Trading on Bitmart exchange and need to do your crypto taxes? Don’t fret. Our Bitmart taxes guide has everything you need to know about calculating your crypto profit and loss and income, where to get your transaction statements, and how to report your Bitmart taxes.
You’re not the only one that finds themselves lost when it comes to crypto taxes.
In most countries, crypto is seen as a kind of property and it’s subject to Capital Gains Tax or Income Tax - depending on the transaction. To get started with your Bitmart taxes, you need to identify all of the transactions you’ve made.
So your Bitmart tax reporting starts with getting your Bitmart transaction history.
You can download your Bitmart transaction history via API or as a CSV file. Here’s how:
No, Bitmart does not provide a tax report. But you can connect to crypto tax software via API or by uploading a CSV file of your transaction history to get a Bitmart tax report.
Although Bitmart operates in the US, they have not been known to send 1099 forms to users or the IRS.
No, Bitmart doesn’t supply a financial statement. But you can use the CSV file of your Bitmart transaction history instead to calculate your crypto taxes.
There's no option within Bitmart to download a CSV file of your Bitmart transaction history, so you've got a couple of different options here instead.
You can contact Bitmart at support@bitmart.com to request a CSV file of your transaction history. Alternatively, if you have a small number of trades, you can create your own custom CSV file.
You can create an API key in your Bitmart account by selecting your profile in the top right corner. In the new page, scroll down to security settings then select set next to API. Give your API key a name and select read-only for authority, then press add. Now just copy your API key and API secret and paste them into your chosen crypto tax app.
Please note, the Bitmart API only fetches data on your most recent 500 trades. If you have more transaction data than this, you'll need to use the CSV file method instead.
No, Bitmart does issue an end-of-year statement for users. But you can generate an end-of-year holdings report for your crypto using a crypto tax app.
Yes, you’ll need to complete KYC verification in order to use Bitmart. Like many other exchanges - they have different levels of verification and these different verification levels have their own withdrawal limits.
As Bitmart operates in the US, it’s likely the exchange has faced pressure from the IRS to share customer data in order to ensure tax compliance. The IRS is able to request KYC data from centralized crypto exchanges. The best way to remain tax compliant is to report your Bitmart transactions accurately.
Bitmart is a global brand that operates in 180 countries… in other words, it’s highly likely Bitmart reports to other tax offices like HMRC, the ATO and the CRA.
Your customer data may be requested by these tax offices in order to ensure tax compliance.
You can create your Bitmart tax report yourself, or by using a crypto tax app.
For those DIYing their crypto taxes - you’ll need to get your Bitmart transaction history and then identify each taxable transaction, as well as the kind of tax that applies. You’ll then need to calculate your cost basis, subsequent capital gains or losses and the fair market value of any crypto income on the day you received it. You’ll have to do this for every single exchange, wallet or blockchain you use.
Alternatively, use crypto tax software instead. All you have to do is connect your Bitmart account (and any other crypto wallets, exchanges or blockchains you use) via API or by uploading CSV files of your transaction history. Your crypto tax calculator will then calculate your crypto taxes for you and generate your tax report based on your location, ready for your tax office.
Koinly is a Bitmart tax calculator and reporting tool and it makes crypto tax simple. All you need to do is connect your Bitmart account via API or by uploading your Bitmart CSV file and then Koinly will do the rest, including:
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