Using CoinTracker app to help with your Bitcoin and Cryptocurrency Taxes
Since the initial release September, 2017 CoinTracker iOS app, has gained significant user base. A recurring request from lot of our customers were on how to track buys and sells of cryptocurrency for tax purposes. We have released couple of features that could help you here in last few weeks.
For taxing purposes, you have to track your cryptocurrency assets that were converted into non-cryptocurrency assets like cash or goods and services. Please make sure you do the following quick steps whenever you track your Bitcoin and altcoins with CoinTracker mobile app.
- To help with your taxes, make sure you set the optional Initial Purchase Date setting when adding your coins.
2. Whenever you purchase, lets add the purchases as separate Portfolio items with the purchase date as mentioned above.
3. Use pro-subscription feature multiple-portfolios to track your Bitcoin purchases and Ethereum or other altcoin purchases separately.
4. Tap on total portfolio bar of your portfolio to Export data as CSV and email them to your desktop PC for final processing.
Let us know your feedback on this and we will continue to improve the flow with your feedback.