If you just started with TaxBit and are looking for tips to get started, you’re in the right place! This guide will walk you through three important steps to help you get the most out of your TaxBit account.
TaxBit is a best-in-class platform for aggregating all of your crypto assets in one place, tracking your portfolio in real-time, auto-generating your tax forms, and empowering you to make tax-optimized trades year-round. In order to get the best value out of your TaxBit account, it’s important to ensure your account is as complete and accurate as possible.
With all that in mind, we've created this checklist for you to ensure that your TaxBit account is complete and accurate! This, in turn, will mean that the form 8949 generated for you will be as accurate as possible.
This article will walk you through these steps:
- Step 1: Add your crypto data into TaxBit— across all time and every source
- Step 2: Checking for missing cost basis
Add your crypto data into TaxBit
To get started using your TaxBit account, you'll need to add all of your crypto data, across every exchange and/or wallet that you’ve used, across all time (from your first transaction to your last, as all are equally important for taxes). This is imperative for accurately tracking your cost basis to report on your disposals! TaxBit has three methods for data ingestion:
- First and foremost: API integration. This is the easiest way to connect your data and the method that TaxBit Support always recommends trying first because it will allow you to sync any new transactions automatically. You can view a full list of the exchanges that we allow TaxBit API access HERE. We also have helpful step-by-step guides with instructions on how to link many of them HERE.
- The second method is CSV Import. You will need to import CSV files of your transactional data from any exchange or wallet that isn’t directly supported with API integration. To make things even easier for you, TaxBit has developed automated CSV converters for the data from many of your favorite exchanges. You can find a complete list of these exchanges by clicking “Add Sources” > Then “Upload CSV" > Use the search bar to locate the source of your CSV > Attach file for upload > Select "Add Transactions"
- If you have any CSV's from exchanges or wallets that are not shown on this list, you can use this CSV guide to reformat your file.
- Lastly, you can always add transactions manually. This is a great way to add one or two transactions that are missing from your account. If you need any help with that, we have a great guide HERE that can walk you through the process of manually adding.
Checking for Missing Cost Basis
Once all of your data has been added (see above section) you can start to check for missing cost basis!
Missing cost basis occurs when you dispose of an asset, but there is no record of you acquiring that asset. For more information about missing cost basis check out TaxBit's article: "What is Missing Cost Basis and How Do I Resolve it?".
To check for missing cost basis:
- Go into your "Transactions" page and click "Flags."
- Once the drop-down menu appears, select "Missing Cost Basis."
- From there, you will be able to see a list of your transactions with the "Unknown Gains" flag that indicates missing cost basis. Those flags will need to be resolved to ensure that all of your disposals will show up on your 8949.
“Unknown Gains” is one of the most common flags on TaxBit accounts, and there are lots of potential ways to resolve it. Keep in mind that the first thing you should do is add all of your crypto transactions from all of your wallets and exchanges to your TaxBit account.
There you have it! Now that you’ve linked your exchanges and wallets and ensured your crypto data is up-to-date and accurate, you’re ready to track your crypto portfolio in real-time, and auto-generate your tax forms when it’s time to file. We here at TaxBit want to give you the tools for ultimate success, complete accuracy with your taxes, and an overall seamless experience.
Still have questions? You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or fill out this form HERE to submit a support inquiry request. Our team is happy to help!
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