The IRS considers cryptocurrency a form of property that is subject to both income and capital gains tax. To understand how much you’ll be paying in taxes on your Coinbase Pro transactions, let’s review the basics of cryptocurrency taxes. What taxes do you need to pay on Coinbase Pro? Many of the platform’s features are now available on Coinbase Advanced Trade. In 2022, Coinbase sunsetted Coinbase Pro. The platform offered users advanced options to trade cryptocurrencies and low trading fees. The platform was originally called GDAX, but changed its name to Coinbase Pro in 2018. In 2015, Coinbase started a new platform for dedicated crypto traders. In this guide, we’ll share the basics of how cryptocurrency is taxed and break down a simple 3-step process to help you report your Coinbase Pro taxes to the IRS. However, even serious traders often feel confused about how to report their transactions on the platform. Learn more about how CoinLedger works here.Īre you a Coinbase Pro user looking to file your crypto taxes?Ĭoinbase Pro is one of the most popular cryptocurrency exchanges in the world. You can test out the software and generate a preview of your gains and losses completely for free by creating an account. How Does Cryptocurrency Tax Software Help?īy integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Coinbase Pro, Coinbase Pro can't provide complete gains, losses, and income tax information. The trouble with Coinbase Pro's reporting is that it only extends as far as the Coinbase Pro platform. Perhaps you also trade on Coinbase or earn interest from BlockFi. Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Coinbase Pro. Why Can't Coinbase Pro Generate My Tax Forms? If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes. Once you have your calculations, you can fill out the necessary tax forms required by your country. To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.įor a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes. Other forms of property that you may be familiar with include stocks, bonds, and real-estate. Cryptocurrencies like bitcoin are treated as property by many governments around the world-including the U.S.
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