How to Do Your Bitrue Taxes
Bitrue Tax Reporting
You can generate your gains, losses, and income tax reports from your Bitrue investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.
- Bitrue exports a complete Transaction History file to all users. Simply navigate to your Bitrue account and download your transaction history from the platform.
- Import your transaction history directly into CryptoTrader.Tax. Import the file as is. No manual work is required!
- CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
How Cryptocurrency Taxes Work
Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.
Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.
For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.
How To Do Your Crypto Taxes
To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).
Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.
Why Can't Bitrue Generate My Tax Forms?
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Bitrue. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Bitrue's reporting is that it only extends as far as the Bitrue platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Bitrue, Bitrue can't provide complete gains, losses, and income tax information.
How Does Cryptocurrency Tax Software Help?
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CryptoTrader.Tax is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
Learn more about how CryptoTrader.Tax works here.
