Please Note: Tax forms for the 2022 tax season will be available for download on February 15th.
The Taxes page contains all of the relevant tax information for your account. On this page, you can change your accounting method, see your total gains and losses, and download your tax forms.
Along the top of the page, you’ll see three different tax summaries. The first summary will show your total short-term gains, the second will show your long-term gains total, and finally your total, taxable crypto income for the tax year you’ve selected.
Besides a summary of that year’s capital gains, losses, and income, there are several useful tools available on the Taxes page. In this article, you'll find more information on how to do the following:
Selecting a tax year
The Taxes page allows you to view information from the 2014 tax season to the present. It's important to keep in mind which tax year you've selected, otherwise you may be surprised by the data you see. By default, it shows information for the current tax year. Keep in mind, this is the year prior to the current calendar year.
To change tax years, you can select the down arrow to the right of the year, and a list of available years will appear. You’ll see an option for the current calendar year, but it’s important to remember that you won’t be able to download any forms for the current calendar year until it ends.
Downloading your tax forms
There are two different kinds of information available on the Taxes page, IRS Form 8949 and your income report. You can find articles describing IRS Form 8949 form HERE, and TaxBit’s income report HERE.
When you click on the box that says “Download IRS 8949”, you'll be presented with a window where you can select a format to generate your form:
- TurboTax (Online) CSV
- TurboTax (Desktop)
- TaxAct CSV
- Wolters Kluwer CSV
- Cash App CSV
For more information about downloading IRS Form 8949, feel free to check out our article HERE.
When you select "Download Income Report," a download will begin automatically of a .csv file that contains all your income transactions for a given tax year.
Changing your Cost Basis Method
There are a few different accounting methods we use to assign gains or losses to your disposals, and the Taxes page is where you make that selection. For more information on the different available accounting methods, check out our article HERE.
To change your cost basis method, all you need to do is select "Edit" in the top right corner of the "Cost Basis Method" box. Then, you'll be given a dropdown menu where you can select the method you'd like to use. Keep in mind, when you change your accounting method, it'll be changed for all tax years, not just the tax year you’ve currently selected.
This section on the Taxes page will perform a full recalculation of all your gains, losses, and income. You should only use the "Re-Calculate" button if you feel there is an issue that can’t be resolved by re-syncing your account in your Sources page. To run a recalculation on your account, you look under the Tax Recalculation section and hit the "Re-Calculate" button to start.
From there, you'll see a banner at the top of your screen letting you know, "Tax calculation in progress". While the recalculation is being ran in your account, the "Re-Calculate" button will be disabled until the calculations are complete.
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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