Disclaimer: CoinTracker is provided for informational purposes only. This service is not intended to substitute for tax, audit, accounting, investment, financial, nor legal advice. For financial, tax, or legal advice please consult your own professional. The information on CoinTracker is subject to change without notice. All information is provided "as is." CoinTracker disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns. Please see our full disclaimer.
In the U.S., at a minimum, you'll likely need to file:
- Form 8949 (Sales and Other Dispositions of Capital Assets) with a complete list of every cryptocurrency disposal you have had (e.g. sell, trade, send to a third party, etc.)
- Schedule D (Capital Gains and Losses) with an aggregate sum of your capital gains across all asset classes
- Form 1040 (Individual Income Tax Return) including your Schedule D information. Any income (from forks, airdrops, mining, or payments) will go on the "other income" line 21 of Form 1040 Schedule 1
For U.S. users, CoinTracker provides a Form 8949 as well as the cryptocurrency portion of the Schedule D (which can be used to fill out your Form 1040 as well). In addition a summary of your overall capital gains for cryptocurrency is provided in the "Capital Gains" section of the tax page
If you held $10,000 or more on a foreign exchange (non-US based) at any time during the tax year, you need to file a FBAR (FinCEN Form 114). If you held more than $75,000 on a foreign exchange (at any time during the tax year) or more than $50,000 (on the last day of the tax year), then you must additionally file a Form 8938 (Statement of Specified Foreign Financial Assets, a.k.a FATCA).
These forms require knowing the number of transactions you performed on foreign exchanges, the max value of your assets on foreign exchanges during the tax year, and the balance on the final day of the tax year. CoinTracker automatically calculates these for you with a Trader or higher tax plan.
Additionally, if any of your cryptocurrency assets were lost or stolen, you will want to complete Form 4684 (Casualties and Theft). Note: this is only allowed before 2018.
If you underpaid your quarterly taxes for capital gains, then you will want to complete a Form 2210 (Underpayment of Estimated Tax by Individuals, Estates, and Trusts).