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This guide aims to be a valuable resource for those that have traded crypto on Coinbase and are wondering if and how one should pay taxes on it. You should find the contents of this article helpful when calculating your Coinbase taxes. However, make sure you complement this guide with the crypto tax guide relevant to your country.
Introduction to Coinbase
Coinbase was founded in 2012 around the idea that everyone should be able to trade Bitcoin safely and securely. It is the largest cryptocurrency exchange in the United States by trading volume.
Coinbase used to have two products, Coinbase and Coinbase Pro. In the past years they have shifted their advanced features to Coinbase. If you have been trading on Coinbase Pro, then please see our Coinbase Pro crypto tax guide.
Do I need to pay taxes when using Coinbase?
Depending on the country you pay taxes in and the type of transactions you have made, you may need to pay taxes on your Coinbase crypto transactions. The most common reasons to declare taxes are because you have sold crypto, traded crypto to crypto, or engaged in staking.
For more information regarding your country-specific crypto tax guidelines, please see Divly's crypto tax guides. These guides are regularly updated with input from our knowledgeable staff and local experts.
If you are required to pay taxes on your Coinbase crypto transactions, you've come to the right place! There are multiple methods to calculate taxes that range from doing it yourself in Excel, using a crypto tax software like Divly, or hiring a tax lawyer. The choice often depends on the price tag.
How to export your Coinbase transaction history
The first thing you need to do is export your Coinbase transaction history. Exporting your transaction history is required regardless of whether you are calculating your taxes in excel, using a tax calculator like Divly, or employing a tax lawyer to do the work for you.
Coinbase allows you to export your transaction history by downloading a CSV file or by connecting via their API. If you are using a tax calculator like Divly, we highly recommend using the Coinbase API via our Automatic Import. Below you will find a detailed step-by-step guide on how to use both export methods.
| Transaction Type | Automatic Import |
|---|---|
| Withdrawals | |
| Deposits | |
| Trades & Conversions | |
| Advanced Trades | |
| Trading Fees | |
| Coinbase Earn / Staking | |
| Coinbase Learning Rewards |
Automatic import
Divly provides a very efficient import process for Coinbase users. Only a few clicks are required for Divly to fetch all your transaction data automatically.
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Log in to Divly and click the button Connect Coinbase. You will be redirected to Coinbase.
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Sign in to Coinbase and authorize Divly to fetch your transaction data.
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You will be redirected back to Divly. Divly will instantly start importing your transactions.
File import
Divly does not support the Coinbase CSV file; however, it can sometimes be useful to compare against the data we import via the Automatic Import. It is also useful if you are calculating your taxes in excel or using a tax lawyer.
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Sign in to Coinbase.
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Click on your account icon in the top right.
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Click on Statements in the dropdown to navigate to your transaction history.
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On the right side, click the blue button Generate report. Next to the CSV report click Generate report again.
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Wait for the report to generate, then click download to download the report.
Updated 2024-03-25: Coinbase is currently experiencing a bug where they are not exporting all staking rewards from 2023-03-19 onwards for ADA and SOL. If you need to import these, search for "Coinbase (Staking Only)" on Divly and import the Coinbase CSV file there to append these transactions.
If any of the steps above do not work please contact us via our online chat box to seek assistance.
Coinbase transaction types
We have categorized Coinbase transactions and their available export method in the below table. We have also provided information about how these transactions are handled when imported into Divly for relevant users.
Withdrawals
Withdrawals refer to crypto transactions sent out of a Coinbase account. If you sent your crypto to another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a sale. If the withdrawal refers to a P2P trade, gift, buying goods/services, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Deposits
Deposits refer to crypto transactions being sent to your Coinbase account. If you received crypto from another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a purchase. If the deposit refers to a received gift, mining income, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Trades
Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another. In Coinbase, these transactions are respectively called Buy, Sell, and Convert. Typically a Buy is not a taxable event, yet these transactions are still required to calculate the cost basis. A Sell or a Convert are seen as taxable events in most countries.
Advanced Trades
Advanced Trading is a recent feature added by Coinbase that gives users more flexibility when trading crypto. The export methods from Coinbase distinguish between trading and advanced trading in their output, yet in regards to taxes, there is no difference between the two.
Trading Fees
Fees are included in the trade and will be paid in either fiat or a cryptocurrency, depending on the trade. Make sure to apply the fee in your tax calculations, as it can help reduce your taxes. If you use Divly, this will be handled automatically for you.
Coinbase Earn
Coinbase Earn allows users to automatically receive crypto through the process of staking. Coinbase simplifies the underlying mechanisms of staking, enabling all users that hold relevant cryptocurrencies (e.g., Ethereum, Cardano, Cosmos) in their account to receive staking rewards periodically. As such, the complex steps required to contribute to the Proof of Stake (PoS) networks are abstracted away from the user. When imported in Divly, these transactions are automatically labeled as Staking Reward.
Learning Rewards
Learning Rewards is an educational program provided by Coinbase that rewards participants in crypto. The user watches videos, completes quizzes, and receives rewards in specific cryptocurrencies for correct answers. It is common in many countries for Coinbase Earn transactions to be seen as a form of income for tax purposes. For example, in Sweden a tax payer should declare their Coinbase Earn rewards using a T2 form that represents income from hobby. When imported in Divly, Coinbase Earn transactions are automatically labeled as Reward.
Coinbase Vault
Coinbase Vault is a feature available for Coinbase users that provides an extra measure of safety. Users can transfer crypto from their wallet into their vault to enable time-locks, multiple approvers, and offline storage. Divly does not import these transactions since they refer to internal transfers and are not taxable events in the countries we support.
Coinbase Futures
Coinbase Futures is a recent feature that Coinbase is trialing with US customers. They allow you to trade perpetual futures on Bitcoin and Ethereum. When declaring futures make sure that the realized profits & losses are declared.
Common questions
Can I declare for past years?
Yes in most countries you can declare for prior years. If you do it proactively you will often not be penalized for declaring it late.
Will the tax authority find out I traded on Coinbase?
In many countries regulation is reducing privacy for crypto traders using exchanges like Coinbase. This is especially important to consider as an EU citizen due to a new directive called DAC8. Starting the 1st January 2026, every crypto exchange will be required to report aggregate trading information about EU citizens. This data is reported to the local tax authority from where the citizen resides.
How do I declare my Coinbase taxes?
A great place to start is to read our crypto tax guide for your country. Check the last section about how to declare to the local tax authority for details.
Alternatively sign up to Divly and purchase a tax report with all the information provided to you in a nice package! If you are lost feel free to follow our Getting Started guide.
If you have any issues with calculating your Coinbase taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.