How To Do Your Bittrex Taxes

Make crypto tax reporting easy with Koinly. Koinly pairs perfectly with Bittrex, calculates your taxes and generates your crypto tax report, ready to submit to your tax authority.

API Import CSV File Import

How To Do Your Bittrex Taxes with Koinly

Bittrex crypto exchange is popular with both new and advanced crypto investors and has attracted 13 million users. The platform offers a huge selection of investment options including more than 190 cryptocurrencies.

Make Bittrex tax reporting simple using Koinly crypto tax calculator. To get started, just integrate Koinly with Bittrex through API or CSV file import. Once your data is imported, Koinly calculates all your taxable transactions and generates your tax report.

How to connect Bittrex to Koinly via API

On Koinly

  1. Sign up or log in to Koinly and head to the wallets page.
  2. Select add new wallet: Bittrex.
  3. Select set up auto-sync.
  4. Head over to Bittrex.

On Bittrex

  1. Log in to your Bittrex account.
  2. From the top right corner, select account.
  3. On the left hand navigation, select API keys.
  4. Select add new key.
  5. Select read info.
  6. Select save.
  7. Enter your authenticator code.
  8. Copy the API key and API secret.

On Koinly

  1. Paste the API key into the API key box.
  2. Paste the API secret into the API secret box.
  3. Select secure import.

Good to know

Before you use the API integration method for Bittrex, you'll need to set up two-factor authentication within your Bittrex account. This is so you can access the authenticator code.

If you have trades for delisted pairs, these won't be included in your API data from Bittrex. You'll need to use the CSV file method below instead.

Similarly, trades and deposits made before the 27th of February 2019 are often missing from the Bittrex API import. If you have transactions on Bittrex from before this date, use the CSV file method below.

How to connect Bittrex to Koinly via CSV Upload

On Koinly

  1. Sign up or log in to Koinly and go to the wallets page.
  2. Select add new wallet: Bittrex.
  3. Select import from file.
  4. Head over to Bittrex.

On Bittrex

  1. Log in to your Bittrex account.
  2. Select orders.
  3. Scroll down to order history and select download history.
  4. Select the year.
  5. Select download.

On Koinly

  1. Upload your CSV file.
  2. Select import.

Good to know

To generate an accurate tax report, Koinly needs all your Bittrex transaction history. This means you need to download a CSV file for each year you've been trading on Bittrex and upload all of these files to Koinly. Koinly can then calculate your gains and losses from previous tax years. In some countries, you can offset losses from previous years against gains from the current tax year, meaning you'll pay less in tax.

Where do I see my Bittrex trades on Koinly?

Koinly isn't just a crypto tax calculator, it also works as a portfolio tracker. Once you've synced all your wallets and exchanges, head to your Koinly dashboard. You'll be able to see your balance, transactions and assets across all your wallets and exchanges. If you'd like to see only your Bittrex trades, head into transactions and filter by wallet.

How do I check that my Bittrex import is accurate?

Our crypto tax software is pretty clever, but if there are errors in the imported data, Koinly won't be able to generate an accurate tax report. This is why it's important you check through your Bittrex transactions after you've imported your Bittrex data, whichever method you use. This helps you resolve any issues, so Koinly can make accurate calculations. Follow these simple steps to check you have an accurate tax report.

All wallets, exchanges and blockchains

First up, sync all the crypto wallets and exchanges that you use with Koinly. Koinly needs this information to identify when you're moving funds between your own wallets, as this is a tax free transaction. If you haven't synced all your wallets, Koinly will identify these transactions as deposits or withdrawals, which are subject to tax.

Look out for big numbers

Next, head to your transactions page in Koinly and filter the type of transaction by withdrawals and deposits. Look through these transactions to check there aren't any withdrawals or deposits you think are actually transfers between your own wallets. These are easy to fix manually.

Review the labels of your transactions

On the same page, use the wallet filter to look at your Bittrex transactions and take some time to check your transaction labels. At times, imported data may be lacking a tag or incorrectly tagged. These are easy to fix in the Koinly platform.

