banner border
ByBit taxes guide

All

How to do your ByBit taxes

Last updated: Tuesday, 14 December 2021

Get all the answers to your questions about ByBit taxes and reporting, including how to get your ByBit trading history, ByBit tax statement, ByBit profit and loss calculations and more.

How to prepare ByBit taxes

Need help calculating and reporting your ByBit taxes? No matter where you live, your local tax office wants to know about your taxable ByBit transactions - including all capital gains and losses, crypto income and expenses. To get started with your ByBit taxes - you'll need to start by getting your complete ByBit transaction history. There are a couple of ways you can do this so let's dive in.

How to download & export ByBit trading & transaction history

You can download and export your ByBit trading and transaction history within your ByBit account. There's two ways to do this - and one is much simpler than the other!

  1. Use the ByBit tax report API with crypto tax software. If you use the ByBit tax reporting API with a crypto tax app - all your ByBit transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate ByBit and Koinly here.
  2. Export ByBit transaction history in a CSV file. You can download a CSV file of your ByBit transaction history when you're logged into your ByBit account. Then you can either upload this to a crypto tax app or do your crypto taxes manually.

Here's how to get your ByBit trade history export.

Log in to your ByBit account and scroll down to the footer, then select help center. From the top navigation menu, select submit a request. From the drop down menu, select request for data export. Now do the following:

  • Enter your email address.
  • Check the relevant trading pair boxes.
  • Select a start and end date.
  • Under data requested, select assets history, closed profits and loss and trade history.
  • Under file type, check CSV.
  • Write a subject line and description - just say you need a CSV file of your complete transaction history for tax reporting purposes.

Hit submit and you're done. Your CSV file will be sent to the email address associated with your ByBit account, so you can download it as soon as it arrives.

Koinly Call To Sign Up Banner

Does ByBit provide a tax report?

No, ByBit doesn't provide a tax report.

However, you can use your ByBit transaction history to calculate your crypto taxes using a crypto tax app - like Koinly!

You can get this in minutes using the ByBit tax report API. This API fetches your ByBit transaction data and automatically imports it to your chosen crypto tax app. Don't worry about another app having access to your ByBit account - you can make your ByBit tax report API read-only.

If you'd rather not use an API at all - you can request a CSV file of your ByBit trading history by contacting ByBit support. Then you can either calculate your crypto taxes yourself, or upload these CSV files into your chosen crypto tax app instead.

Does ByBit supply a financial statement?

No. But you can use your ByBit transaction history as a financial statement.

Your ByBit transaction history includes every transaction you've made on ByBit. You can use this file to create a ByBit tax statement for your tax return.

Use the steps above to see how to get your tax statement from ByBit. If you're uploading your CSV file to a crypto tax app - remember, you'll need your complete ByBit trading history, for however long you've been using your ByBit account. So when you're filling out the dates when requesting your transaction history - make sure to include the entire period you've been using your ByBit account. This lets your crypto tax app calculate your short and long-term capital gains accurately, ensuring you don't pay too much or too little tax.

Once you have your ByBit transaction statement, calculate your crypto taxes manually or upload your ByBit financial statement to a crypto tax app to fetch a ByBit tax statement in minutes.

How to generate a ByBit tax form

You can generate a ByBit tax statement manually or with a crypto tax app.

If you're preparing and calculating your crypto taxes yourself - your tax office will want to know about any taxable transactions on ByBit. This includes any capital gains or losses from selling, spending, trading or gifting crypto. Your tax office will also want to know about any additional income from crypto - for example, mining, staking or airdrops of crypto. The amount of detail you'll need to include in your crypto tax report depends on where you live. Some tax offices want a detailed breakdown of each transaction, while others only want to know your total income and net capital gains and losses from crypto.

Of course, this can be a lot of work if you're an active crypto investor. So instead of creating a spreadsheet of your crypto transactions, you can use crypto tax software as your ByBit calculator instead. Simply use the ByBit tax report API or upload a CSV file of your ByBit transaction history. Your crypto tax app can then automatically generate pre-filled tax reports based on your location - for example, a pre-filled IRS Form 8949 and Schedule D.

ByBit CSV exports

Need to get your ByBit CSV export in time for the tax deadline? No worries.

