This is a simplified version for creating the tax report by yourself, if you file with a tax software/your own accountant/CPA or need a more detailed explanation: The full tutorial can be found here.
1. Download your Full Tax report
After importing all your data we will automatically generate a Full tax report for your crypto trade history to include in your tax return.
2. Understand your Tax report
The full tax report gives you an overview about all your investments, taxable and non taxable gains, income and margin trading.
You will find an overview about:
- Disposal proceeds
- Allowable costs
- Gains and Losses
- Income from Airdrops, Staking, etc.
- Margin trading
- Other costs
Every trade, if it’s crypto to fiat or crypto to crypto creates a disposal. This disposal is either a taxable or non taxable event depending on the classification. For the UK we use Pooling to calculate the correct gains and losses for all your investments
3. Enter your personal Data and Crypto trades in your tax return
Download the capital gains summary and enter the information from your ACCOINTING.com Tax Report in the following fields:
- Field #14: Number of Disposals
- Field #15: Disposal proceeds
- Field #16: Allowable costs
- Field #17: Gains in the year before losses
- Field #19: Losses in the year
- Field #21: Net capital gains/losses
You will also find a summary of all the different incoming transactions per asset and classification in your Report.
4. Complete Your Tax Return
Now that you have entered all your crypto currency gains, losses and income in your reporting files you can complete your returns.