You can generate your gains, losses, and income tax reports from your BYDFI investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.
Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.
For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.
To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).
Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of BYDFI. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with BYDFI's reporting is that it only extends as far as the EXMO platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of BYDFI, BYDFI can't provide complete gains, losses, and income tax information.
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
Learn more about how CoinLedger works here.