Welcome to this guide about how to report and pay crypto taxes with Cointracking. Contracking is one of the best crypto tax software that can analyze all your cryptocurrency trades.
By analyzing all your trades it can easily create tax reports which is the main focus in this article.
Cointracking can be used for many other purposes like generating real-time reports and keep track of your trading results across many different exchanges and wallets.
What is Cointracking crypto tax software?
CoinTracking analyzes your trades and generates real-time reports on profit and loss, the value of your coins, realized and unrealized gains, reports for taxes and much more.
With the prices for 8596 coins and assets, you’ll always have a complete overview.
What are crypto tax reports?
Crypto tax reports are statements, or summaries, of you cryptocurrency profits and losses.
Read more about how to report crypto trading, earning, income and gains.
For US cusotmers, you can connect Cointracking directly to TurboTax.
Cointracking Prices VS Koinly
In the table below, you can see a price comparison Cointracking VS Koinly. Here, you can compare prices and number of transactions included for that particular price. However, there are many more features that might be included, or excluded, form a certain price plan.
For full price plans, see the screenshots below.
Cointracking Price List 2022
In the screenshot belwo, you can see the full Cointracking pricing list. Compare the Koinly review for full price list.
How to report and pay crypto taxes with Cointracking?
Lets go through, step-by-step, how to report and pay crypto taxes with Cointracking. We also have a general guide where we help to automate crypto tax calculations and filings with a software.
1. How to Sign Up with Cointracking?
Click on the button below and sign up with the orange button Login/Register.
2. Login to Cointracking and import data
Login into to your account and start to import data from your exchanges.
Find the “Enter coins” tab in the header menu and here you same some alternatives
- Overview and Manual import
- Exchange Imports (CSV)
- Exchange Imports (API)
- Wallet Imports
- Bulk Imports
3. Set API on Cointracking
Here, we will explain how you can automatically import your cryptocurrency trading data to Cointracking by using an API.
You need to set an API per exchange you want automatically import data from.
This is done by generating and API key from Cointracking and create an API on the exchange. After you have logged into the exchange you enter the API key created from Cointracking.
This are, step-by-step, instructions for each exchange. You go to “Enter Coins” and then “Exchange Imports (API)”.
Here, you can choose between all available exchanges. If you can´t find the exchange your are looking for Cointracking doesn´t support API import for that particular exchange.
4. Create a tax report on Cointracking
First, you must login to your account to be able to create tax reports on Cointracking.
Once you are logged in you want to look after “Tax Report” tab in the header menu.
Here you will find several alternatives
- Tax Report
- Tax Information
5. Set criteria for tax report on Cointracking
When you for the tax report creation in Cointracking you will be asked a lot of questions.
Since there are so many differences between countries you must know what your specific country is asking for in terms of crypto taxes.
Below you can see a screenshot on all questions you need to answer before Cointracking can create an accurate tax report for you.
Is Cointracking Safe?
Cointracking is one of the oldest crypto tax software and can be considered as a safe tax reporting tool.
In addition, you only give Cointracking reading access if you give them API access at all. Since crypto tax software will not execute any orders and only read historically information they can be considered as more safe compared to other crypto trading tools and software where you might have to give access to executive API keys.
Also, you can upload all your transactions manually by exporting a CSV file from your exchange and import it to Cointracking. This method is not as convenient but might be even a bit more secured.
They provide complete data and API encryption along with two-factor authentication. The data is stored securely on their servers.
What is Cointracking API?
You can give Cointracking access to read your trading history in any crypto exchange buy connect them via an API (application programming interface). It means that, from your exchange you give Cointracking access to read and import all your historical information about your trades.
This method is very convenient and also you only have to do it once since it can automatically update after this.
The other option is to manually export an CSV file from your exchange and import it manually to Cointracking.
How is crypto trading taxed?
Reporting tax for cryptocurrencies can be very time consuming and the best way is to use a software as described above. However, it is also important to understand the basics about how crypto trading is taxed so you have a chance to control the calculations. Also, it is important to understand the rational behind the tax rules so you can build a great crypto trading strategy.
Other Crypto Trading Tools and Software
While crypto tax software is a great software tool to help you out with your tax reporting files there are other great crypto trading software for automating and analyzing your trades and make them even more profitable. Read more about crypto trading tools that can help you to streamline your trading procedures and maximizing your profitability.
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