Coinpanda integrates directly with BitGo to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for BitGo quickly.
Have you been receiving, sending, or holding crypto on BitGo? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for BitGo by following these steps:
Create a free account and add your BitGo addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from BitGo
Wait for Coinpanda to calculate capital gains for your BitGo transactions automatically
Download your BitGo tax report
File your BitGo taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from BitGo to Coinpanda. Coinpanda supports the following transactions from BitGo today:
Tx Type
API import
CSV file upload
Deposits
Withdrawals
Trades
Airdrops/Rewards
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How to connect BitGo with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your BitGo account to Coinpanda with API:
Select the relevant cryptocurrency
Paste your xPub address or public address
How to connect BitGo with CSV
Follow these steps to export your transactions from BitGo:
Log in to your account on BitGo
Look for a page or button on BitGo to export a CSV file containing your transaction data
Remember to export files for all your transactions:
deposits
withdrawals
trade history
interest payments
staking rewards
Upload the CSV file(s) to Coinpanda
How are BitGo transactions taxed?
The exact tax implications on BitGo transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions using BitGo.
Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
Income tax: Earned cryptocurrency using BitGo, such as staking, interest, and airdrops, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how BitGo transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my BitGo taxes?
First, you must calculate capital gains and income from all taxable transactions from BitGo. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made using BitGo. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your BitGo tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
How do I troubleshoot the imported BitGo transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from BitGo to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the BitGo API
Updated CSV file format
BitGo does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on any block explorer with the transactions imported into your Coinpanda account. See also our help article with an overview of known wallet API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, BitGo does not provide complete and ready-to-file tax documents. This is because BitGo does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get BitGo tax documents?
The easiest way to get tax documents and reports is to connect BitGo with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for BitGo.
Does BitGo provide financial or end-of-year statements?
No, BitGo does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes for using BitGo?
Yes, all transactions using BitGo involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, airdrops, or interest.
Is transferring to BitGo taxable?
No, transferring cryptocurrency to BitGo is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on BitGo?
It is impossible to avoid paying taxes completely for BitGo legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
