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Bitfinex tax guide


How to do your Bitfinex taxes

Last updated: Monday, 10 January 2022

Getting a headache from your Bitfinex taxes? Our Bitfinex tax guide has everything you need to know about how to get your Bitfinex trading history and calculate and report your Bitfinex taxes.

How to prepare Bitfinex taxes

Tax deadline looming and need to prepare your Bitfinex taxes? Wherever you live - your local tax authority wants to know about your Bitfinex transactions, including any capital gains and losses, income and expenses. To get started with your Bitfinex taxes, you'll need your complete Bitfinex transaction history. There's a couple of ways you can do this, so let's dive in.

How to download & export Bitfinex trading & transaction history

You can download and export your Bitfinex trading and transaction history within your Bitfinex account. There's two ways to do this - and one is much simpler than the other!

  1. Use the Bitfinex tax report API with crypto tax software. If you use the Bitfinex tax reporting API with a crypto tax app - all your Bitfinex transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate Bitfinex and Koinly here.
  2. Export Bitfinex transaction history in a CSV file. You can download a CSV file of your Bitfinex transaction history when you're logged into your Bitfinex account. Then you can either upload this to a crypto tax app or do your Bitfinex taxes manually.

Here's how to get your Bitfinex trade history export.

Log in to your Bitfinex account and select the profile icon in the top right corner. From the drop down menu, select reports then export. A pop-up window will appear - select ledgers from the drop down menu then export. Your CSV file of your Bitfinex transaction history will be sent to the email address associated with your Bitfinex account.

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Does Bitfinex provide a tax report?

No, Bitfinex does not provide a tax report.

However, you can use your Bitfinex transaction history to generate a Bitfinex tax report using a crypto tax app (like Koinly!).

The easiest way to do this is using the Bitfinex tax report API. This API is read-only, so you don't need to worry about giving another app access to your Bitfinex account. The API simply fetches your transaction data to calculate your crypto taxes for you.

If you'd rather not use an API, you can download a CSV file of your Bitfinex trading history using the steps above. Then you can either calculate your crypto taxes yourself, or upload this CSV file into your chosen crypto tax app instead.

Does Bitfinex supply a financial statement?

Yes. Your Bitfinex transaction history is your financial statement.

Your Bitfinex ledgers file includes your complete trading history on Bitfinex. You can use this to create a Bitfinex tax statement for your local tax office.

Use the steps above to see how to get your tax statement from Bitfinex. If you're uploading your CSV file to a crypto tax app - remember, you'll need your complete Bitfinex trading history, for however long you've been using your Bitfinex account. This lets your crypto tax app calculate your short and long-term capital gains accurately, ensuring you don't pay too much or too little tax.

Once you have your Bitfinex financial statement, calculate your crypto taxes manually or upload your Bitfinex financial statement to a crypto tax app to fetch a Bitfinex tax statement in minutes.

How to generate a Bitfinex tax form

You can generate a Bitfinex tax form one of two ways - through a crypto tax app or manually.

If you're preparing and calculating your crypto taxes yourself - your tax office will want to know about any taxable transactions on Bitfinex, including your capital gains and losses from selling, swapping, spending or gifting crypto. As well as this, you'll also need to report any additional income from crypto - for example through staking, mining or airdrops. How much detail you'll need to include about each transaction depends on where you live. Some tax offices only want to know about additional income and your net capital gains and losses, while other tax offices want a more detailed breakdown of each individual transaction.

Of course, this is a lot of work if you're an active crypto investor. So instead of creating a spreadsheet of your crypto transactions, you can use crypto tax software to automatically generate your Bitfinex tax report for you. Simply use the Bitfinex tax report API or upload your Bitfinex ledgers CSV file. Our crypto tax app can then automatically generate pre-filled tax reports based on your location - for example, a pre-filled IRS Form 8949 and Schedule D.

Bitfinex CSV exports

Need to get your Bitfinex CSV export in time for the tax deadline? No worries.

Log in to your Bitfinex account and select the profile icon in the top right corner. From the drop down menu, select reports then export. A pop-up window will appear - select ledgers from the drop down menu then export. Your CSV file of your Bitfinex transaction history will be sent to the email address associated with your Bitfinex account.

When you download your CSV ledgers file, it will come in a zip file - so you'll need to extract it before uploading it to a crypto tax app.

Bitfinex tax API

If you're using crypto tax software instead, the easier option is just to use the Bitfinex tax API. It takes less time, there's no fiddling around with multiple CSV files and it's easy to do.

Log in to your Bitfinex account and go to your profile icon in the top right corner. Next, select security from the drop down menu. Now, in the right hand navigation bar, select API then create new key.

The permissions for your API key should automatically be set to read-only. You only need read-only permissions for crypto tax apps.

You'll need to complete the two-factor verification process to generate your new API key. Once you've done this, copy your API key and API key secret from Bitfinex and paste them into your crypto tax app.

Does Bitfinex provide an end of year statement?

No, Bitfinex does not provide an EOFY statement.

However, your Bitfinex ledgers file can work as your Bitfinex end of year statement. Follow the instructions above to find this file.

Does Bitfinex report to the IRS?

Back in 2018, Bitfinex contacted users telling them they must disclose information for tax reporting purposes to comply with British Virgin Islands government. They confirmed in the email that the BVI government may then choose to share that information with other tax authorities around the world. The email asked US users to complete FATCA self-certification forms.

All this to say, while Bitfinex hasn't confirmed they work with the IRS - their actions suggest that they have faced significant pressure from the BVI government and the IRS. From the above, it is possible your Bitfinex data has been shared with the IRS.

Does Bitfinex report to tax authorities?

Tax authorities around the world are cracking down on crypto tax evasion. Most have issued specific guidance on crypto taxation and they're putting pressure on crypto exchanges to comply and share customer data.

In their Terms and Conditions, Bitfinex states users agree to provide any documentation of tax residence and status under Tax Information Exchange Laws. As a large exchange known for attracting advanced investors, it is highly likely tax authorities like that HMRC, the CRA, the ATO and many more have put pressure on Bitfinex to share customer data.

The best way to ensure you're compliant with your country's tax laws is to report your crypto taxes accurately.

Koinly is a Bitfinex tax calculator & reporting tool

If you’ve been wondering is Koinly a Bitfinex tax calculator tool, the answer is, yes! Not only can Koinly import Bitfinex transaction history, but Koinly can also calculate your Bitfinex taxes in a format that makes sense for your country’s tax office. As a Bitfinex tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.

  • Koinly will import all your Bitfinex trades including purchases, sales, swaps, income and more!
  • Koinly will then convert your Bitfinex transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
  • Finally, Koinly works out which of your Bitfinex trades are taxable, and which are not - calculating your Bitfinex gains/losses, crypto income and more. All of this is really important for being able to submit an accurate Bitfinex tax return to your tax office.

Get your crypto tax report today!


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