;doc:cctax: updates

examples/csv/cctax/README.md

@@ -1,10 +1,5 @@
 ## Cryptocurrency tax reporting
 
-<div class=pagetoc>
-
-<!-- toc -->
-</div>
-
 (This is the README in the hledger repo's `examples/csv/cctax/` directory,
 also published as the [Cryptocurrency tax reporting] page on hledger.org.)
 <!-- This page can be viewed on github or hledger.org, so use absolute urls -->
@@ -12,27 +7,38 @@ also published as the [Cryptocurrency tax reporting] page on hledger.org.)
 
 In this directory we are not concerned with importing to hledger,
 but with exporting from hledger to cryptocurrency tax calculators.
+The information here was last updated in 2025-12.
 
-Why do this ? In most countries, the revenue and capital gain or loss incurred from
+Why do this ?
-receiving/selling/trading cryptocurrencies is taxable and must be itemised and reported.
+In most countries, the revenue and capital gain from receiving/selling/trading cryptocurrencies (cc) is taxable and must be reported.
 There are several aspects to this:
 
-1. Calculating income.
+- Calculating income. This is easy - at least, once you have recorded all transactions in hledger.
-2. Calculating capital gains. 
+- Calculating capital gains. This can be hard, and depends on your country's rules.
-3. Calculating actual taxes owed.
+- Calculating taxes owed. This also depends on your country's rules, and is often handled by specialised tax preparation software.
 
-1 (income) is relatively easy to do with hledger.
+Centralised exchanges will calculate gains for you, but self-custodied wallets, decentralised exchanges, or other defi apps won't;
-3 (tax owed) requires knowledge of current tax rules and is often handled by specialised tax preparation software.
+with those, you are responsible for calculating gains.
-2 (gains) can be complex. Depending on your country's tax rules, it may require
+
-- tracking the original cost, date, and wallet of every purchase/acquisition over your lifetime
+In some countries, such as the USA, this requires:
+- tracking the acquisition date, cost, and wallet of every purchase/acquisition over your lifetime
 - tracking their movements/splits/merges
-- selling/disposing them in a precise mandated order
+- disposing (selling/spending) them in a required order, such as:
+  - FIFO - first in first out
+  - LIFO - last in first out
+  - HIFO - highest cost first out
+  - LOFO - lowest cost first out
+  - SpecId - specific identification of lots
 - and thereby calculating the capital gains or losses.
 
-Centralised exchanges will calculate gains for you, 
+In the US, before 2025 universal cost tracking was used to determine the disposal order;
-but self-custodied wallets, decentralised exchanges, or other defi apps won't;
+this means you consider the acquisition costs/dates of all your holdings of an asset (cryptocurrency), across all wallets.
-there you are responsible for calculating gains.
+From tax year 2025, per-wallet cost tracking is required, which means you apply the disposal order separately within each wallet.
-There are several ways you could tackle this:
+The "Safe Harbor" rule allows you to allocate pre-2025 lots to specific wallets (once), which could help optimise taxes in some cases.
+
+In the UK, it's easier: you use each asset's average cost across all wallets.
+
+There are several ways you could calculate gains. Eg, assuming the worst case (US taxes), you could:
 
 1. Calculate gains using only hledger,
    by keeping track of each lot and lot movement with subaccounts,
@@ -41,6 +47,7 @@ There are several ways you could tackle this:
 
 2. Calculate gains using the built-in lot tracking syntax of Ledger or Beancount. Beancount's is more robust.
    These may be too limited to calculate gains accurately, eg when there are inter-wallet transfers.
+   There may be additional plugins which help.
 
 3. Online cryptocurrency tax calculators (Bitcoin.Tax, Cointracker, Coinledger, Koinly, Summ, TokenTax..)
    These let you upload transaction history from all of your cryptocurrency activities.
@@ -49,15 +56,15 @@ There are several ways you could tackle this:
    When they are hacked or infiltrated, potentially your entire past, present and future cryptocurrency activities can be analysed.
 
 4. Offline cryptocurrency tax calculators. These tend to be more private.
-   - rotki - AGPL/freemium, featureful, does not support US yet (wallet-based cost tracking, https://github.com/rotki/rotki/issues/2438)
+   - [rotki]    - freemium, featureful, does not support US yet (wallet-based cost tracking, <https://github.com/rotki/rotki/issues/2438>)
-   - RP2 - Apache, does not support US yet (https://github.com/eprbell/rp2/issues/135)
+   - [RP2]      - does not support US yet (<https://github.com/eprbell/rp2/issues/135>)
-   - BittyTax - AGPL, UK and US variants (can do wallet-based cost tracking by using multiple configs)
+   - [BittyTax] - UK and US variants (can do wallet-based cost tracking by using multiple configs)
 
-So the main focus here is exporting to offline tools.
+[rotki]: http://rotki.com
-These require CSV data in a specific format; examples are collected here.
+[rp2]: https://github.com/eprbell/rp2
-Each record represents an event in a particular cryptocurrency wallet.
+[bittytax]: https://github.com/BittyTax/BittyTax
+
+The main focus in this directory is exporting to offline calculators.
+Examples of their CSV import format are collected here.
+Each record represents an event in a particular cryptocurrency "wallet" (on an exchange or on a blockchain).
 There are basic events like deposit, withdrawal, buy, sell, expense, income; and some more specialised event types.
-These tools usually provide general gains reports, which you must interpret or adjust according to your country's tax rules.
-
-In the US, universal cost tracking was used through 2024; from tax year 2025, per-wallet cost tracking is required.
-The "Safe Harbor" rule allows you to allocate pre-2025 lots to specific wallets (once), which could help optimise taxes in some cases.