How to file your Coinbase Pro taxes with Koinly
Formerly GDAX, more than 13 million people are using Coinbase Pro to buy, sell, stake, and store more than 250 cryptocurrencies. Whatever your investment strategy on Coinbase Pro, Koinly can help you get your crypto taxes done
How to do your Coinbase Pro taxes with Koinly
It's easy to do your Coinbase Pro taxes with Koinly. Just import your transaction history automatically via API or upload a CSV file from Coinbase Pro. Once Koinly has your transaction history, it'll calculate your gains, losses, income, and more, before generating your crypto tax report.
Follow these steps to sync your Coinbase Pro data automatically to Koinly:
Coinbase have now removed the ability to generate new API keys for Coinbase Pro. Previously generated API keys will still work but if you don't have API keys then you will need to export CSV files instead.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Coinbase Pro in the list
- Select API > Paste the API keys you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
Coinbase have now removed the ability to generate new API keys for Coinbase Pro. Previously generated API keys will still work but if you don't have API keys then you will need to export CSV files instead
Coinbase & Coinbase Pro are merging soon, but you'll still need to sync your Coinbase Pro account separately with Koinly in order to get your complete transaction history.
How are Coinbase Pro transactions taxed?
The tax you pay on crypto depends on your transactions and where you live. You can learn more about crypto tax in your country in our crypto tax guides, but in general, you’ll pay either Capital Gains Tax or Income Tax on your crypto (or both!).
Capital Gains Tax: Whenever you sell or swap crypto on Coinbase Pro and make a gain, you’ll likely pay Capital Gains Tax on that gain.
Income Tax: If you earned new tokens on Coinbase Pro, this is generally viewed as additional income and subject to Income Tax upon receipt.
Does Coinbase Pro report to the IRS?
Yes. Coinbase Pro reports to the IRS. Coinbase Pro issues users with more than $600 in income a 1099-MISC to you. Remember - when you get a 1099 form, so does the IRS.
Coinbase also lost a John Doe summons case to the IRS in 2016. This meant the exchange was legally compelled to share KYC data for some customers with the IRS. Though Coinbase Pro was formerly GDAX - the exchange is an owned property of Coinbase and is subject to the same reporting requirements.
How do I file my Coinbase Pro taxes?
You’ll need to report any capital gains, losses, or income from your Coinbase Pro investments to your tax office, generally as part of your annual tax return.
You can do this yourself - but it’s time-consuming. You need to identify each taxable transaction on Coinbase Pro, figure out the kind of tax that applies, and calculate any gain, loss, or income.
Alternatively, use Koinly to do this for you. Koinly calculates your tax liability and generates your crypto tax report, ready to file with your tax office.