Once you’ve imported all your data, it’s time to generate your tax report.
Click Tax Report from the main menu, then click the red Open settings and create a new Tax Report button. You will see this:
The accounting method you use will determine the way that CoinTracking.info determines the cost basis of your cryptocurrency assets. The IRS accepts several different accounting methods. However, once you choose a method, you should stick with it. (If you’re having trouble deciding which method to use, schedule a free consultation with Founder’s CPA.)
The short term and long term tax rates you’ll use will depend on how much money you made during the last tax year. If you reside in the US, use the information provided below to select the appropriate tax rates:
The data contained in your CoinTracking.info crypto tax report can be exported to a number of different software programs, including TaxACT, TurboTax, Drake and others. You can also print out IRS form 8949, which is the form you need to submit with your tax return to report a capital gain or loss.