Getting Started with Cryptocurrency Tax Software – BearTax

Now that you have signed up for BearTax, this article will help you in getting started with how to import transactions and get tax documents.

If you are yet to signup for BearTax, here’s a step by step guide explaining how to do it explaining the significance of details needed.

Dashboard

Log in to BearTax with your registered email id and password, you will land on the dashboard screen, which shows your current status and bunch of helpful information tiles. The dashboard has statistics showing the number of transactions, gain-loss summary and number of cryptocurrencies you’ve traded.

To get familiar with the software, we would encourage you to explore the informational tiles and learn more about BearTax to get most out of it.

Since you’ve got all the transactions and ready to jump in to calculate gain loss and get tax documents, click on “Upload Transactions” tab to import your transactions from various exchanges.

Uploading Transactions

BearTax supports 40+ exchanges. Some of the major ones via API and most of the others via a file upload. You can learn more about API here. In short, API is a way for BearTax to interact with exchange to get your transactions. This way, you don’t need to provide any login information and can get the transactions without any download restrictions.

File upload is another option for a lot of exchanges. Download the trade history (could be named differently on different exchanges – a list of all your buy, sell, deposit and withdraw transactions) on a particular exchange and upload it to BearTax using specific exchange button.

Use the search box on top of exchanges list to filter your favorite exchange. This will avoid searching through a number of buttons around.

Step by step instructions for most of the exchanges is provided on the right pane as a link. Click on each link to view the specific guide.

Center pane will have a list of exchanges that you have already imported or in progress. Completed imports will have a remove button beside them. Clicking this button will remove transactions from that exchange (or that import). Removing transactions while the import is in progress is not allowed.

Calculating Gain-Loss

After importing transactions, head to “Calculate Gain Loss” tab. As the name suggests, this is where the magic happens.

  1. View the list of transactions (to verify if everything is in).
  2. Trigger the calculation – system starts matching deposits and withdrawals across exchanges to remove unnecessary taxable events. If it couldn’t match some deposits, it flags them for your review. Provide an appropriate source to get the right cost-basis. Review could take some time depending on your transaction count. You’ll get an email once the review is done and when your gain loss is ready to view.
  3. The gain-loss summary is shown here. You can see the numbers here only after the review is done. Summary is shown with asset name and total gain-loss as a single number.
  4. Payment screen – Everything you have done till now doesn’t need money. It’s all free. Just to download your tax documents auto-generated, pay for the recommended plan and head to 5th tab to download documents.
  5. Download section
    1. For the US citizens, you can download 8949 IRS form or can export to TurboTax or TaxAct software directly. Aggregated versions of the same files will also be available.
    2. Detailed CSV with taxable events for each asset and each sell transaction is available to download for everyone. This file is suitable for filing taxes in almost every country. Have a copy of this file for audit purposes or provide this document to your accountant (if you are filing with him/her).




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