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.
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.
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.
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.
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.
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.
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.
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.
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.
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:
Next, Koinly calculates your taxable position, including:
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:
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.
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.
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.
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.