How to generate your crypto tax forms for free with CoinLedger

Calculating and reporting crypto taxes from all of your crypto trades can be a painful task. This year, BYDFi has partnered with CoinLedger to give all Coinrule users access to free tax reports for 2023!

All BYDFi users prior to December 31st, 2023, are able to claim your free CoinLedger tax reports for the year by visiting CoinLedger website.

How do crypto taxes work?

In most countries around the world, crypto is considered a form of property. When you generate income from selling or earning crypto, that income is subject to tax based on your personal income tax rate.

Capital Gains

When you sell or otherwise dispose of your crypto, you incur a capital gain or loss based on how the price of your crypto has fluctuated since you originally acquired it.

Ordinary Income

When you earn crypto, whether that’s from staking, mining, or a job, you incur income taxes based on the fair market value of the crypto at the time it was earned.

For deeper analysis of how crypto taxes work in your jurisdiction, you can reference these crypto taxes guides.

How to use CoinLedger to automate your crypto tax reporting

CoinLedger is a leading cryptocurrency tax software company that has partnered with BYDFi to facilitate simpler tax calculations and reporting. You can follow the below steps to automatically generate your gains, losses, and income tax forms from your crypto transactions.

1. Create a free CoinLedger account

2. Add BYDFi along with all other exchanges you use

3. Import your historical transactions by entering your wallet address

4. Generate your tax reports with 1 click

CoinLedger + BYDFi

And that’s it! Once you have imported your historical transactions to CoinLedger, you will be able to generate and download 2023 tax reports completely for free as a result of the CoinLedger + BYDFi partnership!

Frequently Asked Questions:

Why should I use CoinLedger to calculate my taxes?

CoinLedger is the highest rated crypto tax calculator in the world! It can save you hours of time calculating the gains and losses from all of your crypto transactions and automate all of your tax reporting. Today, over 500,000 crypto investors use CoinLedger to calculate and track their crypto taxes.

Is CoinLedger free to use?

Yes! You can use CoinLedger completely for free to import all of your crypto transactions, view gains and losses, and track your portfolio. 2023 tax reports are free for BYDFi users.

Can I calculate my taxes myself?

Yes. BYDFi allows users to export their transactions from the platform. You can use this information and information from your exchanges and other wallets to manually calculate your taxes. However, depending on how many transactions you have, this can be a tedious process. Crypto tax software like CoinLedger can automate your reporting for you.

Announcements

Partnerships/AMA