How To Calculate Your Coinbase Taxes With Kryptos

Coinbase is one of the most popular exchanges in the world for crypto trading. If you are using Coinbase, follow these steps to easily connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

1. To get started – Sign up on Kryptos here and choose your country and currency.
2. Once done, link your Coinbase account to Kryptos. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptos and import everything at once.
4. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
5. Manually. Import transactions manually using our custom CSV upload feature.
6. View and analyze all your transactions in a single dashboard and manage your portfolio
7. Kryptos automatically categorizes all your Coinbase transactions into gains/losses or income.
8. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Coinbase
9. Generate the Coinbase tax report for free and download it once everything looks good
10. File your Coinbase taxes online or leverage our crypto tax accountant network to help you out

How To Connect Coinbase With Kryptos Using API

On Coinbase :

1. Log in to your Coinbase account.
2. On the top right corner, look for the Profile Icon & select it. 
3. In the drop-down menu, click on Settings.
4. In Settings, look for API.
5. Now select New New Key on the top right. 
6. Verify using your 2FA.
7. Under accounts, select ‘ALL’ & under permissions, select everything with ‘Read’.
8. Under Security Settings, you can choose to whitelist a particular IP address for an added layer of security.
9. Once everything is in place, click on Create.

Note: Do not navigate away from the screen displaying the API Key and the API secret. Make sure to save it somewhere.

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On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Coinbase or select it from the list below.
4. Now, click on the Coinbase icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret from Coinbase.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect Coinbase With Kryptos Using CSV

On Coinbase :

1. Log in to your Coinbase account.
2. Scroll over the top right-corner profile icon to open the drop-down menu.
3. Go to reports.
4. Locate Transaction history & click on Generate Report.
5. Under Download Report, select All time, All assets & all transactions.
6. Click on Generate under CSV Report & Download once it’s done processing.

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Coinbase or select it from the list below.
4. Now, click on the Coinbase icon.
5. Choose Upload CSV
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

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How are Coinbase transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Coinbase transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
• Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, BTC,  ETH, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Coinbase

1. When importing a CSV file, match your Coinbase account Time Zone in the Kryptos import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting Coinbase To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.