If you have been trading, staking, or earning crypto on Txbit, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Txbit quick and easy by following these steps:
Create a free account and connect Txbit to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Txbit
Wait for Coinpanda to automatically calculate capital gains and income for your Txbit transactions
Download your Txbit tax report
File your Txbit taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Txbit to Coinpanda. Coinpanda supports the following transactions from Txbit today:
CSV file upload
How to connect Txbit 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 Txbit account to Coinpanda with API:
Click the user icon in the top right and then ‘Settings’
Click on ‘API KEYS’ in the menu on the left side
Click on ‘Add new API key +’
Make sure to copy the Secret key, as it will not be visible later
Toggle the ‘ALLOW READING’ option of your API key in the list
Copy the API key and Secret key to Coinpanda
Txbit provides trade history for the past 1-2 months from the API. If you have older trades, you will need to upload CSV files with your trade history instead.
How to connect Txbit with CSV
Follow these steps to export your transactions from Txbit:
Select a date range and then click on ‘EXPORT TO EXCEL’
Upload the XLSX file to Coinpanda
How are Txbit transactions taxed?
The exact tax implications on Txbit 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 Txbit.
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 Txbit, 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 Txbit transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Txbit taxes?
First, you must calculate capital gains and income from all taxable transactions on Txbit. 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 Txbit. 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 Txbit 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 Txbit transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Txbit 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 Txbit API
Updated CSV file format
Txbit 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 Txbit 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, Txbit does not provide complete and ready-to-file tax documents. This is because Txbit does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Txbit tax documents?
The easiest way to get tax documents and reports is to connect your Txbit account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Txbit.
Does Txbit provide financial or end-of-year statements?
No, Txbit 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 Txbit?
Yes, all transactions on Txbit 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 Txbit taxable?
No, transferring cryptocurrency to Txbit is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Txbit?
It is impossible to avoid paying taxes completely on Txbit 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 Txbit calculate my taxes?
Txbit 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 Txbit your entire life, it could technically do so.
Is Txbit safe?
Txbit is generally considered to be a safe exchange. Although Txbit 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 Txbit.