BitForex is a market leading crypto exchange with a huge range of investment opportunities available for crypto investors including spot trading, margin trading and derivatives. Whatever your BitForex investments, get your BitForex taxes done easily with Koinly.
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets and exchanges you use - from one single platform, making crypto tax simple.
To integrate BitForex and Koinly, you need to upload your BitForex transaction history CSV files, which you can do by following the steps below.
An important note before we start though - your BitForex CSV files will be in the Mountain Time or EST time zone. This means you may need to adjust the time zone for your CSV file before uploading to Koinly. This is easy - just follow our help guide.
1. If you have transactions on BitForex before 30/10/2020, these will not be included in your CSV file. You'll need to either create a manual CSV file or contact BitForex to see if they can generate a CSV file for transactions prior to this date.
2. Similarly, if you have perpetual orders or BitForex Earn transactions, there is no option to export these CSV files from BitForex just yet. You can add these transactions manually to Koinly, create your own CSV file or contact BitForex to ask for a CSV file of these transactions.
If you need help connecting BitForex and Koinly, check out these great resources:
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No, BitForex doesn't provide a tax report. Since investors tend to use multiple exchanges, wallets, and platforms, BitForex states it is not able to provide comprehensive gains, losses, and income tax information. You can, however, use your BitForex transaction history to calculate your crypto taxes and create a crypto tax report.
The easiest way to get your BitForex tax reports is to export your BitForex transaction history in a CSV file and upload it to crypto tax software like Koinly, which will calculate your taxes for you and generate your BitForex tax report.
No, BitForex doesn't supply a financial statement or end of year statement. However, you can create a financial statement for tax purposes using crypto tax software.
Currently, it's unlikely BitForex reports to the IRS. BitForex doesn't collect KYC data - so they have little customer data to share with the IRS. However, before you move all your assets there - this could change at any point.
No. BitForex does issue 1099-MISC tax forms. BitForex doesn't collect KYC data and would have nothing to share with the IRS - although this could change quickly with the new crypto regulations in the USA.
No BitForex doesn't collect KYC data and therefore has little to share with tax authorities like the ATO, the CRA or HMRC. However, like above, this could change quickly if legislation on crypto exchanges operating in certain countries is introduced.