Step‑by‑Step: How to Generate Your Tax Reports in CoinLedger

james

— 2 min read

Generating accurate crypto tax reports doesn’t have to be stressful. CoinLedger streamlines the process with an intuitive interface. Follow these steps to create your tax report efficiently.

Step 1: Sign Up and Log In

  1. Go to CoinLedger.io.
  2. Click “Sign Up” and create an account using your email and a secure password.
  3. Verify your email and log in.

Tip: Use a secure password manager, as CoinLedger stores sensitive financial data.

Step 2: Connect Your Wallets and Exchanges

  1. From the dashboard, click “Add Wallet / Exchange”.
  2. Choose your exchange (e.g., Binance, Coinbase, Kraken) or blockchain wallet (e.g., MetaMask, Ledger).
  3. Connect via API key or CSV upload:
    • API key: CoinLedger automatically imports your transactions.
    • CSV file: Useful for exchanges that don’t support API or for historical transactions.
  4. Repeat for all wallets and exchanges you’ve used during the tax year.

Tip: Check for missing transactions; CoinLedger highlights any gaps.

Step 3: Verify Imported Transactions

  1. Go to “Transactions” in your dashboard.
  2. Review each import to ensure all buys, sells, trades, and transfers are recorded.
  3. Correct or categorize any flagged transactions (CoinLedger usually auto-suggests categories).

Pro Tip: Properly labeling your transactions now avoids mistakes on your tax report.

Step 4: Configure Tax Settings

  1. Click “Settings” → “Tax Settings”.
  2. Select your tax jurisdiction (e.g., United States, UK, Canada).
  3. Choose 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 report type (capital gains, income, etc.).

Note: CoinLedger supports both federal and state-level reporting in many countries.

Step 5: Review Tax Summary

  1. Go to “Tax Reports” → “Summary”.
  2. CoinLedger shows:
    • Total capital gains / losses
    • Income from mining, staking, or airdrops
    • Gains per cryptocurrency
  3. Double-check for unusual transactions flagged by CoinLedger.

Step 6: Generate the Tax Report

  1. Click “Generate Report”.
  2. Choose your report format:
    • IRS Form 8949 / Schedule D (for US taxpayers)
    • CSV / Excel (for accountants or other software)
    • PDF (easy download for personal records)
  3. Wait a few seconds — CoinLedger calculates your gains/losses automatically.

Tip: Download both CSV and PDF for backup and easy submission.

Step 7: Export to Tax Software (Optional)

  1. If using TurboTax, TaxAct, or H&R Block, CoinLedger allows direct import of your tax forms.
  2. Follow your tax software prompts to import the CSV or PDF.

Tip: Keep all original exchange statements as supporting documentation for audits.

Step 8: Save & Backup

  1. Download your tax report and save it in multiple locations (cloud storage + offline drive).
  2. Keep transaction records for at least 5–7 years (depending on your country’s requirements).

✅ Tips for Accurate Reports

  • Always check for missing transactions or duplicate entries.
  • Use CoinLedger’s audit trail to see exactly how each transaction was calculated.
  • Consider consulting a crypto tax professional if you have complex trades, NFTs, or DeFi activity.

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