Tax Calculation with FIFO Method (Coinbase, Bittrex & Binance)

Hey everyone, I'm having a tough time figuring out my gains and losses using the FIFO method. I put roughly 25k into crypto back in 2017/2018, and like many others, I took a big hit during 2018. Now, my balance shows only about 4k USD, which means I'm looking at a total loss of 21k. I bought some cointracking software and spent a whole day inputting all my info. After connecting Coinbase API, Binance API, and manually entering Bittrex, the tax report says I only have a netto loss of 2k over the past two years using FIFO. Given that I initially invested 25k and now only have 4k, shouldn't my loss be 21k? My USD value is showing a negative balance of 21k. I need to get my taxes filed by August 15, 2019, so any help would be super appreciated. If anyone has an idea of what might be going wrong or if I'm missing something, please let me know. Also, if there's someone out there who can calculate FIFO for a reasonable fee (about 900 transactions), I'd be interested in hearing from you. Thanks a lot!

It's either the software is totally wrong or you have inputted all the data incorrectly that far away from your true losses only shows that there is something wrong with your calculations. My advise is for you to keep track or retrace again for your short-term or long-term gains in all of your transaction if there is any and then subtract every losing trade you have for you to come up with a much more realistic number. Also keep in mind that the 25,000$ is not mainly being put in to what you buy, crypto exchanges also deduct several fees from you everytime you trade so you must also put it in your calculation.

I'm in the UK, do you have the transactions in a spreadsheet or something (I have to sort mine out for january so I can take a look if you like)? If you put money into bitcoin but hold that same bitcoin then you can't declare a loss until you sell it (same with altcoins). You don't have to pay any taxes if you do a conversion from BTC to USD and plan to convert it back also immediately (just profits you withdraw).

Even though the timeline for the filing of tax has passed but this could be useful for someone else who might be in the same situation. What you need to understand is what sort of tax are you supposed to pay on your crypto holding because with that you can then move on to figure out how its been computed by the software. If your coin is exposed to input VAT, then it might not matter whether you made loss or not, they might calculate in on your purchases. Another thing is that if your crypto is subjected under the Capital Gains Tax, you need to know at what point? Is it at the point of selling for fiat or at the point of selling for other altcoins. Its at that point you know what the software is doing. Although, your net position might have been a loss but maybe you had made some withdrawals to fiat at some time in the past which the software is picking as a basis for the calculation.

What software did you use for this? I would be curious does anyone recommend software for someone doing lifo in terms of trading? So this software basically tell you exactly what to record?