How To Calculate Your Trading Gains With CryptoTrader.Tax
If you were stuck calculating your cryptocurrency gains and losses by hand this past tax season, you know first-hand how difficult it is to find historical price data for all of your trades. Doing this for coin-to-coin trades is even more of a hassle as you need peg the value of each trade to a number in USD. Aggregating all of your necessary tax data is a time consuming process—this is the problem that CryptoTrader.Tax is built to solve.
Head over to CryptoTrader.Tax and make an account. We understand the importance of your privacy, so the only thing needed to register is an email address. You can also familiarize yourself with how cryptocurrency taxes work prior to getting started by reading our complete crypto tax guide.
Step 1: Basic Information
The first step in getting started is to simply select all of the exchanges and platforms you have traded on. Select the icon of each platform you used before moving forward to step 2.
Step 2: Import Your Trade History
In order to calculate an accurate tax report, CryptoTrader.Tax needs your trade history from all exchanges and from all previous years of trading, buying. or selling cryptocurrency. Follow the guides on each exchange tab to either connect your exchange account or upload those trades by CSV file import. This guide won't go into detail on the steps for each exchange, but you can take at them here: Exchange Trade History Guides
Step 3: Import Your Crypto Income (Optional)
This step is optional if you don’t have any crypto income such as mining. If this step does apply to you, go ahead and follow the Income CSV Template guide here for importing your transactions. Once you have the template filled out or have manually entered your income transactions, you can move on to the next step!
Step 4: Generate Your Report
Finally, navigate back to the Report Dashboard and click the on the "Start Report" button to calculate your trading gains and losses. After the report is finished, you may click "View Report" to view and download the below documents. You can send these reports to your tax professional, file them yourself, or import them into your preferred tax filing software like TurboTax cryptocurrency.
- Short Term Gains
- Long Term Gains
- Crypto Income
- End of Year Positions
- IRS Form 8949
- TurboTax Import
If you found a mistake on your income or trading history, just re-upload the CSV and generate a new report for that tax year. All previous reports will be overwritten for any correction you need to make, and you get unlimited revision after paying for your report!
Want to learn about how to file your cryptocurrency trades with TurboTax Cryptocurrency? Checkout our video walkthrough below!