If this is your first time checking out Coinpanda, we highly recommend that you read this article to understand the basics and how to get started in no time. Here is a quick summary:
Start by signing up for a 100% free account. Add your transactions by either connecting exchanges with API keys (auto-sync), importing csv files, or adding transactions manually. Coinpanda will then fetch all market rates for your crypto assets (we support more than 7000 cryptocurrencies) and calculate your capital gains automatically. When you are ready and want to export a tax report, simply upgrade to the plan that suits you best and download any tax report with the click of a button.
Now let's go through this process step by step.
Step 1 - Add your wallets
Coinpanda uses wallets to organize your crypto transactions. You can create a wallet for each exchange you have traded on (Coinbase, Binance, BitMEX etc), your hardware wallets (Trezor, Ledger Nano), a BTC or ETH address, or for apps you have used (Crypto.com, Uphold, Blockfolio etc). You can even add multiple wallets for the same exchange/blockchain/app if you need.
Wallets are used to simplify importing and auto-sync of transactions. How you organize your wallets does not impact tax calculations. To add your first wallet, simply go to the Wallets page and click Add new wallet.
While we do have native support for more than 100 exchanges, blockchains and apps, there is always a chance we don't yet support an exchange or platform you have been using. In this case, you can either add your transactions manually, or send us a message and we will add support for it. We are continously adding new exchanges and it takes usually no more than 4-5 days.
Step 2 - Import transactions
After adding your wallets, it's time to import all your transactions. From the Wallets page, clicking on for example Coinbase will take you to the page shown below. For exchanges that support API you will see a Configure API button. Clicking this button lets you add API keys so that Coinpanda can automatically synchronize your transactions.
This is the recommended method as it will increase the likelihood of importing your entire transaction history. After connecting with API, all your future transactions will be automatically synced to Coinpanda so you don't have to do anything.
You have also the option to upload CSV files by clicking the Upload new file button. We recommend using this method for exchanges or apps that don't support API. You can also upload our generic Excel file.
To calculate your capital gains accurately, we need your entire transaction history across all exchanges from all years. If you have questions about how to import transactions, you can send us a message in the Live Chat and our support staff will help you.
Step 3 - Calculate your capital gains
After adding your first transactions, Coinpanda will automatically fetch market rates for your crypto assets and calculate your capital gains. This will happen in the background so this will be a good time to get a cup of coffee. You will see the message "Calculations ongoing, please wait..." on the Review and Tax Calculations page while Coinpanda crunches numbers.
When calculations have completed, you will see the message "Your tax calculations have completed without errors!". This means that Coinpanda has successfully calculated capital gains for all transactions without any errors. You can now safely export your tax reports which we will explain in next step.
Step 4 - Download tax reports
On the Tax Calculations page, you will see a summary of your capital gains, portfolio value, and crypto you have either received or sent. You can view some of this information for free, but to see your capital gains and to download tax reports, you will need to upgrade to one of our tax plans.
Coinpanda lets you download different tax reports and also country specific tax forms. If you are from the US, you will need to download IRS Form 8949 and IRS Schedule D. For Norway and Sweden you can download RF-1159B and K4 and so on.
If you get contacted by your local tax authority and asked to send in documentation for your reported tax calculations, you can download the Complete Tax Report which is a PDF file showing your entire transaction history along with a complete breakdown
of your cost basis and capital gains.
After downloading your tax reports, all you have to do is prepare and file your annual tax return as normal. This concludes this tutorial for how you get started with Coinpanda!