TokenTax imports FTX data for easy cryptocurrency trade tracking and tax filing.
We are proud to announce our partnership with FTX to help traders file their taxes for more complex strategies. Whether you run a large fund or are day trading crypto for the first time, our software can seamlessly standardize your transactions for tax filing and calculate your capital gains.
Founded in 2018 by Sam Bankman-Fried and Gary Wang, FTX is a crypto exchange offering unique derivatives products for traders. They notably offer trading of tokenized stocks, leveraged tokens and options. They offer a full suite of trading platform tools for institutional investors and day traders alike. The wide range of tokenized assets for trade on FTX include Presidential elections, Tesla stock, index futures, as well as Synthetix and Waves futures. Their offerings are intended to move the crypto space towards increased institutional adoption.
Tax savings for your trading activity
All of your crypto to crypto trades and crypto to fiat currency sales are subject to capital gains and losses tax. Margin trading taxes can be particularly complex to file and calculate. However, you can use the same tools used by equity funds to reduce your tax liability. The IRS has deemed specific identification accounting acceptable, so you can minimize your tax bill with our proprietary algorithm. Read more about minimization here or ask us on our chat.
You can also reduce your capital gains taxes through tax loss harvesting if you review your trading activity before the close of the tax season in December. Read more about tax loss harvesting in our guide or ask us on our chat. It is also a general best practice to estimate your tax liability before year-end to make sure that you have enough fiat cash on hand to pay your bill the following year without having to sell more crypto (and incur taxes on those sales). Ask us more about tax planning for your unique tax situation on our chat (lower right).