CoinCoinbase Pro

How to Do Your Coinbase Pro Taxes

How To Do Your Coinbase Pro Taxes

CoinLedger imports Coinbase Pro data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Coinbase Pro Tax Reporting

You can generate your gains, losses, and income tax reports from your Coinbase Pro investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Coinbase Pro exports a complete Transaction History file to all users. Simply navigate to your Coinbase Pro account and download your transaction history from the platform.
  • Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Coinbase Pro Tax Reporting

You can generate your gains, losses, and income tax reports from your Coinbase Pro investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

  • Coinbase Pro supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CoinLedger to your Coinbase Pro account with the read-only API.
  • Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Coinbase Pro Tax Reporting

You can generate your gains, losses, and income tax reports from your Coinbase Pro investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Coinbase Pro account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your Coinbase Pro Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Coinbase Pro and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Coinbase Pro Tax Reporting

You can generate your gains, losses, and income tax reports from your Coinbase Pro investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Coinbase Pro account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Coinbase Pro Transaction History CSV file to CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Coinbase Pro Tax Reporting

You can generate your gains, losses, and income tax reports from your Coinbase Pro investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:

  • Navigate to your Coinbase Pro account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
  • CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

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.

How To Do Your Crypto 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.

Why Can't Coinbase Pro Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Coinbase Pro. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Coinbase Pro's reporting is that it only extends as far as the Coinbase Pro platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Coinbase Pro, Coinbase Pro can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

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.

Are you a Coinbase Pro user looking to file your crypto taxes?

Coinbase Pro is one of the most popular cryptocurrency exchanges in the world. However, even serious traders often feel confused about how to report their transactions on the platform. 

In this guide, we’ll share the basics of how cryptocurrency is taxed and break down a simple 3-step process to help you report your Coinbase Pro taxes to the IRS. 

What is Coinbase Pro?

In 2015, Coinbase started a new platform for dedicated crypto traders. The platform was originally called GDAX, but changed its name to Coinbase Pro in 2018. The platform offered users advanced options to trade cryptocurrencies and low trading fees. 

In 2022, Coinbase sunsetted Coinbase Pro. Many of the platform’s features are now available on Coinbase Advanced Trade. 

What taxes do you need to pay on Coinbase Pro?

To understand how much you’ll be paying in taxes on your Coinbase Pro transactions, let’s review the basics of cryptocurrency taxes. 

The IRS considers cryptocurrency a form of property that is subject to both income and capital gains tax. 

Income tax: If you earn cryptocurrency as a form of income, this is considered ordinary income and will be taxed accordingly. Earning cryptocurrency interest would fall into this category.

Capital gains tax: You incur capital gains or losses every time you dispose of your cryptocurrency. Selling your cryptocurrency or trading it for another cryptocurrency on Coinbase Pro would fall under this category. 

For more information, check out our complete guide to cryptocurrency taxes

Does Coinbase Pro report to the IRS? 

Coinbase Pro sends out 1099-MISC to users and the IRS if the following conditions are met

  • You are a Coinbase customer AND
  • You are a US person for tax purposes AND
  • You have earned $600 or more in rewards or fees from Coinbase Earn, USDC Rewards, and/or Staking.

It’s important to remember that this form alone is not enough to report your taxes. The 1099-MISC is meant to help users report miscellaneous income from rewards, but it does not show every taxable event — such as your capital gains and losses from cryptocurrency disposals. 

In the future, all exchanges like Coinbase Pro will need to provide more comprehensive tax reporting information to users and the IRS. The 2021 American infrastructure bill requires parties facilitating cryptocurrency transactions to submit 1099 forms that report capital gains and losses. 

Does Coinbase Pro keep track of your taxes?

Coinbase Pro does provide you with a record of your cryptocurrency transactions. 

However, cryptocurrency exchanges have trouble tracking your gains, losses, and income if you’ve transferred your cryptocurrency into or out of the platform. In cases like this, your exchange won’t know the original cost basis of your assets — which means it may have trouble calculating your gains and losses. 

To get a complete record of your entire cryptocurrency transaction history, we recommend using crypto tax software. CoinLedger can aggregate your transactions across different wallets and exchanges to help you easily report your cryptocurrency taxes

How to do your Coinbase Pro taxes

While you can no longer make transactions on your Coinbase Pro account, you can still upload your transaction history to CoinLedger and watch the platform automatically calculate your taxes and generate your necessary tax forms. 

Here’s how you can include all of your Coinbase Pro transactions on your tax report within minutes:

1. Within CoinLedger, click the “Add Account” button on the top left.

2. Find Coinbase Pro in the list of supported exchanges and select the import method you prefer. 

Coinbase pro taxes

3. You can automatically import your Coinbase Pro transactions using an API connection or import them manually through a CSV file.

Coinbase pro CoinLedger import

4. If you wish to import your trades through API, you can create a read-only API key in the ‘API’ section of your ‘Settings’ within Coinbase Pro.

Coinbase pro api keys

5. Alternatively, you can download a CSV file from Coinbase Pro in the section labeled ‘Statements’.

Coinbase pro statements

And that’s it! Once you’re finished importing your transactions from Coinbase Pro and any other cryptocurrency exchange you are using, you can generate a complete tax report with the click of a button. 

Generate your crypto tax report today

Want to get started managing your taxes on Coinbase Pro and other exchanges? Try CoinLedger, the platform used by more than 400,000 crypto investors around the world. 

Get started with a free preview tax report today.

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