Video: How To Do Your Coinbase Crypto Tax with Koinly
Use Coinbase or Coinbase Pro? Learn how to sync your Coinbase accounts with Koinly to work out your crypto taxes. In this video, we'll show you how to import your Coinbase and Coinbase Pro transactions into Koinly for tax purposes. We will go over how to use the API auto-sync feature on Koinly as well as manually import CSV statements in order to import your full transaction history.
Koinly is a super accurate crypto tax calculator that supports all the top crypto exchanges including Coinbase and Coinbase Pro. The best way to connect to both and import your transactions is by using the API sync option.
However, the CSV files that these services provide may be missing certain data. We advise against that but if for some reason you do need to import data with CSV files, I will show you how to do that towards the end of the video.
To connect Coinbase to Koinly, navigate to the Wallets page and click on the Coinbase option. Select Auto-sync. This will redirect you to the Coinbase website where you'll have to give permission so Koinly can read your transaction history and balances.
This is all read-only data which means Koinly will only be able to read your history, and not actually trade or transfer funds. Using Koinly to compute your crypto tax is a safe way to import data.
Once you've hit 'Authorize' Koinly will now import all transactions from your Coinbase account. This takes a couple of minutes.
Go to the Wallets page on Koinly and Click Add Wallet.
This will take you to the Coinbase website where you can approve Koinly’s access to your transactions.
Next, we will add a Coinbase Pro exchange account. Keep in mind that Coinbase and Coinbase Pro require 2 separate wallets. Koinly won't get access to your Pro trades just by connecting to your main Coinbase account.
The setup process is a little different here as Coinbase Pro uses API keys. For those who don't know, an API key allows computer software and applications, such as Koinly, to access your account and read the data that you give it permission to read.
Think of an API key as the username.
And an API secret as the password.
Koinly needs both of these.
To complete the setup, head over to the Coinbase Pro website:
Click on your profile icon.
And then New API Key.
Give the key a nickname, like Koinly.
Here we select what data Koinly has access to. Koinly only needs 'read' access so just enable the View permission.
Copy the passphrase you see and paste it in the API pass field on Koinly.
Leave the IP whitelist blank.
Enter your 2fa code if you get the prompt.
Copy the API secret and paste it in Koinly.
Copy the API key and paste that into Koinly too.
And finally, hit the Import button.
Troubleshooting API connection with CSV files
We do not recommend using CSV files because they don’t contain your entire transaction history. However, if you are unable to connect with API, then you can try importing data with CSV files.
For this you will have to download the tax report CSV file on Coinbase:
You can find this in your settings under privacy
Scroll down and click Request Data Export. Click Transaction History
Send Request (this might take some time)
Take this file and upload it to Koinly
Next, we will go to Coinbase Pro:
Click on your profile in the top right corner and go to taxes
Next go to statements and click generate
Select all products, start date, end date, and CSV format.
Take this file and upload it to Koinly
If you have multiple accounts, you can add them using the same steps we covered above.
Keep in mind
It's normal to see transactions from Coinbase Pro to Coinbase even if you never sent them. This is because whenever you transfer crypto from Coinbase Pro, it is internally sent to your Coinbase account first before being sent out to the destination address. These transactions are not taxable events so they have no effect on your taxes.
And that’s it. Your Coinbase tax calculations are now taken care of by Koinly!