and ready to go tax reports.  ZenLedger is free to use if you have less than 25 transactions and for users with more than 25 transactions, we have a special Lolli discount code for 20% off.

With ZenLedger, Lolli users can import their information automatically into tax reports. These reports are flexible to edit and save users lots of time (and possibly a headache!).

Follow these three steps to get started:

  • Sign up for an account with ZenLedger (Remember to use code LOLLI for 20% off if you have more than 25 transactions)!
  • Log into your account and select the 'Wallets and Import' tab. From there, select Lolli listed in the 'Exchanges' section.
  • Follow the step-by-step instructions to download your Lolli tax report.

Not sure if you need to report your Lolli earnings? Since the bitcoin earned with Lolli is a rebate, you do not usually pay any taxes on it if you hodl (slang for hold - i.e. go long on bitcoin). Similar to a cashback card, rewards are considered a price discount, so you don’t have to pay anything so long as you don’t sell or trade it.  Check out our blog post on How Lolli’s Bitcoin Rewards Are Taxed for more details.

If you have transferred your rewards, we provide the necessary tax information to easily upload your tax history to ZenLedger for a seamless reporting process.  For more information on how to access your tax history click here.

If you have bitcoin earnings in other wallets don’t forget to upload those as well to ZenLedger to get a complete view of your filing. ZenLedger offers a variety of features to support bitcoin as well also cryptocurrencies and make reporting as easy as possible including CPA Access, TurboTax Integration, HIFO/FIFO/LIFO methods, and more!

Thanks for reading and don’t forget to follow us on Twitter @trylolli and to send us some bitcoin memes!!!

Love,

The Lolli Team