Filing taxes on Bitstamp
TokenTax connects to Bitstamp for easy crypto-currency trade tracking and tax filing.
How Bitstamp taxes work
Bitstamp is one of the longest running crypto exchanges, having been in operation since 2011. It’s important to include Bitstamp trades on your taxes so that your taxable events are reported and any cost basis (information on when you bought crypto) is included with your cryptocurrency tax calculations.
Even though Bitstamp is based in Europe, they do have a New York Bitlicense, which means that it is a possibility that they may share information on user’s trading to the IRS. It is possible that similar action may apply to taxpayers in Europe as well.
Why aren’t there Bitstamp tax forms? Why don’t they calculate my crypto taxes?
There’s one major reason why people use crypto tax software to handle their crypto taxes: Bitstamp doesn’t know about your other crypto trades. In order to calculate your crypto capital gains correctly, it’s required that you have all of your crypto transaction data from all exchanges, so that every buy and sell can be matched up.
How does Bitstamp tax reporting work?
You can use a crypto tax calculator to automatically import all your trades from Bitstamp. Bitstamp transaction data will be included with any other crypto trade data you have from other exchanges in order to calculate your gains and losses. When you are doing your crypto tax filing, you should include Bitstamp with the rest of your crypto transaction data as well.
Connecting Bitstamp with TokenTax
Click New API Key and enable permissions for only account balance and user transactions.
Click Generate Key.
Confirm the API key via the verification email.
Copy your API key, API secret, and Bitstamp user ID to TokenTax (https://tokentax.co/import).
Uploading a Bitstamp CSV with TokenTax
Frequently Asked Questions
How Crypto Taxes Work: Our Getting Started Guide
Check out our 2019 crypto tax guide. TokenTax makes it easy: automatically import your crypto trading from any exchange and generate the required crypto tax forms!
How Does TokenTax Work?
A quick rundown of how TokenTax works and why we are the top cryptocurrency tax software. Import your crypto trading from any exchange and easily create the required tax forms.
TokenTax does the work so you don’t have to.
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