Bitstamp Tax Reporting
TokenTax imports Bitstamp data for easy cryptocurrency 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.
Does Bitstamp report to the IRS?
Currently, Bitstamp does not send users 1099 forms, so they are not sending them to the IRS either. However, in 2019, the IRS successfully subpoenaed Bitstamp to share a tax-payer's transaction data, illustrating the importance of accurately tracking and reporting your Bitstamp activity.
How does Bitstamp tax reporting work?
You can use cryptocurrency tax software 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.
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.
Uploading a Bitstamp CSV with TokenTax
Then click on Export and click on the green Export All button to save the CSV file.
Importing a Bitstamp API into 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.