CoinTracking · Tax-Report for Bitcoins and other Digital Currencies

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Dashboard
Reporting
- TRADES: Trade Statistics Trade List Trade Prices Trading Fees Number of Trades Double-Entry List
- BALANCE: Current Balance Daily Balance Balance by Exchange Balance by Currency
- GAINS (Expert): Realized & Unrealized Gains Roll Forward / Audit Report Trade Analysis Average Purchase Prices Tax-free coins (Short & Long)
- CHECKS: Missing Transactions Duplicate Transactions EASY TRACKING: Easy Enter Statistics
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- Overview & Manual Import
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  - CSV IMPORTS: Binance Bitcoin.de Bitfinex Bitpanda Bitstamp Bittrex BTC Markets Bter BX Thailand CampBX CEX Circle Coinbase Coinbase Pro Coinmate
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  - LEGACY IMPORTS: bitcoin24 BTC-E CoinedUP Coins-E Cryptsy MintPal Mt.GOX
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  - CoinSpot Cryptopia Gatecoin Gate.io HitBTC Huobi Indep. Reserve itBit Kraken KuCoin Liqui Livecoin Luno NovaExchange Okex
  - Poloniex Qryptos QuadrigaCX Quoinex The Rock Trading Tidex WEX Whaleclub Yobit API CHECK: API Live Data Check
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Tax-Report
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Create a new Tax Report

Choose the time period and the settings for your export. Please ensure that all your trades are listed in CoinTracking before your start your export.

Export data:

Main tax calculation settings.

Tax year:

Tax year

In the current year 2019, the tax is due for all transactions made in 2018.

A tax year includes all transactions from January 1 (0:00) until December 31 (midnight). This setting is common in most countries.

Alternatively, you can also enter a custom date range.

custom
Select the year for your tax report or enter a custom date range.

Custom tax period:

If the tax period in your country is not from January 1 to December 31, you can set an alternative period here.
To do so, enable the checkbox and enter your start and end date.

Selecting a custom period will only be used in your reports and will not affect the upper overview chart.

Custom period	Check to use the custom period
Period start:	[x]
Period end:	[x]

Filter:

Filter

Experienced users can use the filter to exclude specific types, exchanges or groups from the calculation.

Trade Types:
Disable all types you don't want to be calculated.
Click a checkbox 2 times to calculate the appropriate type with a cost basis of 0. (Not recommended)

Exchanges and Groups:
IN represents all inputs and OUT all outputs.

Example:
- If you want to ignore all 'Kraken' purchases, disable only the IN checkbox next to the label 'Kraken'.
- Disable the OUT checkbox to ignore all 'Kraken' sales.
- Disable both checkboxes to ignore all 'Kraken' transactions.

Be careful with the filters as they can distort the calculation.

Filter (23/23)

Trade Types (9/9)
select all | unselect all
Trade
[In] Income
[In] Mining
[In] Gift / Tip
[Out] Spend
[Out] Donation
[Out] Gift
[Out] Stolen
[Out] Lost

Exchanges (12/12)
select all | unselect all
IN | OUT
Bitstamp
Bittrex
Coinbase
HitBTC
Kraken
Poloniex

Groups (2/2)
select all | unselect all
IN | OUT
Empty Group

You can exclude incoming or outgoing transactions for all exchanges and trade groups.
Use the 'half checked' state for Trade Types, to calculate them with a 0 USD cost basis.

Use the filter to exclude specific types, exchanges or groups from the calculation.

Previous trades: info

Previous trades

If enabled, all transactions before the selected tax year are calculated according to the selected method. This ensures that the calculation for the selected tax year will start with the correct remaining amount of assets (recommended).

If needed, the start date from which previous transactions are to be taken into account can be adjusted (not recommended).

If you don't want to consider your previous calculations or all your trades are in the period selected above, you can disable the checkbox.

Consider all previous trades in report custom
Disable, to ignore previous trades in the tax calculation (not recommended).

By default, all your previous trades should be taken into account for the calculation.

Your first trade was on 13.08.2017
Enter a different date in case you want to adjust the start date for previous transactions. [x]

Additional options:

Additional tax calculation settings.

Group by day: info

Group by day

Enable, to group all purchases by day. This can be helpful if the time zones were not recorded correctly during import and sales are listed a few hours before the purchase (recommended for daytraders in different time zones).
It will also greatly reduce the number of items in your final tax report.

Disable, to calculate all trades according to the chosen method exactly to the second (recommended if all trades and times were set correctly).

Group all purchases by day Use this setting to greatly reduce the number of itmes in your tax report.

