Whether you’re a current user of our platform or just getting started, this basic usage guide could help guide you in the right direction. Meanwhile, we’ll go through the processes of:
- Choosing Your Plan
- Importing your wallets/exchanges
- Managing your transactions
- And generating and filing your tax report.
We’ll start by going over choosing your plan. However, you can follow along or jump right into the section you’re most interested in.
Getting Started By Selecting Your Crypto Tax Plan
You can create an account to track your crypto portfolio for free or choose a tax plan if you want to use our platform to generate reports you can use for your taxes. Start by going to the pricing page of our website to see the plans available in your area. The difference between the plans is the number of total transactions allowed in your portfolio when you generate your report. You can choose the plan by estimating the total and always upgrade later if needed.
After selecting your plan and creating your account, we can move on to importing your wallets and exchanges.
Getting Started By Importing Your Wallets/Exchanges
There are 4 different ways you can import your transactions into the platform. The following goes over an overview of each method.
The API Connection
You can import your wallet/exchange automatically by using the API connection on supported wallets/exchanges. You can do this by either using your wallet address, XPUB address, or exchange API keys depending on what you are trying to import. By going to the Add Wallet section of the dashboard, you can see if your wallet is available by searching for it.
If we do not list your wallet/exchange on our site, or if it doesn’t provide a place for you to enter your addresses/keys, then we do not support this kind of connection yet.
The CSV File Import
Some wallets/exchanges support uploading a CSV file of your transactions. This may be helpful for the following reasons:
- You no longer have access to the exchange, but already have your exported transactions
- The exchange does not provide an API support
- We do not yet support the API connection
- We support the exchanges API but their API doesn’t provide enough data for all your transactions
Connecting your wallet/exchange in this manner is fairly simple if supported. To do so, you would just need to go to the “File” section when creating a new wallet/exchange on our platform. In that section, it’ll ask you to upload the CSV file(s) downloaded from your wallet/exchange. By doing so, it’ll automatically add the transactions to your portfolio.
If your wallet/exchange doesn’t include a “file” section, then you must use one of the other methods to import your transactions.
The Accointing Template
Any wallet/exchange supports the Accointing Template. This is because it involves entering your transactions into a provided template manually. It’s the suggested method if we do not yet support your wallet/exchange and you have lots of transactions to enter.
You can download our template by going to the Add Wallets Page and completing the following 3 steps.
- In the box provided, search for the wallet/exchange you would like to add.
- Next, click on the wallet you just entered or on “create manual wallet [WALLET NAME]”, if there were no results.
- Finally, you just need to click on “Accointing Template” to download the template.
Now you are free to enter your transactions into your new template. Once you finished, go back to Accointing and upload it on the next page. By doing so, our platform will add your transactions to your new wallet/exchange.
The Manual Web Form
This method is like the Accointing Template because any wallet/exchange can use it. It’s also the most basic manual method we offer. We also only recommend using this method for less than 50 transactions. This is because it involves you going to the “Form” section and inputting your transactions one by one.
To learn how to connect specific wallets/exchanges, you can go to the “Connecting Your Wallets” or “Connecting Your Exchanges” section of The Hub. Once you have entered all your transactions, you can continue on to learn how to manage them.
Getting Started By Managing Your Transactions
Managing your transactions involves 3 stages:
- Classify your deposits/withdrawals
- Handle any missing coins/tokens
- Add any data missing from your dataset
We’ll provide some basic info about each of these below. You can learn more by going to the “Managing Your Portfolio”.
Classifying Your Transactions
By default, all withdrawals are sell transactions. Because of this, they are taxable unless classified otherwise. The following are some classifications that are often misunderstood.
- The “OTC” classification is when purchasing crypto with fiat in an exchange that doesn’t provide fiat data. It could also correct the total fiat price paid for a crypto asset that doesn’t have pricing data on our site.
- The “Liquidity Pool” classification is for the interest received from providing liquidity to a pool.
- The “Staking” classification is for the interest received from staking your assets.
- The “Internal” classification is for transaction involving moving your asset from one address to another while not having it leave your ownership. We use this for wallets you own, as well as shared wallets like exchanges, liquidity pools, or staking pools.
Choosing the right classification helps determine what is taxable and what isn’t. it also helps you and others understand what is happening in your transactions.
Handling Missing Coins/Tokens
CoinMarketCap (CMC) must list your assets before we can classify them on our platform. Because of this, we must manually classify assets that our platform doesn’t recognize.
Consider the following:
- CMC might not list all Pegged/Wrapped Tokens. But we can classify them as the asset it pegged them to, if CMC already lists that asset.
- CMC never lists LP Tokens because they are not real assets. They’re essentially just receipts you need to get your assets out of the pool they’re in. In most cases, we should ignore them.
- We should ignore any assets that aren’t listed on CMC.
- CMC might list some assets that are not yet available on our platform. To request them to be added, go to the “Missing Currencies section of the community boards.
Adding Missing Data
When looking at your dataset, it’s important to see if your swap/order transactions all have a cost basis. If they do not, you need to manual transactions of fiat to offset the cost so you don’t overpay on your taxes. The OTC article in the hub goes over this concept.
Now that we have fixed our transactions so they are accurate, we can now generate our tax report.
Getting Started By Generating & Filing Your Crypto Tax Report
Before you get started, you’ll have to have an active Tax Plan. We went over selecting your tax plan earlier in this guide. However, you’ll need to generate your tax report. To do so, go to the “Report” section of our web app, select a tax year or a time-based reporting period and press start. Afterward, you’ll need to select how you would like to file your crypto taxes. The following are the options available.
- Filing with an online tool provides you with the forms needed to file online. For example, this would let you use TurboTax or TaxAct to file your crypto taxes.
- Filing by using your own CPA gives you access to the forms needed in both PDF format and CSV format to give your CPA everything they need.
- Filing alone gives you the PDF versions of the forms you need to file your taxes by mail.
Once you have your documents, you may use them however you like and even generate as many other reports as you need for free while your Tax Plan is still in effect. This is because your tax plan provides you with unlimited reports for 365 days, starting immediately upon purchase.