Pennysplitter: The R Package for Crypto Tax Calculation

Disclaimer: Pennysplitter is not intended to provide tax advice, and is not a substitute for professional tax advice. Always consult a tax professional before making decisions related to your taxes.

As a crypto investor with transactions on multiple exchanges, I experienced firsthand the "crypto fallout" trying to make my crypto taxes work on one of the biggest tax software provider.

If you're a crypto investor looking for a tool to help with tax accounting, Pennysplitter can help. This R package is designed to make it easy to calculate your taxes using the FIFO (first-in, first-out) method, which is commonly used for calculating gains and losses. The package will generate a report that includes your tax gain/loss and holding period, giving you the information you need to file your taxes accurately.

Please note that Pennysplitter is not a substitute for professional tax advice. While it can help simplify the tax accounting process, you should always consult a tax professional before making any decisions related to your taxes. Additionally, the information provided by Pennysplitter should not be relied upon as tax advice or relied upon for accuracy.

Current functionality

    library(tidyverse)
    library(pennysplitter)

    transactions <- read_csv("coinbase-transactions.csv")
   
    gains <- transactions %>%
      mutate( # make sure to include fees / commission
        actual_price = abs(`Total (inclusive of fees and/or spread)` / `Quantity Transacted`)
      ) %>%
      select(-Notes, -Subtotal, -`Total (inclusive of fees and/or spread)`) %>% 
      fifo_sheet(Asset,
                 transaction_type="Transaction Type",
                 quantity="Quantity Transacted",
                 date="Timestamp",
                 price="actual_price") %>% 
      filter(Date_sold >= "2022-01-01")
     
    names_gain <- c(
      "Currency Name"="Asset",
      "Purchase Date"="Date_buy",
      "Cost Basis" = "Cost",
      "Date Sold" = "Date_sold",
      "Proceeds" = "Revenue",
      "Quantity" ="Quantity"
    )

    cat("total gains/losses by hold period")
    gains %>% 
      filter(Date_sold >= "2022-01-01") %>% 
      mutate(hold_term = if_else(hold_days>=365, "long", "short")) %>% 
      group_by(Asset, hold_term) %>% 
      summarise(Profit=sum(Profit)) %>% 
      group_by(hold_term) %>% summarise(Profit=sum(Profit))


    # Currency Name, Purchase Date, Cost Basis, Date Sold, Proceeds.
    gains %>% rename(!!names_gain) %>% select(as.character(names(names_gain))) %>% 
      mutate(`Purchase Date` = as.Date(`Purchase Date`),
             `Date Sold` = as.Date(`Date Sold`)
             ) %>% 
      mutate(across(where(is.numeric) & -starts_with("Quant") , ~round(.x, 2))) %>%
      filter(round(Proceeds,3)!=0.0) %>% 
      write_csv("gains.csv")