Need help navigating Bittrex taxes? Our Bittrex tax reporting guide has everything you need to know about how to generate your Bittrex tax forms and Bittrex tax documents, as well as answers to common questions like whether Bittrex issues 1099 forms and whether Bittrex reports to the IRS.
How to prepare Bittrex taxes
Need help preparing your Bittrex taxes? No matter where you live, your local tax office wants to know about your taxable Bittrex transactions - including your capital gains and losses, crypto income and expenses. To get started with your Bittrex taxes - you'll need to start by getting your complete Bittrex transaction history. There are a couple of ways you can do this, we're looking at both in this Bittrex tax guide.
How to download & export Bittrex trading & transaction history
You can download and export your Bittrex trading and transaction history within your Bittrex account. There's two ways to do this - and one is much simpler than the other!
- Use the Bittrex tax report API with crypto tax software. If you use the Bittrex tax reporting API with a crypto tax app - all your Bittrex transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate Bittrex and Koinly.
- Export Bittrex transaction history in a CSV file. You can download a CSV file of your Bittrex transaction history when you're logged into your Bittrex account. Then you can either upload this to a crypto tax app or do your crypto taxes manually.
Here's how to get your Bittrex trade history export.
Log in to your Bittrex account and select orders. Now scroll down to order history and select download history. Pick the year and download. You'll also need a separate CSV file of your deposits and withdrawals on Bittrex, you can get this file by submitting a request through Bittrex support. Follow this link and create a new general support request and request a CSV file that includes all your deposit and withdrawal history from your Bittrex account.
Does Bittrex provide tax documents?
Sort of. Bittrex doesn't provide a variety of tax documents you need to report your crypto accurately to the IRS, but you may receive a Bittrex 1099 form.
Bittrex 1099 form
Bittrex issues some US users with 1099-B forms, where IRS regulation states they must.
Bittrex will issue you a 1099 form for the IRS if you:
- Sold crypto for fiat currency - like USD.
- Traded crypto for crypto.
- Spent crypto on goods or services.
- Mined crypto.
- Received coins/tokens from an airdrop or fork
- Otherwise made additional income through crypto.
You won't get a 1099 form from Bittrex if you:
- Bought crypto, but didn't sell any.
- Gifted crypto under $16,000 in value.
- Purchased crypto with a Self-Directed IRA or Solo 401(k).
- Transferred crypto between your own wallets.
In other words, if you're a die hard hodler - it's unlikely you'll receive a 1099-B from Bittrex. Otherwise, you may well receive a Bittrex 1099 form. Remember, when you receive a 1099 form, the IRS gets an identical copy.
The issue with 1099-B forms is that if you're using other crypto exchanges to trade and sell, your Bittrex 1099 form won't include any information about these transactions, so it may be incorrect for reporting your crypto taxes to the IRS. As well as this, if you've bought your crypto from another exchange and transferred it onto Bittrex - your 1099-B form may have the incorrect cost basis, which means your subsequent capital gain and loss calculations may be incorrect too. You can learn more about 1099 forms in our guide.
Does Bittrex supply a financial statement?
Yes. Your Bittrex transaction history is your financial statement.
Your Bittrex order history file includes your transaction history on Bittrex. You can use this file to create a Bittrex tax statement for your tax return.
Use the steps above to see how to get your tax statement from Bittrex . If you're uploading your CSV file to a crypto tax app - remember, you'll need your complete Bittrex trading history, for however long you've been using your Bittrex account. This might mean downloading multiple files to cover each year you've used Bittrex. 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. As well as this, you'll need your deposit and withdrawal CSV file from Bittrex customer support - this is so your tax app can identify when you're moving funds between different crypto wallets you use.
Once you have your Bittrex financial statement, calculate your crypto taxes manually or upload your Bittrex financial statement to a crypto tax app to fetch a Bittrex tax statement in minutes.
How to generate Bittrex tax documents
You can generate a Bittrex statement manually or by using a crypto tax app.
If you're preparing and calculating your crypto taxes yourself - your tax office will want to know about any taxable transactions on Bittrex, including all capital gains and losses from selling, swapping, spending or gifting crypto. Your tax office also wants to know about any crypto income - for example, through airdrops, mining or staking. The amount of detail you'll need to include in your crypto tax report depends on where you live. Some tax offices want a detailed breakdown of each transaction, while others only want to know your total income and net capital gains and losses from crypto.
Of course, this can be 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 Bittrex tax report for you. Simply use the Bittrex tax report API or upload your Bittrex CSV files. 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.
Bittrex CSV exports
Need to get your Bittrex CSV export in time for the tax deadline? No worries.
Log in to your Bittrex account and select orders. Now scroll down to order history and select download history. Pick the year and download. It's that easy!
If you're using a crypto tax app - make sure you download your complete transaction history on Bittrex, so this may be multiple CSV files to reflect each year you've been using your Bittrex account. This lets crypto tax software calculate your short and long-term gains accurately, to ensure you pay the right amount in tax.
You'll also need a CSV file of your deposits and withdrawals on Bittrex which is not included in your order history. You can get this file by submitting a request through Bittrex support. Just follow this link and create a new general support request and request a CSV file that includes all your deposit and withdrawal history from your Bittrex account.
Bittrex tax API
If you want to save time, the easier option is just to use the Bittrex tax API. There's no fiddling around with multiple CSV files and it's easy to do.
Just log in to your Bittrex account and select account in the top right corner. Now, select API keys from the left hand menu. Next, select add new key. You only need to choose 'read info' for permissions. Once you've done this, select save and enter your authenticator code. You'll then be able to see your new API key - copy this and your API secret and paste them into your chosen crypto tax app.
Does Bittrex provide an end of year statement?
No, Bittrex does not provide an EOFY statement.
But your Bittrex order history file can work as a Bittrex end of year statement as this includes your Bittrex transaction history for the last year. Just follow the steps above to get this file.
Does Bittrex report to the IRS?
Yes. Bittrex reports to the IRS.
On their site, Bittrex states, "If you have participated in any transactions (i.e selling or trading cryptocurrency) that meet the IRS threshold, Bittrex will provide you with a 1099 form. Failing to report your earnings could result in several penalties, including criminal prosecution and large fines."
Remember, if you receive a 1099 form - the IRS gets an identical copy. This is why it's really important you report your Bittrex taxes accurately.
Does Bittrex report to tax authorities?
Tax authorities worldwide including HMRC, the ATO, the CRA and many more are cracking down on crypto tax evasion. As part of this push, tax authorities are working with crypto exchanges to share customer data to ensure tax compliance, as well as improve security.
Though Bittrex hasn't outright stated they share customer information with tax authorities, as a larger crypto exchange it's highly likely that they have felt the pressure from tax authorities to do so.
The best way to ensure you're compliant with your country's tax laws is to report your crypto taxes accurately.
If you’ve been wondering is Koinly a Bittrex tax calculator tool, the answer is, yes! Not only can Koinly import Bittrex transaction history, but Koinly can also calculate your Bittrex taxes in a format that makes sense for your country’s tax office. As a Bittrex 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 Bittrex trades including purchases, sales, swaps, income and more!
- Koinly will then convert your Bittrex 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 Bittrex trades are taxable, and which are not - calculating your Bittrex gains/losses, crypto income and more. All of this is really important for being able to submit an accurate Bittrex tax return to your tax office.