How To Calculate Your CoinbasePRO Taxes With Kryptos

CoinbasePRO is one of the most popular exchanges in the world for crypto trading. If you are using CoinbasePRO, 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 CoinbasePRO 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 CoinbasePRO 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 CoinbasePRO
9. Generate the CoinbasePRO tax report for free and download it once everything looks good
10. File your CoinbasePRO taxes online or leverage our crypto tax accountant network to help you out

How To Connect CoinbasePRO With Kryptos Using API

On CoinbasePRO :

1. Log in to your Coinbase PRO account and navigate to the API settings page. You can find this by clicking on your profile icon in the top right corner of the screen, and then selecting "API" from the dropdown menu.
2. Click on the "New API Key" button located in the top right corner of the page.
3. On the "Create API Key" page, you will need to configure your API key settings. First, give your API key a name in the "API Key Nickname" field. This can be anything you want, but it's best to choose a name that will help you identify the key later.
4. Under the "API Key Permissions" section, select "view" for all the permissions you want to grant to this key. This will enable read-only access to the specified features of your Coinbase PRO account.
5. Under the "Passphrase" section, enter a unique passphrase that will be used to generate your API key. This passphrase is an additional security measure that helps prevent unauthorized access to your account.
6. After configuring your settings, click the "Create API Key" button at the bottom of the page.
7. Your new API key will now be displayed on the screen. Make sure to copy both the API key and the passphrase somewhere safe, as you will not be able to view them again after leaving this page.

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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 CoinbasePRO or select it from the list below.
4. Now, click on the CoinbasePRO icon.
5. Choose Import using API Keys.
6. Paste your API Key & API Secret.
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 CoinbasePRO With Kryptos Using CSV

On CoinbasePRO :

1. Log in to your Coinbase PRO account and navigate to the "Reports" section by clicking on your profile icon in the top right corner of the screen and selecting "Reports" from the dropdown menu.
2. Click on the "New Report" button located in the top right corner of the page.
3. On the "Create New Report" page, select "Fills" from the "Report Type" dropdown menu.
4. Choose the date range for which you want to generate the trade history CSV file by selecting the start and end dates from the "Date Range" dropdown menus.
5. Under the "Products" section, select the trading pair for which you want to generate the trade history CSV file. You can select multiple trading pairs by holding down the "Ctrl" key (Windows) or the "Command" key (Mac) while clicking on the pairs.
6. Under the "File Format" section, select "CSV" as the output format.
7. Click the "Create Report" button at the bottom of the page.
8. Your trade history CSV file will be generated and will appear as a download link on the "Reports" page. Click the link to download the file to your computer.

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 CoinbasePRO or select it from the list below.
4. Now, click on the CoinbasePRO 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 CoinbasePRO 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 CoinbasePRO 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, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating CoinbasePRO

1. When importing a CSV file, match your CoinbasePRO 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 CoinbasePRO 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.