The Easiest Way to Tax Cryptocurrency in 2023

So let’s get started right away. But especially for you, this is the main page after logging in. First step, import Exchange transaction history. So, three exchanges we will check out: todaywe will coinbase One. we will Coinbase Pro. Other yesAnd then I would like to guide you Uniswap.

Now you can apply any of the three exercises you do today to any of the options on the list. But let’s get started coinbaseThen you will see that it is asking us to: Upload transaction details In fact, we can connect to the API or upload files from the exchange. I’ll show you both. Click to upload your Coinbase transaction..

I have a dot CSV file like this right here. Click to open. This will automatically import 40 transactions successfully. look good. Now how can I get that dot CSV file from Coinbase or any of these exchanges?

Well, there’s something I like. Crypto Trader Taxes Step-by-step instructions are provided for every auction. read Coinbase Import Guide.

So if you don’t know how to access that file, I’ll click on it. coinbase. They have pictures and will tell you exactly what to do. Just download the report and upload it right away. Cryptocurrency trader dottex.

Okay, let’s continue. Coinbase Pro. So, in this example, we will show you how to connect your exchange account via a read-only API to retrieve your transaction history. So we can do it the same way. Let’s do it API version.

This time, you’ll need to re-enter your API key API secret and API password, so if you want to know how to find that information, whether it’s from Nance Coinbase or not, we have a guide for you. , you can click to find it and then upload it.

Okay, this is what I look like. This is a dummy account, so we’re not actually doing this ourselves, we’re just using it as an example. You enter once, you enter once. Interlink.

Yes, I like that I can successfully import 75 transactions with just an API connection. And it’s important to note that this is read-only access. Therefore, when a cryptocurrency trader dottax connects to an exchange. It does not give you access to your private keys, nor does it give you the ability to move transactions made on that exchange. Okay, so we hoped they would. and let’s go UniswapSo we can import transactions from: UniswapAll you have to do is connect our public playground address wallet address, at least the wallet you have interacted with. Uniswap
With , this is probably your Meta Mask Public Theater address. Here again, I’ll give you an example, not mine. so cryptocurrency trader is Read the Ethereum Blockchain. In particular, all transactions involving: That Ethereum wallet address.

And here we succeeded work It is imported. great. Step 1 is complete. We move on to two other transaction steps. Therefore, you can add other transactions here that are not included in the exchange.

For example, if you received a salary BitcoinAdd or organize Litecoin Or whatever. If you are a miner and have mining rewards, you can add these transactions here. Or if you received a gift. You have staking by adding another form of transaction. This is pretty self explanatory. Moving on to step 3, it’s all about entering or reviewing data. I just uploaded it chronologically and it looks good for an asset-based, type-based platform trading ledger. Finally, generate a tax report.

As you can see here, individual tax seasons are separated out. Obviously, we’ll do the most recent year. Start the report.

Boom, success. Let’s see it. Here is my tax return. As you can see, we can see both short-term profits or long-term profits. This is the information you just wrote Audit trail.

So you have a full report of exactly how this was classified, so you can keep it for your records. If you want, you can download it right here. And this is what I like. you can send it If you use the TurboTax Online Desktop version of the app, you will be connected directly to TurboTax.Whatever it is, print it out and submit it directly to your accountant or the IRS.