From how to file cryptocurrency taxes to ensuring you get the most out of your data, our team at Founder’s CPA is your go-to resource for cryptocurrency success and compliance. In this blog post, we’ll talk about the process of downloading your cryptocurrency transaction history and pricing to a handy Excel spreadsheet. Within minutes, you’ll have a better understanding of how to create a CSV file of your transactions across your wallets and exchanges that you’ll be able to use to your advantage.
How to File Cryptocurrency Taxes First Step: Data Prep
Before we can discuss how to file cryptocurrency taxes, we first have to figure out how to get your crypto data ready for filing. Excel can be one tool for doing that. As long as you have a subscription to Microsoft 365, you’ll be able to leverage the stock functionality to access and pull cryptocurrency prices. This is a lesser-known Excel fact that some people might now know about. But why should you care? This is a great way to keep track of relevant data about your cryptocurrency and can serve as a helpful reference in the future.
As of now, you can access information on Bitcoin, Bitcoin Cash, Litecoin, Ripple, and Ethereum in Excel. You’ll be able to see prices in USD, EUR, CAD, and more. Let’s say that you want to see the price of Litecoin in USD. All you need to do is enter LTC/USD into a cell and Microsoft will automatically pull the relevant price.
You’ll also be able to look up the historical cryptocurrency prices in Excel. To do this, you’ll need to use the STOCKHISTORY function, and it will show prices at intervals including daily, monthly, or weekly.
Despite how helpful these features are, always remember that Excel has its limitations. It doesn’t support many different types of cryptocurrencies and it’s unable to import transactions from your exchanges or wallets.
Are Any Crypto Wallets or Exchanges Supported on Excel?
Transactions from platforms such as Coinbase or from blockchains such as Ethereum cannot be automatically imported into Excel. For many, this makes it more difficult to keep a streamlined record of transactions on this platform alone. Details such as the price of your crypto when you purchased it or when you disposed of it cannot be automatically tracked. You’ll need to use a third-party service to achieve this such as CoinTracking.info.
How to Download Cryptocurrency Data
Once you choose the third-party service of your choice, it’s easy to get started. Simply connect your wallets and exchanges and the platform should automatically import your transactions. From there, you’ll be able to download a CSV file that contains all relevant data about your cryptocurrency transactions.
Still Not Sure How to File Cryptocurrency Taxes? Trust Our Experts for Help
If you’re looking for additional information in this realm, such as how to file cryptocurrency taxes or how to stay compliant with various tax requirements, it’s best to consult with an expert. Our team has experience with crypto funds, blockchain startups, high-net-worth investors, and so much more. Reach out to our team at Founder’s CPA for a complimentary consultation to get started!