Advanced:

Advanced

Open the advanced tax settings, including:
- Margin Trade settings
- Depot separation (tax lots)
- Conversion settings

Show advanced settings

Margin Trades: Margin Trades The best way to calculate margin trades is to import and calculate them as profit or loss. Unfortunately, many exchanges do not transmit margin trades as profit/loss but as regular trades. This can lead to conflicts with a conventional tax calculation, as with margin trades usually more assets are sold (shorted) that available in an account. If you do not have margin trades, skip this setting. In case you have some margin trades and want to calculate them, please try our margin converter first. It can convert the margin trades imported as regular trades into profits/losses for some exchanges. If your exchange is not yet listed in the Margin Converter, you can enable the 'Calculate margin trades' checkbox. Doing this, if there is no suitable purchase pool left for a sale, the system also searches and calculates purchases that have taken place after the sale. Please note that activating the checkbox (especially in the case of incorrectly imported or missing transactions) can lead to tax reports not being calculated according to the selected tax rules because purchases that have taken place after a sale can be used to determine the PnL. If warnings occur despite this option, you have not entered all of your trades correctly.	Calculate margin trades Bypass the regular calculation method to reduce warnings for accounts with margin trades.
Depot separation: Depot separation (tax lots) By default, CoinTracking calculates all purchases and sales across all exchanges and wallets together. By activating the depot separation, all exchanges and wallets are treated as separate depots (tax lots). Before using the depot separation, you must first assign all purchases sent to another exchanges or wallets to their matching deposits. We strongly recommend that you only run tax reports for individual exchanges and wallets when activating the depot separation. To do so, open the 'Filter' menu (below the tax year selector) and deactivate all exchanges except one and then start a tax report. Repeat the process for all exchanges where sales have taken place. At the end you can export and sum up all reports or submit them individually to the tax authorities. The depot separation is currently a beta version and for the time being only possible for the following methods: FIFO, LIFO, HIFO, LOFO, HPFO, LPFO, HAFO & LAFO	Use Depot separation (tax lots) Allocate your transaction first in order to use the depot separation. You can enable the depot separation to consider all movements to exchanges and wallets with their correct cost base.
Conversion: Conversion of coins in your local currency In order to calculate your gain and tax, all your trades that are not in your FIAT currency, must be converted into your FIAT currency at the time of the transaction. We strongly recommend to use the 'Best Prices' setting. Transaction Prices: will convert the 1st part of your trade-pair into FIAT Counterpart Prices: will convert the 2nd part of your trade-pair into FIAT Best Prices (recommended): will convert in this order: 1. Fiat currencies (USD, EUR, GBP...) 2. Bitcoin (BTC) 3. Altcoins and commodities (ETH, LTC, XAG...) Example 1: Buy 1 BTC for 3000 USD (assuming USD is your FIAT currency) - Transaction Prices: will convert 1 BTC into USD - Counterpart Prices: will use 3000 USD (no convertion here) - Best Prices: will use 3000 USD (no convertion here), since USD has a higher priority than BTC Example 2: Buy 60 ETH for 1 BTC (assuming USD is your FIAT currency) - Transaction Prices: will convert 60 ETH into USD - Counterpart Prices: will convert 1 BTC into USD - Best Prices: will convert 1 BTC into USD, since BTC has a higher priority than ETH	Best Prices Transaction Prices Counterpart Prices This setting decides at which price your coins will be converted into USD. Hide advanced settings

Tax data:

Tax-related information such as the method and the long and short term.

Method:

Calculation methods

Example table with 3 trades:

#	Date	Type	Amount	Price/Unit	Total Cost
A	1 Jan.	Buy	1 BTC	$1000	$1000
B	1 Feb.	Buy	2 BTC	$1200	$2400
C	1 Mar.	Buy	3 BTC	$700	$2100

Results depending on the method:

FIFO - First-In First-Out: A (1 Jan.), B (1. Feb.), C (1. Mar)
LIFO - Last-In First-Out: C (1. Mar), B (1. Feb.), A (1 Jan.)
HIFO - Highest-Cost First-Out: B ($2400), C ($2100), A ($1000)
LOFO - Lowest-Cost First-Out: A ($1000), C ($2100), B ($2400)
HPFO - Highest-Price First-Out: B ($1200), A ($1000), C ($700)
LPFO - Lowest-Price First-Out: C ($700), A ($1000), B ($1200)
HAFO - Highest-Amount First-Out: C (3 BTC), B (2 BTC), A (1 BTC)
LAFO - Lowest-Amount First-Out: A (1 BTC), B (2 BTC), C (3 BTC)
AVCO - Average Cost: The AVCO method determines the value of ending inventory and cost of sales on the basis of average cost of assets available for sale.
OPTI - Optimized Calculation: This method will always provide the lowest profit.
1) All purchases that are long-term (by default > 1 year) are sold first starting with trades with the highest profit.
2) If there are no more long-term purchases available, short-term purchases (by default < 1 year) will be sold, starting with trades with the lowest profit.
ACB - Adjusted Cost Base (Canada only): The ACB method determines the cost of an investment for tax purposes and is required by the Canada Revenue Agency for income tax purposes on Schedule 3.
Detailed ACB description
HMRC - HM Revenue and Customs (beta version): This calculation used in the UK works as follows:
1) Calculaton of acquired assets on the same day (even if the disposal took place before the acquisition)
2) Calculaton of acquired assets within 30 days of selling
3) Calculaton of all remaining assets within an average cost base
Detailed HMRC description

Choose a tax method that is allowed in your country.

