Simplify Bitfinex tax reporting with Koinly. Integrate via API or CSV to easily calculate the tax liability of your Bitfinex transactions, trading and history. Get started for FREE!
You might be wondering, does Bitfinex provide CSV tax and trade history reports? Is it even possible to get tax info and statements from Bitfinex? What about a Bitfinex tax API? The good news is, while Bitfinex might not provide tax forms and documents, Bitfinex does offer 2 easy ways to export transaction and trade history to our cryptocurrency tax software.
Bitfinex pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Bitfinex tax tool. How? Koinly will calculate your Bitfinex taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Bitfinex tax statement from Koinly and file it with your local tax authority. Done!
Good to know
When using the API integration method, it takes a couple of minutes for your data to sync in Koinly, especially if you have a lot of transactions. Once your data has synced, you may see a small yellow icon next to your Bitfinex wallet on Koinly. This is Koinly letting you know there's some issue with the data. This could be due to missing data, like if you've not synced up another wallet you moved funds to. Click on the icon and there will be a list of the transactions Koinly has identified issues with. You can learn how to fix these issues here. If you have margin trade transactions in your Bitfinex account, API auto-sync can't import this transaction data just yet. Don't worry, you can use the CSV file import method below.
Good to know
Bitfinex offers a lot of different data to export. It's really important you download the ledgers file. This has your complete transaction history, so it gives Koinly the information it needs to generate an accurate tax report with no missing data. You'll receive your ledgers CSV file to the email account associated with your Bitfinex account. When you download the CSV file, it will be a zip file. You'll need to extract this before uploading it to Koinly.
Koinly is pretty clever and it's always getting smarter to make our users lives easier. However, if there are issues with imported data, Koinly can't generate an accurate tax report. Not to worry, you can follow a few simple steps here to ensure your tax report is accurate.
Add all wallets, exchanges and blockchains
Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets it know which transactions are withdrawals or deposits and which are actually just transfers between wallets and therefore non-taxable.
Look out for big numbers
From here, check through your imported Bitfinex data and check your balance is correct. If you're using the API integration method, Koinly will be able to do this for you and it will flag any mismatch in balance between your Bitfinex account and your Koinly account. If you're using the CSV file import method, make sure to check your deposits and withdrawals to spot any that you believe are transfers. This guide shows you how to fix this.
Review how your transactions are labelled
Now head to the transactions page to look through your Bitfinex transactions. Take the time to check through your transactions to ensure they're all labelled correctly. You can use the following labels to tag your transactions:
Withdrawal Tags (sending funds):
Withdrawals are considered a disposal of asset automatically, which makes them subject to Capital Gains Tax. There are, however, some disposals that are tax free, depending on your location. Use withdrawal labels to tag these transactions.
Deposit Tags (receiving funds):
A deposit is anytime you receive new coins. As standard, Koinly treats all deposits as purchases at market price or investments. However, there are times when you receive new coins - like through an airdrop - and these could be subject to Income Tax instead. Use deposit tags to label these transactions.
Exchange (trading funds):
An exchange refers to buying or selling crypto for fiat, as well as exchanging crypto for crypto. Koinly identifies these exchanges from imported data and calculates tax accordingly. There is one instance when you'll need to tag an exchange as a non-taxable event.
Of course, if you're an advanced trader with a huge list of transactions to go, labelling every single one can be a bit of a task! Through API integration, Koinly automatically labels transactions, so in many instances you won't need to check every transaction. However, if you need any help on how to check larger accounts as well as some more helpful tax reporting tips, this guide is a great resource.
Koinly has a great help section, full of common queries from our users and solutions from our customer support team. Some of our most frequently asked questions about integrating Bitfinex with Koinly include:
You can find all Bitfinex and Koinly help here. Don't worry if you can't find the answer you're looking for. You can also check out our Koinly community or get in touch with our customer support team here.