Step‑by-Step Guide: Generating Your Crypto Tax Reports in CoinLedger

james

— 2 min read

Handling crypto taxes can feel overwhelming, but CoinLedger simplifies the process. Here’s a straightforward guide to create your tax report accurately and efficiently.

Step 1: Create and Access Your Account

  1. Visit CoinLedger.io and click Sign Up.
  2. Enter your email and a strong password, then verify your email address.
  3. Log in to your dashboard.

Tip: Use two-factor authentication for extra security.

Step 2: Connect Your Exchanges and Wallets

  1. Click Add Wallet / Exchange on your dashboard.
  2. Select the exchange (Coinbase, Binance, Kraken, etc.) or crypto wallet (MetaMask, Ledger, Trust Wallet).
  3. Connect using:
    • API keys for automatic transaction syncing
    • CSV files for manual uploads or historical data
  4. Repeat until all your crypto holdings for the tax year are included.

Tip: CoinLedger flags missing transactions to ensure your report is complete.

Step 3: Review Your Imported Transactions

  1. Go to Transactions in the dashboard.
  2. Check that all buys, sells, trades, staking rewards, and airdrops are imported.
  3. Correct or categorize any flagged transactions (CoinLedger often suggests categories automatically).

Pro Tip: Proper categorization now saves headaches later when filing taxes.

Step 4: Set Tax Preferences

  1. Navigate to Settings → Tax Settings.
  2. Choose your country/jurisdiction.
  3. Select your cost basis method:
    • FIFO (First In, First Out)
    • LIFO (Last In, First Out)
    • HIFO (Highest In, First Out)
  4. Set your tax year and preferred report type (capital gains, income, or both).

Step 5: Check the Tax Summary

  1. Click Tax Reports → Summary.
  2. Review your:
    • Total capital gains/losses
    • Income from staking, mining, or airdrops
    • Gains per cryptocurrency
  3. Ensure no unusual transactions are flagged as missing or suspicious.

Step 6: Generate Your Tax Report

  1. Click Generate Report.
  2. Choose your format:
    • PDF for your personal records
    • CSV / Excel for accountants or tax software
    • IRS forms (Form 8949 / Schedule D) if filing in the US
  3. CoinLedger will calculate all gains/losses automatically.

Step 7: Export to Tax Software (Optional)

  1. If using software like TurboTax, H&R Block, or TaxAct, CoinLedger allows direct import.
  2. Upload the CSV or PDF to your software and follow the prompts to integrate your crypto data.

Tip: Keep your downloaded forms even after filing—they are useful for audits or corrections.

Step 8: Backup and Save Records

  1. Store your tax report in at least two places (cloud storage + offline).
  2. Keep transaction records for 5–7 years depending on local regulations.

✅ Additional Tips

  • Double-check flagged transactions for accuracy.
  • Use CoinLedger’s audit trail feature to see calculations behind each gain/loss.
  • For complex activities like NFTs, DeFi staking, or margin trading, consider consulting a crypto tax professional.

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