What are the tax reports supported?
In general, the following tax reports can be automatically generated for you:
Capital gains/losses: proceeds, cost basis, selling expense, and capital gain/loss of the asset
Transaction history: detailed transactions for you to keep books and records
Income report: details of all the cryptocurrency you received and whether they are taxable
Gifts, donations & payments report: details of all the cryptocurrency you sent
Expenses report: details of particular fee charges (e.g. gas fee from failed transactions)
For the US taxpayers, the following tax forms/files will be generated for you as well:
IRS Form 8949
Pre-selected box C for Part I and box F for Part II
If users receive the 1099-B forms, please check boxes A-B for Part I and boxes D-E for Part II
IRS Schedule D
Tax filing software
Import file for TurboTax Online
Import file for TaxAct
For taxpayers in the UK, Canada, Norway, and Spain, a particular tax summary can be generated to provide you with useful information for filing your tax forms.
How do I import the tax reports into TurboTax Online (for US taxpayers)?
Download the TurboTax Online CSV file under your Tax Reports page in Crypto.com Tax
2. Login to TurboTax and go to the section of Income & Expenses/Wages & Income. Click Start next to “Investments and Savings (1099-B, 1099-INT, 1099-DIV, 1099-K, Crypto)”
3. Click Yes and Continue
4. Click Enter a different way at the bottom
5. Select Cryptocurrency and click Continue at the bottom
6. Select Use a CSV file and click Continue
7. Choose Other (Gain/Loss) in the drop down menu under Crypto service and click Continue
8. Upload the TurboTax Online CSV file downloaded from Crypto.com Tax
9. You can edit your transactions by clicking the edit logo or add other transactions by clicking Add another sale on this page
How do I import the tax reports into TaxAct (for US taxpayers only)?
Download the TaxAct CSV file under your Tax Reports page in Crypto.com Tax
2. Login to TaxAct and click Help Center in the top right corner
3. Type “CSV” in the search bar and click CSV File Import in the search results
4. Click CSV Import under “Investment Income - Stock Data CSV Import”
5. Upload your TaxAct CSV file and click Continue
6. Check if you’ve uploaded all the transactions before clicking Continue. You can also import again by clicking Back at the bottom left
7. Adjust the header if you find they do not fit the requirement of TaxAct
8. Select the transactions you want to import. If you want to select all, you can check the box next to Import and click Continue
9. Press Import if you find the imported data are fine
10. You can also review the transactions by clicking Stock Assistant
We’ll continue to add support to other necessary forms that are required by different jurisdictions as we expand our service to cover more countries. Stay tuned!
Frequently Asked Questions
Why are there Long term and Short term gains in my tax report?
Under tax regulations of some countries, capital gains would be categorized as long-term or short-term gains depending on the holding period of the investment. For investment held for more than a year, it is generally considered a long-term gain. There are usually different tax treatments between long-term and short-term gains. We, therefore, set out the Long term and Short term gains in our tax reports for countries such as the USA, Australia, and Austria.
Why is the number of disposals different from my transaction count?
You will likely see more disposals in your tax report than the transactions you have. This is due to the cost basis method (e.g. FIFO, LIFO, HIFO) used for calculation. One disposal could be disposing of different batches of coins acquired at different points in time. Your tax report will show the breakdown of each disposal and set out each batch of coins being disposed of.
You bought 1 BTC for $10,000 on 1 Jan 2021.
You bought 2 BTC for $50,000 on 15 Mar 2021.
You sold 2 BTC for $30,000 on 1 Jul 2021.
If you are using the FIFO method, your tax report will show 2 disposals below for this transaction:
Sold 1 BTC (bought on 1 Jan 2021 at $10,000 cost)
Sold 1 BTC (bought on 15 Mar 2021 at $25,000 cost)
Do my tax reports aggregate all transactions imported?
Yes, the tax reports generated would include all transactions of the imported wallets/exchanges. We will aggregate the transactions in all imported wallets and you cannot generate tax reports for one particular wallet only. If you would like to exclude some transactions from your tax calculation, you may refer to this article on how to do it.
Disclaimer: You acknowledge and agree that information provided by Crypto.com to you in your use of the Crypto.com Tax Services is for your reference only and should not be considered a substitute for legal advice, tax advice, audit advice, accounting advice, or brokerage advice under the guidance of a licensed professional. Further, the information provided herein should not be taken as financial planning or investment solicitation. You acknowledge and agree that no fiduciary relationship has been created between you and Crypto.com. You hereby understand and acknowledge that by using Crypto.com Tax Services, you are not being represented by a legal advisor, certified financial planner, tax professional, broker, other regulated advisor, or similar capacity.
There may be instances where you will be able to manually input information about your transactions. You acknowledge that you are solely responsible for any and all information entered and Crypto.com is not responsible for any information inputted incorrectly. Crypto.com makes no warranties as to the reliability or accuracy, completeness, or quality of any information you obtain through the Services.
This FAQ page is intended to be read in conjunction with the Crypto.com Tax Terms of Services.