How To File Your Bitrue Taxes With Koinly
Bitrue is a Singapore-based crypto investment platform. The exchange lets investors buy, sell and exchange a huge variety of cryptocurrencies. For the more experienced crypto investor, there's also futures trading, loans, investments, and staking. Koinly can help you do your Bitrue taxes safely, quickly, and accurately.Â
Follow these steps to sync your Bitrue data automatically to Koinly:
- Log in to your Bitrue account.
- In the top right corner, select your profile icon.
- From the drop-down menu, select API.
- Enter a name for your API key, for example, "Koinly".
- Select create API key.
- Complete the two-factor verification.
- Go to the email address associated with your Bitrue account and click the verification link.
- For IP access restrictions, select Not limited to any IP.
- Copy your API key and API secret key.
- Complete the two factor verification.
- Paste the API key and API secret key into the fields in Koinly.
If you have any of the transaction types that the API does not support, then you should add those transactions manually or using CSV files.
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Bitrue in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Futures are not provided by this API.
- BTR dust conversions are not provided by this API.
- Interest and Rewards from the Earn program are not provided by this API.
- Loans, repayments, and collateral are not provided by this API.
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Your frequently asked questions
Does Bitrue have tax documents?
No, Bitrue does not provide tax documents. 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 which can be used to generate a Bitrue tax report.
How do I get Bitrue tax forms?
While Bitrue might not provide tax forms and documents, it does offer two easy ways to export transaction and trade history. You can either export your transaction history via API or CSV file import to make reporting your crypto taxes easy.
Do you get a 1099 from Bitrue?
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 provide financial or end of year statements?
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.
Do I have to pay taxes on Bitrue?
Yes - if you have capital gains or income as a result of your crypto investment activities on Bitrue, you'll need to report these to your tax office and pay taxes on them.
Does Bitrue have proof of reserves?
Bitrue has not yet released proof of reserves but has issued a statement saying they're actively working on releasing an proof of reserves audit.
