How To Calculate Your Trading Gains With CryptoTrader.Tax
If you were stuck calculating your 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. We understand how hard this is and built a tool to automate it!
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. (Feel free to use a throwaway!) After logging in for the first time, you’ll be shown this dashboard which will later give you an overview for capital gains and losses for the year.
Step 1: Basic Imformation
The first thing you will need to to to get started is select all exchanges you have traded on. Just use the dropdown below to select each of those before moving on to the next step.
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. Follow the guides on each exchange tab to either connect your exchange account or upload those trades by CSV. 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 does apply to you, go ahead and follow the Income CSV Template guide here. Once you have that 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 these documents:
- Short Term Gains
- Long Term Gains
- Crypto Income
- End of Year Positions
- IRS Form 8949
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.