How Crypto.com Users Can Do Their Crypto Taxes With CryptoTrader.Tax
It’s no secret that taxes can be confusing, especially when it comes to crypto. The CryptoTrader.Tax product is built to guide you through each step of the tax reporting process and allows you to get your crypto taxes done in a matter of minutes. In this article, we walk through each step of the process to show you how it works.
How does CryptoTrader.Tax work?
CryptoTrader.Tax integrates with major cryptocurrency exchanges and platforms to allow users to import their historical transactions with the click of a button. After importing your transactions, the software does all of the number crunching and generates your required crypto tax reports that you can then import into platforms like TurboTax or TaxAct, or simply send to your tax professional to file on your behalf.
CryptoTrader.Tax follows a five step process for tax report creation. We walk through each of these steps below.
Step 1 - Select Crypto.com and any other exchanges you use
In the first step, select each of the exchanges and platforms that you have used to buy, sell, trade, or earn cryptocurrency. These are the platforms that you will be importing your historical data from.
Step 2 - Import your Crypto.com trades
Download your trade history file from Crypto.com. This is the CSV file that Crypto.com exports to users. It contains the data detailing all of your historical trades. Learn how to download this file here. Import this file directly into CryptoTrader.Tax.
Step 3 - Other Transactions
In step three, you can import transactions like coins received from mining, staking, interest accounts, or other means. These types of events result in taxable income. CryptoTrader.Tax generates a complete income report for you detailing all of your mining or staking income that you received over the course of the year in USD, or your home fiat currency.
Payments and gifts sent to friends should be added as outgoing transactions within step three.
Step 4 - Review Your Data
Now that all of your transaction history is imported into CryptoTrader.Tax, review everything to make sure it looks correct. The system will alert you of any missing data on this step.
Step 5 - Generate Your Tax Report!
Lastly, generate your complete tax report with the click of a button on Step 5! Included in your tax report is IRS Form 8949, short and long term sales reports, an income report, as well as a complete audit trail detailing how every single taxable event was calculated. Checkout an example cryptocurrency tax report here.
Getting started and importing all of your data is completely free! Only pay when you want to generate your tax reports. Learn more about how CryptoTrader.Tax works here.
Have any questions? Our team of live chat customer support agents are happy to help. Just send us a message!