Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: bkelly on March 28, 2021, 01:29:48 AM

Title: Tax Calculators and Risk
Post by: bkelly on March 28, 2021, 01:29:48 AM

After much thought my tentative position is that using an existing app to calculated my gains/losses for the IRS will be easier and much more accurate that trying to do it myself.  I looked at cryptotrader and cointracker.  In both of them I must log on to my account in the exchanges through the application.  They proclaim it grants them read only access. 
However, I don’t recall anything in the log in process for Coinbase or Gemini that allows me to log in with read only access.  My interpretation is that regardless of the read only proclamation, they can capture my credentials and everything in my account may be stolen.
It might be mitigating to immediately change my password as soon as the tax app gets the data.
Still, I find this a bit distressing.  Maybe I am missing something.  Your opinion please.