How To Do Your Coinbase Taxes

Easily calculate your coinbase taxes and create the appropriate tax reports to submit to your tax authority. Koinly crypto tax calculator completely integrates with Coinbase and makes tax reporting a breeze.

API Import CSV File Import

How To Do Your Coinbase Taxes with Koinly

More than 68 million people are using Coinbase to buy, sell, stake and store their cryptocurrency assets. Whatever your crypto strategy on Coinbase, Koinly can help you get your taxes done.

Koinly easily integrates with Coinbase. Just connect Koinly to Coinbase via API or by importing a CSV file of your transactions. Once you're connected, Koinly can help you identify and organise your transactions so when the tax deadline rolls around, you simply download the Koinly tax report for your country. All your Coinbase income, gains and expenses are calculated and tallied for you, ready for your tax return.

How to connect Coinbase to Koinly via API

On Koinly

  1. Sign up or log in to Koinly and go to the Wallets page.
  2. Select add new wallet: Coinbase.
  3. Select set up auto-sync.
  4. The previous step will take you to the Coinbase website, sign in and authorise access for Koinly.

Good to know
Allowing Koinly access to your transactions does not mean Koinly can move or touch any of your funds. The access granted is read-only access. Koinly only wants to see your transactions so it can identify which transactions are taxable and which aren't.

If you use Coinbase Pro, you'll need to sync your Coinbase Pro account separately. Syncing your Coinbase wallet does not give Koinly access to your Coinbase Pro transactions. If you have both accounts, it's important to sync both wallets. If you have both accounts and you're transferring funds between the two wallets, but only have one wallet added, Koinly won't be able to distinguish these as non-taxable events. You can find out how to sync your Coinbase Pro wallet here.

How to connect Coinbase to Koinly via CSV Upload

On Coinbase

  1. Sign in to your Coinbase account
  2. Head to your profile in the top right corner and select settings.
  3. Select privacy.
  4. Scroll down and select request data export.
  5. Check the transaction history box.
  6. Select send request.
  7. Head into your email and download the CSV file.

On Koinly

1. Sign in to your Koinly account.

2. Head to Wallets and select your Coinbase wallet.

3. Find the three dot icon on the right and select import file.

4. Upload your CSV file.

Good to know

If you've set up 2-factor authentication, your Coinbase account may ask you to verify after you've selected send request.

It's normal for these data requests not to arrive in your inbox immediately. In some instances, it may take a couple of days for your email and attached CSV file to come through, so don't panic if you don't see it straight away.

Your Coinbase CSV file will not contain transactions to and from Coinbase Pro, so you'll need to import a separate CSV file with your Coinbase Pro transactions. You can learn how to do this in the video at the top of this page.

If you are using both wallets, it's normal to see transactions from Coinbase Pro to Coinbase, even if you never sent those funds. This is because whenever you transfer crypto from Coinbase Pro, internally it arrives at your Coinbase account first, before being sent onto your Coinbase Pro account. These aren't taxable events and Koinly should recognise this automatically.

How do I check my Coinbase trades on Koinly?

Koinly works as both a crypto tax calculator and a portfolio tracker. Head to your dashboard to check your Coinbase balance and portfolio. We recommend regularly checking your trades to spot any unrealised gains or losses.

How do I get my Coinbase tax report?

Tax deadline looming? It's easy to get your Coinbase tax report using Koinly. Just head to the Tax Reports page within your Koinly account and select the date range you need to file for. Koinly does all the calculations for you in order to calculate your capital gains and income.

First, Koinly imports your crypto trade history from Coinbase:

  • Imports all cryptocurrency purchases on Coinbase
  • Imports all cryptocurrency deposits, such as airdrops and staking rewards.
  • Imports all cryptocurrency disposals, such as swaps and sales.

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

  • Calculates the fair market value of all cryptocurrency transactions
  • Converts this data into the currency of your choice, for example, USD or AUS.

Next, Koinly calculates your taxable position, including:

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

It couldn't be easier to get your Coinbase tax report. Head to the Tax Reports page, select the report you need and download.

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

First things first, review your transactions. Koinly is smart, but you should always double-check everything is accurate.

Issues can arise from incorrect imports or failing to sync all the exchanges and wallets you use. If you think your profits or losses are too high, look through your transactions to make sure it's all correct. You might find it helpful to use our Getting Started Guide before reviewing your transactions, so you can easily spot and resolve any issues.

Once everything is correct, download the correct tax report for your country. Koinly offers a number of different tax reports to pick from for our users spread across the world. When your tax deadline is near, simply submit your Koinly tax report to your accountant or submit your taxes directly yourself.

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

Yes. Most cryptocurrency exchanges share customer data with the relevant tax authorities, so make sure you report your transactions accurately.

For the IRS in particular, Coinbase sends copies of Form 1099-MISC to both the taxpayer and the IRS for any U.S. users who made more than $600 over the course of the tax year.

Similarly, the HMRC have confirmed they collect data from Coinbase.

How do I troubleshoot my Coinbase integration to Koinly?

Koinly has a huge help section, totally devoted to helping our users resolve common queries and issues, as well as some not so common ones. Here's some of the questions we get asked most about integrating Coinbase:

Why are transfers between my Coinbase and Coinbase Pro wallets showing a profit/loss?

My exchange price isn't right - how do I fix this?

I have issues syncing my Coinbase and Coinbase Pro transactions - how do I fix this?

Koinly is unable to determine the cost of some of my disposals - why?

You can see all our Coinbase and Koinly help content here or if you need help right away, jump on our chat and we'll answer your query as soon as possible.