For those of you who are preparing your crypto taxes, you may be looking for a tool to make your life a little easier. Crypto.com, the one-stop-shop for crypto have created a great crypto tax tool, so users can now prepare their tax returns all for free.
So, let’s dive in and take a look at the Crypto.com Tax tool and see if it’s something that can help you with reporting your crypto taxes.
What is Crypto.com Tax?
Crypto.com Tax is an online tax tool by Crypto.com. This is a completely free to use platform that assists users with preparing their crypto taxes.
It does this by allowing users to connect to popular exchanges and wallets with the use of APIs or CSV files. Reports can then be run with an easy to use interface and zero cost regardless of how many transactions you have.
How to use Crypto.com Tax?
Who to Use Crypto.com Tax Tool?
The Crypto.com Tax service is available to anyone (in a supported region), even those that are not currently crypto.com users.
Crypto.com Tax currently provides support in Australia, Canada, Germany the UK and United States. Plus they state that they have more supported jurisdictions to come.
To get started users simply need to create an account using an email address and a strong, secure password.
Crypto.com Tax Supported Wallets & Exchanges
Crypto.com Tax supports a wide range of wallets, exchanges and blockchains. Even if your account is not currently supported, you can simply import data through a Generic CSV Template.
The list of currently supported app and platforms include;
- Crypto.com Exchange
- Binance & Binance US
- Blockchain.com Exchange
- Changelly Pro
- Coinbase & Coinbase Pro
- Huobi Global
There are over 10,000 cryptocurrencies currently supported by Crypto.com Tax which are listed on CoinGecko. Crypto.com Tax also supports a huge range of FIAT (or traditional currencies) such as the likes of US Dollars, GBP, Australian Dollars, Canadian Dollars and Euros.
What Reports Can I Create with Crypto.com Tax?
Currently, anyone can generate crypto tax reports free of charge using Crypto.com Tax for:
- Capital Gain/Loss: Proceeds, Cost Basis, Selling Expense, and Capital Gain/Loss
- Transaction History: Detailed Transactions for your records
- Income Report: Detailing all the crypto you’ve received and if its taxable or not.
- Gifts, Donations & Payments Report: Detailing all the crypto you’ve sent
- (US specific) IRS forms
- Form 8949 (Pre-selected box C for Part I and box F for Part II. If users receive the 1099-B forms, please check the boxes A-B for Part I and E-F for Part II)
- Schedule D
- (US specific) Tax filing software, import file for;
- TurboTax Online
- TurboTax CD/Download
How to Connect Crypto.com Tax to an Exchange or Wallet?
The method of uploading your CSV file or connecting your API keys will depend on the wallet or the exchange that you are connecting to.
For example, if you are connecting to the Crypto.com App to import your transactions you will be taken through the steps to export your transaction history as a . CSV file and import these into the platform.
Whereas with Coinbase, you can easily connect your API keys through a series of prompts and your transactions will automatically sync for you.
However, regardless of the wallet or the exchange you are connecting to, Crypto.com Tax has step by step instructions for every method available.
Why Am I Getting Errors After Import?
When you import your data, there may be errors, due to how complex cryptocurrency transactions are.
It’s important to go through the transactions to ensure that they match your records. If there is something that does not match, click on the 3 dots and update the details manually.
If you receive skipped transactions, these are usually FIAT deposits and withdrawals or staking transactions. You can find a full list of errors and resolutions in their help centre.
Can I Exclude Transactions?
If there are transactions that are showing on the report, these can be excluded or “ignored”. To exclude a transaction;
- Go to Transactions at the top of the screen
- Choose the 3 dots to the right of your transaction
- Click Ignore
If you want to re-include a transaction, simply select “restore” from the same menu.