If you have been trading, staking, or earning crypto on Coinbase Pro, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Coinbase Pro quick and easy by following these steps:
Create a free account and connect Coinbase Pro to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Coinbase Pro
Wait for Coinpanda to automatically calculate capital gains and income for your Coinbase Pro transactions
Download your Coinbase Pro tax report
File your Coinbase Pro taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Coinbase Pro to Coinpanda. Coinpanda supports the following transactions from Coinbase Pro today:
CSV file upload
Delisted coins (XRP, etc.)
How to connect Coinbase Pro 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 Coinbase Pro account to Coinpanda with API:
Give the keys a name and select ‘View’ for permissions
Copy your Passphrase. You will only be able to see it before you create the key.
Click ‘Create API Key’ and enter your 2FA if required
Copy your API Key, API Secret, and Passphrase to Coinpanda
Coinbase Pro is scheduled to close down in January 2023. You will not be able to generate API keys or import transactions using old API keys after this. We highly recommend all users export their complete transaction history as a CSV file as soon as possible before the history is lost forever. Coinbase has unofficially confirmed that retrieving the old history will not be possible after Coinbase Pro is closed down.
How to connect Coinbase Pro with CSV
Follow these steps to export your transactions from Coinbase Pro:
The Account CSV file contains your complete history, including deposits, withdrawals, conversions, trades, and rebates. You should only upload this file and NOT the Fills CSV file. Uploading both files will result in duplicate transactions.
How are Coinbase Pro transactions taxed?
The exact tax implications on Coinbase Pro 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 on Coinbase Pro.
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 on Coinbase Pro, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how Coinbase Pro transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Coinbase Pro taxes?
First, you must calculate capital gains and income from all taxable transactions on Coinbase Pro. 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 on Coinbase Pro. 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 Coinbase Pro 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.
Calculate your Coinbase Pro taxes
Sign up free today to calculate your Coinbase Pro taxes
How do I troubleshoot the imported Coinbase Pro transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Coinbase Pro 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 Coinbase Pro API
Updated CSV file format
Coinbase Pro 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 Coinbase Pro with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, Coinbase Pro does not provide complete and ready-to-file tax documents. This is because Coinbase Pro does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Coinbase Pro tax documents?
The easiest way to get tax documents and reports is to connect your Coinbase Pro account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Coinbase Pro.
Does Coinbase Pro provide financial or end-of-year statements?
No, Coinbase Pro 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 on Coinbase Pro?
Yes, all transactions on Coinbase Pro involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
Is transferring to Coinbase Pro taxable?
No, transferring cryptocurrency to Coinbase Pro is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Coinbase Pro?
It is impossible to avoid paying taxes completely on Coinbase Pro 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.
Can Coinbase Pro calculate my taxes?
Coinbase Pro cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Coinbase Pro your entire life, it could technically do so.
Is Coinbase Pro safe?
Coinbase Pro is generally considered to be a safe exchange. Although Coinbase Pro follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Coinbase Pro.