Tax calculation: info

Tax calculation

1. If your country has a fixed short-term and long-term tax percentage, you should calculate both the tax and the gain

2. If your country has a variable short-term tax percentage (usually depending on income and/or state) and you know your exact tax rate, you should calculate both as well.

3. In case you don't know your short-term tax percentage, you should only calculate your gain and let a CPA or the tax authorities calculate the tax with your proper tax percentage.

Calculate tax and gain Calculate gain only
Calculate gain and tax if you know your exact tax percentage. Otherwise only calculate your gain and let the tax authorities calculate the tax with your proper tax rate.

Tax short-term: info

Short-term tax rate

The short-term tax rate is the tax percentage you have to pay for short-term sales (by default: all purchases which have been sold within 1 year after the purchase).

Select your country specific or personal short-term tax rate from the dropdown menu, or enter a custom percentage value.
If you don't know your exact tax rate, you should select "Calculate gain only"

or set custom: %
Select your short-term tax rate or enter a custom percentage value. If you don't know your exact tax rate, you should select "Calculate gain only"

Tax long-term: info

Long-term tax rate

The long-term tax rate is the tax percentage you have to pay for long-term sales (by default: all purchases which have been sold at least 1 year after the purchase).

Enter your country specific or personal long-term tax rate. Usually long-term trades are free of taxes in many countries or have at least a reduced tax rate.

%
Enter your long-term tax rate.

Long-term after: info

Short-term / Long-term period

Most countries have a reduced tax rate or are free of taxes after 1 year (= 365 or 366 days)

If your country does not differentiate between short and long-term trades, enable the 'never' checkbox.

days |

never (use short-term for all trades)
Enter the time after long-term effects. Usually long-term effects after one year in most countries (365 days).

Each country has different tax calculations. Please research about the regulations in your country.
[We have already put together some verified calculations of several countries here]

USA:
Method: FIFO is recommended
Tax short-term: Regular income tax rate (0%-37%), depending on the state and tax bracket
Tax long-term: Depending on the state and income. Guideline is 20-24% tax and thus lower than for short-term
Long-term after: 365 days
More details: Capital Gains Tax Table

Germany:
Method: Undefined. However, FIFO is recommended
Tax short-term: Regular income tax rate, depending on the income.
Tax long-term: After one year the speculation tax in Germany is omitted, so 0%
Long-term after: 365 days
More details: Bitcoin trades after one year tax exempt | Tax for Bitcoins | Bitcoin: Virtual currency, real taxes | Bitcoin and tax

Netherlands:
Method: Has not yet been decided by law. However, FIFO is recommended
Tax short-term: 30%
Tax long-term: Does not apply here
Long-term after: never, as it is always calculated with the same tax rate

Australia:
Method: Has not yet been decided by law. However, FIFO is recommended
Tax short-term: 0%-45%, depending on tax bracket
Tax long-term: Reduced tax for long-term trades after 1 year
Long-term after: 365 days

Austria:
Method: FIFO is recommended. OPTI should be also save to use.
Tax short-term: 0%-55%, depending on tax bracket
Tax long-term: 0%
Long-term after: 365 days

Canada:
Method: ACB is recommended.
Tax short-term: 15%-33%, depending on tax bracket
Tax long-term: Does not apply here
Long-term after: Does not apply here

Want us to add your country? Just contact us with the legal regulations in your country, along with a reputable source. We will add it to the list after verification.

Overview of all created Tax Reports (You see a Demo)

Click on the 'Load Report' button to open your report

#	Export Date	Tax Year	Method	Trade Pair	Term Short / Long	Total Trades	Total Capital Gain Short / Long	Total Capital Tax Short / Long	Reports

Disclaimer: The information contained on CoinTracking is provided for general information purposes only. It is not intended nor should it be used as a substitute for tax, audit, accounting, investment, consulting or other professional advice on any subject matter. You should seek advice directly from a professional before making any decision or taking any action on accounting, tax, financial and consulting related matters and issues. The information provided at this site is subject to change without notice. All information in this site is provided "as is."

Tax-Report for Bitcoins and other Digital Currencies

CoinTracking helps with taxes for your tax declaration of Bitcoins and other digital currencies.