Looking for help with reporting cryptocurrency tax on your HitBTC transactions and preparing HitBTC tax documents? Use this guide to discover all there is to know about HitBTC taxes and the HitBTC tax forms for any trades, staking, or loans you took from HitBTC. Crypto tax software such as Accointing can help you generate a custom HitBTC tax statement based on your HitBTC trade history in minutes.
What is HitBTC?
HitBTC is one of the most improved cryptocurrency exchanges that enables its users to trade HitBTC in other currencies easily. It offers advanced features like significant trading, margin trade, a user-friendly interface, 24 hours customer support, and various trading pairs.
Do I need to pay taxes on my HitBTC transactions?
Yes. Crypto income in the United States is subjected to capital gains tax as well as income tax.
- Capital gains tax: BTC is a form of cryptocurrency that needs to follow some capital rules. HitBTC works like Bitcoin and Ethereum trading in terms of taxes. You must report all your gains, crypto-generated income, and losses on your monthly taxes. You can use blockchain technology for easy calculations of all your profits and losses.
- Income Tax: Whether you are trading through Bitcoin or HitBTC, you must pay income tax on all cash payments, made by trading any cryptocurrency.
Does HitBTC report to the IRS?
How does HitBTC tax reporting work?
If you are looking for a HitBTC tax report, then you are in the right place. There is no way to get such a tax report directly from HitBTC, however, you can use Accointings’ HitBTC calculator and HitBTC portfolio tracker to analyze your transaction history, calculate your HitBTC taxes and generate a tax report in the format specific to your country’s requirements.
First, you need to connect your account and import your HitBTC transaction and trade history into Accointing; there are a number of ways to do it:
- API - automatic and auto-syncing connection between HitBTC and Accointing
- CSV - export of transaction history from HitBTC and import into Accointing
- Accointing template - download our template, fill, and upload your data
Integrate with Accointing via the HitBTC API
To synchronize your HitBTC account with Accointing by HitBTC API, follow these steps:
- Open your HitBTC account. Press the settings tab on the right corner. Now, click on API Keys.
- Go to the new API Key tab. Now, fill details for the new API key.
- Complete the 2FA process before creating API keys.
- After this, a message box will display your new API Key and the Secret Key.
- Mark that I Understand check box and copy both the codes.
- Now, open your Accointing account. Click on the Exchange Account option in the settings tab.
- Press + Add API Key tab. Choose the HitBTC option from the dropdown exchange menu.
- Enter both the codes and generate a label for the new API key. Save the information. Your HitBTC account is now synchronized with Accointing.
Integrate with Accointing via the HitBTC CSV/XLSX file
If you don’t want to link your HitBTC account with Accointing using the API, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple guide to go about it.
Downloading CSV files from HitBTC
- Open your HitBTC account. Navigate to the Reports section and click My Trades.
- Now, enter the desired date range, side, and market. After completing the information, switch to the export as .csv tab.
- Now, repeat the above steps for downloading withdrawal and deposit files too.
- The trades, withdrawals, and deposit files are ready to be uploaded on Accointing.
Importing CSV files into Accointing
- Open your Accointing account. Click on the exchange and wallet section.
- Upload your Trades file in the Trades section.
- Now, upload your withdrawals and deposit CSV files in the other section.
- Press on the save connection button.
- Now, your CSV files have been imported to Accointing.
How to review and track your HitBTC transactions in Accointing?
- After importing your HitBTC transactions, proceed to the Accointing dashboard to view your portfolio summary.
- Select the relevant start and end dates to analyze your HitBTC performance history, profits, and losses.
- View and click the various cryptocurrency assets to analyze your buy and sell dates. You will also be able to pick more than one asset concurrently to make a performance comparison for selected dates.
- You can now keep track of your HitBTC investments portfolio, distribution, and spread. Also, find out which assets are in what wallets or exchanges.
Common issues with importing transactions from HitBTC
There can be several issues while importing transactions from HitBTC. They may include missing purchase histories, missing tokens, unavailable rates, and uncategorized transactions. Sometimes, your wrong calculations or incorrect fee charges included in the buying transactions can be the reason behind such issues. You can manually edit these details and tokens to solve the displayed error.
An unavailable rate error is displayed when we fail to provide the exact FX rate. You can resolve this issue by setting net worth on the transaction page. Sometimes, it is hard to determine the transaction type, which results in a default error of an uncategorized transaction. This can be resolved by manually setting the transaction type to the supported format.