Abra Tax Reporting
TokenTax connects to Abra for easy crypto-currency trade tracking and tax filing.
Overview of Abra exchange history
Abra is a United States-based cryptocurrency wallet and exchange app founded in 2014 by current CEO Bill Barhydt, a Goldman Sachs and Netscape alumni. It is one of the largest cryptocurrency exchanges, allowing users to buy and sell over 100 cryptocurrencies
They received Series A funding in 2015 from venture capital firms including RRE Ventures, First Round Capital, and Arbor Ventures. The Wall Street Journal later listed Abra as one of the "Top 25 Tech Companies to Watch in 2018."
In July 2020, Abra was investigated by United States regulators the Securities and Exchange Commission (SEC) and the Federal Trade Commission (FTC) with fees totaling USD 300,000.
Main differentiating services
Abra is known for having an easy-to-use platform on which you can trade instantly from anywhere on your phone. Its competitive advantage over other exchanges is a simple, intuitive interface which is accessible to beginner crypto traders.
Abra boasts over a hundred crypto and fiat currency trade pairs available to trade in the application at any time or anywhere.
As well as fiat deposits and withdrawals, Abra also supports stablecoin deposit and withdrawal options. For fiat, the exchange supports a wide range of deposit options, including bank ACH transfers, crypto wallet transfers, American Express deposits and Visa/Mastercard deposits.
In this way, the Abra app allows new investors to easily buy Bitcoin with their credit card. They also provide a lot of educational content for individuals interested in learning more about cryptocurrencies.
Trading activity on Abra is subject to taxes in the United States and other countries
Because the IRS and many international tax agencies consider virtual currencies as property, each sale or trade you make on Abra is a taxable event. Most countries take both capital gains and losses into consideration in determining your tax liability from cryptocurrency transactions.
Additionally, you will typically need to export all of your trade history from every platform on which you have made crypto transactions for all years in order to track and calculate your crypto tax.
While this may seem like a daunting task, collecting your transaction history from Abra can be done via a simple CSV export with specific instructions below. Although other exchanges use different data formats for your transaction histories, your data is standardized when it is imported and aggregated into tax software.
Software automatically imports, formats, calculates and completes your tax forms for you. It will also allow you to visualize all of your transaction history in one dashboard instead of across multiple platforms.
Abra FBAR reporting requirements
Since Abra is based in the United States, account balances are not currently subject to Foreign Bank Account Report (FBAR) disclosure. However, if they relocate their headquarters in the future, you may need to report your maximum annual holdings on the exchange on this form.
Uploading a Abra CSV with TokenTax
In the app, tap the icon in the upper left corner to access the menu.
Tap Transaction History.
Tap Export [year] transaction history.
Check the disclaimer and then tap Email reports to be emailed the CSV.
Upload your CSV file to TokenTax.