New to the world of crypto? You may be wondering how to go about doing your Bitrue taxes. The good news is that it's not as complicated as you might think (especially if you use crypto tax software). Here's a step-by-step guide to help you get started.
How to prepare Bitrue taxes
Tax authorities all around the world are cracking down on crypto tax. Anytime you make a capital gain, loss or income from crypto - your tax office will want to know about it. Prepping your Bitrue crypto taxes all starts with getting your Bitrue transaction history - so you can figure out what’s taxed, what’s not and calculate your gains and income.
How to download and export Bitrue trading and transaction history
You can download or export your Bitrue transaction history in two simple ways:
- You can connect the Bitrue API with a crypto tax app: Connecting the Bitrue tax API to crypto tax software will allow you to automatically import your Bitrue transaction history directly to your preferred crypto tax software. The software will calculate your Bitrue taxes based on your country’s tax rules and generate your crypto tax report.
- You can export your Bitrue transaction history into a CSV file: you can then upload this to a crypto tax calculator or calculate your Bitrue taxes yourself.
Does Bitrue provide a tax report?
No, Bitrue does not provide tax reports. It is difficult for any crypto exchange platform or wallet provider to provide a blanket tax report because crypto investors generally aren’t using just one exchange or wallet.
However, Bitrue lets you download a CSV file of your transaction history that can be imported into crypto tax software. From there you can generate a Bitrue tax report.
Does Bitrue send a 1099 form to the IRS?
Bitrue doesn’t have mandatory KYC - it’s only if you want to withdraw large amounts daily that you’ll need to complete KYC verification. With this in mind, it’s unlikely that Bitrue is issuing 1099 forms to users or the IRS.
Does Bitrue supply a financial statement?
No, Bitrue does not supply a financial statement. But you can use your Bitrue transaction history CSV file as an alternative to a financial statement, or get a tax report by connecting with a crypto tax app via API.
Bitrue CSV export
It’s easy to get a CSV export of your Bitrue transaction history. Just log in to your Bitrue account and select assets in the top right, then my assets from the drop down menu. Now select export asset transaction history.
Your Bitrue transaction data is split into deposits, withdrawals, bonuses, order history, loans and trade history. You'll need all of these individual CSV files.
When you're downloading these files - you'll need to pick a date range. Bitrue lets you export a maximum of 3 months of transaction history at a time. But you'll need your entire transaction history from Bitrue to calculate your cost basis, short and long term capital gains correctly - so this means you need many CSV files.
Using the API method below can be less time-consuming.
Bitrue tax API
Use the Bitrue tax API to swerve the spreadsheets. You can see full instructions on how to connect Bitrue API with Koinly. But in brief, log into your Bitrue account and select your account number in the top right corner, then account from the drop down menu. Now select API from the menu on the left and then create new API key. Now add this API key and API secret to your crypto tax app.
It’s important to note only 1000 of your most recent trades will be imported via API - so you may end up needing to use CSV file(s) if your Bitrue account is older or has many trades.
Does Bitrue provide an end of year statement?
No, Bitrue does not provide an EOFY statement. However, you can download CSV files from Bitrue that could cover the entire financial year which can be used as an end of year statement.
Does Bitrue require KYC?
No, Bitrue doesn't have mandatory KYC currently. However, they do set a withdrawal limit for users without KYC of 2 BTC daily.
Does Bitrue report to the IRS?
Bitrue may report to the IRS.
In other words, in some instances, Bitrue may report to the IRS regarding specific users or accounts.
Does Bitrue report to other tax authorities?
Yes - Bitrue may report to other tax offices including the ATO, the CRA and HMRC.
Since Bitrue has offices across three continents and users around the world, Bitrue may be compelled to share data with tax offices if requested.
How to generate Bitrue tax forms
Bitrue tax forms can be generated manually or through crypto tax software. To do it manually you will need to download your Bitrue transaction history CSV files and calculate your cost basis, capital gains and losses, and the fair market value of any crypto income on the day you received it. For active traders with a large transaction history, this can take hours.
This is why Bitrue integration with crypto tax software is recommended. Bitrue integrates with Koinly through API or CSV file import to make crypto tax reporting simple. Koinly becomes the ultimate Bitrue tax tool once connected. Within 20 minutes, Koinly will compute your Bitrue taxes based on your location and generate your crypto tax report.
Koinly is a tax calculator and reporting tool that helps users track their cryptocurrency investments and calculate their taxes. It supports all major exchanges and wallets, and users can generate tax reports specific to their country and tax office. Koinly supports Bitrue and makes tax reporting a walk in the park.
Here's a quick rundown of what you'll get out of using the Koinly tax calculator:
- All information about your transactions is imported, including sales, swaps, purchases, and rewards.
- Enables you to convert your transactions at fair market value into the currency of your resident country to save you a lot of time and energy.
- It assists you in determining which transactions are taxed and which are not.
- Makes your report clean and accurate, which makes it easier for your tax office to understand.