How to do your Coinbase Pro taxes in 2022
This guide aims to be a valuable resource for those that have traded crypto on Coinbase Pro 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 Pro taxes. However, you can complement this guide with the crypto tax guide relevant to your country.
Introduction to Coinbase Pro
Coinbase Pro is owned by Coinbase, one of the biggest cryptocurrency exchanges in the world. Coinbase was launched in 2012 by Brian Armstrong, while Coinbase Pro was launched in 2015 as a more advanced version of Coinbase. It was initially called GDAX(Global Digital Asset Exchange), but that was changed to Coinbase Pro in 2018. It is used by more experienced traders who have a higher trading volume. Coinbase Pro has over 130 assets available for trading as of the time of writing.
Coinbase Pro is more appropriate for experienced crypto users. It has a steeper learning curve than Coinbase, but the fees are lower, especially if you are trading larger volumes. Similar to Coinbase, fees are calculated on a taker and maker basis. More on this can be found in the article “What are the fees on Coinbase Pro?” On top of this, both Coinbase and Coinbase Pro are highly secure, so that users can have greater peace of mind regarding their assets. If you have been trading on Coinbase, then please see our Coinbase tax guide.
Do I need to pay taxes when using Coinbase Pro?
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 Pro crypto transactions. If you are unsure, you can try Divly's Crypto Tax Widget, which can give you a better indication based on your country's tax rules.
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.
How to export your Coinbase Pro transaction history
Coinbase Pro allows you to export transaction history via their API or by downloading a CSV file. If you are using Divly to calculate your taxes, you will need to submit a CSV file to import your Coinbase Pro transactions.
You can import transactions from Coinbase Pro into Divly by downloading and importing a CSV file. Make sure to download the CSV file whenever you want to include the latest transactions.
You can download two types of files from Coinbase Pro, but Divly only supports one. Make sure to follow the steps below and download the Account file (not the Fills file that only contains trades).
Sign in to Coinbase Pro.
In the navigation bar at the top right click on the account icon and select Statements from the dropdown.
To the right click on the button called Generate and select Account.
Select All Accounts, the correct date range, and make sure the Format is set to CSV. Then click Generate Report.
The latest statement will be shown in the statements list on the same page. Click the Download button for the CSV to download.
Drag and drop the CSV file to where it says Upload CSV. Divly will import the transactions.
If any of the steps above do not work, please get in touch with us via our online chat box to seek assistance.
Coinbase Pro transaction types
We have categorized Coinbase Pro 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.
|Transaction Type||File Import|
Withdrawals refer to crypto transactions sent out of a Coinbase Pro 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 refer to crypto transactions being sent to your Coinbase Pro 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.
Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another. Typically a purchase of crypto using fiat is not a taxable event, yet these transactions are still required to calculate the cost basis. A sale of crypto or a convert (crypto for crypto) is seen as a taxable event in most countries.
In the Coinbase Pro CSV file, two sides of a trade are exported as match in the CSV file. When converting USD to USDC the two sides of the transaction are tagged as a conversion.
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.
In the Coinbase Pro CSV file, the fee is provided on a separate line. Divly will automatically match the fee with the respective trade.
Coinbase Pro users can utilize the same referral program that is offered to Coinbase users. Through the Coinbase referral program Each user on Coinbase Pro is given an invite link to invite friends, family, or anyone you know who is interested in crypto. You, as well as the person who joined through your link, receive a $10 bonus when the invitee deposits at least $100.
Currently, Divly does not import referral bonuses from Coinbase Pro via the File Import method. If you are expecting to pay taxes on these, please add them manually.
Here are the most common issues we see when people calculate their Coinbase Pro crypto taxes:
- Forget to select "Account" when downloading the CSV file. The "Fills" file does not include withdrawals or deposits, hence why Divly does not support it.
If you have any issues with calculating your Coinbase Pro 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.