Withdrawal Tags (sending funds):

A withdrawal refers to any time you send a coin or token. By default, Koinly treats withdrawals as a disposal, which is subject to Capital Gains Tax in most countries. However, some withdrawals are tax free and you can use withdrawal tags to label these.

  • Tag as gift: Gifting crypto is tax free in many places. Check your country's crypto tax rules and tag any gifts.
  • Tag as lost: Tag any stolen crypto as lost and claim it as a loss, depending on your country.
  • Tag as cost: The cost label is used to tag any transaction fees.
  • Sent to pool: Tag any coins/tokens in staking or liquidity pools as sent to pool, so Koinly knows you still hold the asset.

Deposit Tags (receiving funds):

A deposit is anytime you receive new coins. By default, Koinly treats this as an investment or purchase at market price. Whether this is subject to Capital Gains Tax or Income Tax is dependent on the type of transaction and your location. You can use deposit tags to label these so Koinly can apply the correct tax.

  • Tag as airdrop: Many tax authorities see airdrops as a bonus, making them subject to Income Tax, not Capital Gains Tax.
  • Tag as fork: Like airdrops, any new coins from a fork could be seen as a bonus and subject to Income Tax.
  • Tag as mining: Many countries consider mining to be a form of income and subject to Income Tax.
  • Tag as loan interest: Loaning crypto and receiving interest can be seen as income and subject to Income Tax.
  • Tag as income: Getting paid in crypto is considered income and is subject to Income Tax.
  • Received from pool: Use this label to tag the original capital you sent to a pool, not any rewards from it.
  • Tag as reward: Use this to tag any rewards received from things like staking pools and referral schemes. Rewards are often seen as a bonus and subject to Income Tax.

Exchange Tags (trading funds):

An exchange is any time you buy crypto with fiat, sell crypto for fiat or trade crypto for crypto. Buying crypto is tax free, selling crypto is always taxed and trading crypto is sometimes taxed depending on your location. Koinly can calculate all this automatically, there's only one tag you'll need for an exchange transaction.

  • Tag as swap: Use this tag if a coin has changed its symbol or name. This type of transaction is tax free.

For more helpful tips, check out our Getting Started Guide. This guide has lots of helpful pointers on how to use Koinly and answers common queries.

How do I get my Bittrex tax report?

Crypto tax reports are simple with Koinly, so don't worry if the tax deadline is near. Once you've imported your Bittrex data, Koinly does some clever calculations behind the scenes.

First, Koinly identifies the market rates for all your transactions:

  • Calculates the fair market value (FMV) of all your cryptocurrency transactions in the currency of your choice, for example, USD or GBP.

Next, Koinly calculates your taxable position, including:

  • Short-term gains
  • Long-term gains
  • Net capital gains
  • Capital losses
  • Expenses
  • Income

You'll be able to find all this information in one simple summary on the tax report page in your Koinly account. If you scroll down this page, you'll also find the option to download different tax reports. All you need to do is pick the relevant report for your tax office. You can choose from:

  • Transaction History
  • Capital Gains Report
  • Expenses Report
  • Income Report
  • Complete Tax Report
  • End of Year Holdings Report
  • Gifts, Donations and Lost Assets

As well as the above, Koinly will generate tax reports based on your chosen country. For example, the IRS Schedule D Form for American investors.

Got the Bittrex tax report - what do I do with it at tax time?

When you've downloaded the tax report you need, all you have to do is file your taxes with your relevant tax office.

Each country does this a little differently and they all have different tax deadlines, so make sure to check when your tax return is due. Most tax offices have an online service to file annual tax reports.

Alternatively, if you have an accountant, invite them to review your crypto tax report in your account settings.

Does Bittrex report to the IRS, HMRC, ATO and other tax authorities?

Tax authorities worldwide including the IRS, HMRC and ATO 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.

How do I troubleshoot my Bittrex integration to Koinly?

Koinly has a great help section for our users, packed full of solutions to common queries, so you'll find lots of helpful tips there. Some of our most common Bittrex integration queries include:

If you can't find what you're looking for in our help section, try our Koinly community where our users discuss everything crypto and Koinly. If you're still stuck, just get in touch with our customer support team who will be happy to help.