Log in to your ByBit account and scroll down to the footer, then select help center. From the top navigation menu, select submit a request. From the drop down menu, select request for data export. Now simply follow these steps to make your data report request:

  • Enter your email address.
  • Check the relevant trading pair boxes.
  • Select a start and end date.
  • Under data requested, select assets history, closed profits and loss and trade history.
  • Under file type, check CSV.
  • Write a subject line and description - just say you need a CSV file of your complete transaction history for tax reporting purposes.
  • Press submit.

Your CSV file will be sent to the email address associated with your ByBit account, so you can download it as soon as it arrives. If you're uploading this file to a crypto tax app, make sure when you're choosing the date range that you include the entire period you've been using ByBit.

ByBit tax API

If you want to save time, the easier option is just to use the ByBit tax API. There's no fiddling around with multiple CSV files and it's easy to do.

Log in to your ByBit account and head to your profile icon in the top right corner. From the drop down menu, select API then create a new API key, followed by API transaction. Give your API a name, leave the IP address box empty and check all the boxes under API key permissions. You only need a read-only API for crypto tax software, so check read-only then hit confirm. You'll have to complete two-factor verification to get your new API key. Once you've done this, just copy the API key and API secret and paste into your chosen crypto tax app.

Does ByBit provide an end of year statement?

No, ByBit does not provide an EOFY statement.

But your ByBit transaction history CSV file can work as your ByBit end of year statement. Just select the dates to reflect your financial year. Follow the CSV file steps above to do this.

Does ByBit require KYC?

ByBit does not require mandatory KYC for withdrawals - although there is a withdrawal limit of 2 BTC a day if you haven't completed KYC. For KYC level 1, this withdrawal limit goes up to 50 BTC a day, or 100 BTC a day for KYC level 2. Please note, even though ByBit doesn't require KYC - you may be selected for a KYC verification request. In other words, if you're using a country you know ByBit is restricted in, but haven't completed KYC verification - be cautious about leaving your assets in your ByBit wallet.

ByBit chose to withdraw services from the US due to the convoluted regulations for the crypto industry there. However, as ByBit doesn't enforce mandatory KYC - some US investors continue to use ByBit.

ByBit has several other restricted countries including Singapore, the UK and even Quebec in Canada - as well as some of the usual suspects like North Korea and China.

Does ByBit report to the IRS?

ByBit opted to withdraw some services from the US market due to unclear crypto regulations from the US Securities and Exchange Commission (SEC).

This suggests ByBit have faced the same pressures other large crypto exchanges have from the IRS. The IRS have taken several exchanges to court using John Doe summons to force them to share customer data for tax purposes. Neither ByBit or the IRS have confirmed whether ByBit is one of the exchanges contacted by the IRS, but they may well be in the future.

The best way to ensure tax compliance in your country is to report your crypto investments accurately.

Does ByBit report to tax authorities?

Tax authorities worldwide are putting the pressure on crypto exchanges to share customer data to ensure tax compliance and improve security.

ByBit is a large global crypto exchange with huge daily trading volumes and more than a million investors, so you can bet they've felt the pressure from some tax offices. This said, ByBit is restricted in several countries including the UK, so it's unlikely that HMRC at least are pushing them to share customer information. However, other tax offices like the ATO and the CRA may well have pushed ByBit to share KYC data.

As ever, the best way to ensure tax compliance in your country is to report your crypto investments accurately.

Koinly is a ByBit calculator & tax reporting tool

If you’ve been wondering is Koinly a ByBit calculator tool, the answer is, yes! Not only can Koinly import ByBit transaction history, but Koinly can also calculate your ByBit taxes in a format that makes sense for your country’s tax office. As a ByBit tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.

  • Koinly will import all your ByBit trades including purchases, sales, swaps, income and more!
  • Koinly will then convert your ByBit transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
  • Finally, Koinly works out which of your ByBit trades are taxable, and which are not - calculating your ByBit gains/losses, crypto income and more. All of this is really important for being able to submit an accurate ByBit tax return to your tax office.

Sign up free and try our ByBit tax calculator today.

Koinly CTA

Share:

Få våra artiklar via nyhetsbrev

Via mail - varje vecka.