Bitrue Tax Guide

23 May, 2023 · 5 min read

Ready to tackle your Bitrue taxes? Bitrue is a leading crypto exchange serving US customers, enabling investors to trade crypto, earn staking rewards, and more. 

On Bitrue, you can trade over 1,000 crypto trading pairs, including leveraged tokens, and earn passive income from your crypto. But what about taxes from those transactions?

In this guide, we’ll cover how to do your Bitrue taxes, from reporting crypto gains to filing your Bitrue tax documents and more!

Do you pay taxes trading crypto on Bitrue?

If you trade one of the 1000+ crypto pairs on Bitrue, you’ll have a taxable event, subject to capital gains taxes in the US. 

Your capital gains tax rate will depend on the holding period of the crypto you just traded. If you hold it for 12 months or less, you’ll face a short-term capital gains tax rate, ranging from 10% to 37%.

If you hold it for more than 12 months, you’ll benefit from a long-term capital gains tax rate, ranging from 0% to 20%. 

Do you pay taxes trading leveraged crypto tokens on Bitrue?

If you trade leveraged tokens or crypto futures, you’ll be taxed at the same level as trading crypto on spot, leading to capital gains taxes.

You’ll face a short-term or long-term capital gains tax rate depending on the holding period of the crypto.

Is earning staking rewards taxable on Bitrue?

If you earn crypto interest or staking rewards by putting your crypto tokens to work on Bitrue, you’ll have to pay ordinary income taxes on that crypto income.

Every time you receive new staking rewards, you have to determine the Fair Market Value (in USD) when you received them and report them in your US Individual Income Tax Return.

Does Bitrue report to the IRS?

Yes, Bitrue, like any other exchange that serves US residents, can be asked by tax authorities, including the IRS, to share trading information related to their customers.

Does Bitrue provide tax documents?

Yes, you can download your Bitrue trading activity history by downloading a CSV file that you can then use to import into crypto tax software such as CoinTracking and generate the correct tax documents to report your crypto activities.

How do I get a CSV file from Bitrue?

You can download a CSV file from Bitrue by following these steps:

  1. Log in to your Bitrue account
  2. Navigate to Assets and then, My Assets in your Bitrue account
  3. Select Export Asset Transaction History -> Deposits | Withdrawals | Trade History -> Date Range
  4. Download your CSV file from Bitrue

After receiving a CSV file from Bitrue with your transaction history, you’re ready to import your transactions into crypto tax software like CoinTracking.

How do I file taxes on Bitrue?

You can file your Bitrue taxes by using crypto tax software, and after you download all of your Bitrue trades via CSV.

After importing your trades, you can determine all of your capital gains/losses from Bitrue trading and generate the necessary tax reports with your information to file your Bitrue taxes.

How to do your Bitrue taxes?

If you have capital gains/losses from Bitrue, you’d have to report those according to their holding period in the right crypto tax forms: Form 8949 and Schedule D of your Form 1040.

If you earned crypto staking rewards from Bitrue, you’d have to report that income in your income tax return (Schedule B for interest and Schedule 1 for miscellaneous income).

The best Bitrue tax software: CoinTracking

The best tools to track your Bitrue trades and do your Bitrue taxes is CoinTracking.

With CoinTracking, you can import your Bitrue trades, track your gains/losses, and generate tax reports. CoinTracking is your full crypto tax tool, enabling:

  •  110+ available exchanges.
  • Import all of your DeFi and NFT trades!
  • Advanced reporting features.
  • Automatic Capital Gains,
  • 10+ accounting methods (e.g., FIFO, LIFO, HMRC, ACB)
  • Ready to go Tax Reports

Crypto taxes DFY: CoinTracking Full-Service

CoinTracking also offers a Full Service for US crypto investors. A crypto reconciliation tax expert from Polygon Advisory Group, a leading US crypto tax firm, will review your CoinTracking account, help fix any errors, and ensure you submit your crypto tax reports error-free.

This post is part of the Crypto Taxes AMA series. Follow our weekly AMAs on Twitter where our expert CPA, Sharon Yip answers your crypto tax questions.

Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.

Track your crypto portfolio with CoinTracking

With CoinTracking, you can import your trades from hundreds of exchanges and blockchains, determine your capital gain/losses and income, and generate crypto tax forms.

CoinTracking FAQs

Questions and Answers on Crypto Portfolio Tracking & Crypto Taxes

If you are not yet familiar with CoinTracking, these frequently asked questions are an ideal starting point for using our expertise and clarifying important issues.

How do I declare crypto profits for tax purposes?2023-05-23T19:31:23+01:00

You can report your crypto taxes by using a crypto tax software that tracks your trades, calculates your gains/losses, and generate the right crypto tax forms in the US (e.g., Form 8949)

How much tax on crypto?2023-05-23T19:03:37+01:00

Your crypto tax rate from trading will depend on the holding period of the crypto before selling. If you hold your crypto for less than 12 months before selling, you’d be taxed at a short-term capital gains tax rate between 10% and 37%. If you hold your crypto for more than 12 months before selling, you’d be taxed at a long-term capital gains tax rate between 0% and 20%.

Is crypto taxable in US?2023-05-23T18:54:19+01:00

Yes, in the US, trading cryptocurrencies is a taxable event, subject to capital gains level, with a tax rate depending on the holding period of your crypto. You can be taxed at a long-term capital gains tax rate or a short-term capital gains tax rate. Other crypto transactions like airdrops, hard forks, staking rewards, and crypto interest are taxed at an income level. Learn everything about crypto taxes in the US from our guide. Please consult with a certified professional about your personal situation.

How much does CoinTracking cost?2023-05-23T18:49:02+01:00

CoinTracking has a number of pricing plans depending on the number of transactions you need. You can sign-up to a free account if you have up to 200 transactions. Up to 3,500 transactions are billed at €9.99 per month, up to 20,000 transactions at €16.99, up to 50,000 transactions at €21.99 and 100,000 transactions at €29.99. The “Unlimited Package” for over 100,000 transactions costs €59.99 per month. If you pay with BTC, you can get a 5% discount (no email is required to sign-up).

What is CoinTracking?2023-05-23T18:46:17+01:00

CoinTracking is the the best crypto portfolio tracker and crypto tax tool in the market. CoinTracking enables crypto investors to import their trades from hundreds of exchanges/blockchains/wallets, calculate your capital gains/losses, and generate compliant tax reports in dozens of countries.

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