Recap has a comprehensive integration with Bittrex that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Bittrex account to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.
Disclaimer
The information provided in this content does not endorse Bittrex. Furthermore, it does not constitute tax advice. If anything financial or tax-related is unclear, speak to a qualified tax professional. You can also share your Recap account with your accountant or tax adviser directly.
What was Bittrex?
Founded in 2014 in the United States, Bittrex was a cryptocurrency exchange that allowed trading between various cryptocurrency pairs. Trading was disabled on 4th December 2023.
Here's a breakdown of what Bittrex offered:
Cryptocurrency trading
Enabled users to trade a wide range of cryptocurrencies, including Bitcoin, Ethereum, and numerous altcoins.
Fiat support
Allowed deposits and withdrawals in multiple fiat currencies, enabling users to convert between crypto and traditional money.
Advanced trading features
Provided tools such as real-time market data, advanced charting, and multiple order types to support various trading strategies.
How to automate your Bittrex crypto taxes with Recap
You can make the process of calculating your taxes stress-free with our crypto tax software. Connect your Bittrex account to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.
Import Recap CSV How are Bittrex transactions taxed?
Tax implications on your Bittrex transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Bittrex:
| Transaction type | CGT disposal | CGT acquisition | Income |
|---|---|---|---|
| Deposits | CGT disposal: no | CGT acquisition: no | Income: no. Bittrex deposits are imported with a zero fee, so no fee disposal arises; where a deposit matches a withdrawal from another of your accounts it is treated as an internal transfer. |
| Withdrawals | CGT disposal: yes. The withdrawal itself is not a disposal, but the network fee Bittrex charges in the withdrawn crypto is recorded as a disposal of that fee amount at market value. | CGT acquisition: no | Income: no |
| Buying crypto with fiat | CGT disposal: no. The fiat leg is not a chargeable disposal. | CGT acquisition: yes. The crypto bought enters the pool at the trade value. Bittrex reports the commission in the quote currency, so on a fiat purchase the fee is added to the acquisition cost rather than creating a separate crypto fee disposal. | Income: no |
| Crypto to crypto | CGT disposal: yes. Disposal of the asset sold at the trade's valued amount. | CGT acquisition: yes. Acquisition of the asset bought at the same value. | Income: no. Recap's default valuation for a crypto-to-crypto trade uses the quote side ('Trade valuation method' = Quote for portfolios created after 2022-05-25). Configurable: valuing from the disposed side instead. The commission Bittrex charges in the quote asset is also recorded as a separate fee disposal of that asset. |
| Selling crypto for fiat | CGT disposal: yes. Disposal of the crypto sold, valued at the fiat proceeds. | CGT acquisition: no. Fiat received is not a chargeable asset, so no pool acquisition is created. | Income: no |
| Earning staking rewards | CGT disposal: no | CGT acquisition: yes. A staking reward also enters the section 104 pool at the same market value used for the income figure. | Income: yes. The Bittrex import produces no staking records, so any reward has to be added or recategorised manually; once categorised as a staking reward Recap records income at market value on receipt. Configurable: 'Deduct fees from income' (default off) nets a same-asset fee off the amount before valuing. |
This table shows how Recap classifies each transaction type by default. Some treatments — such as the acquisition cost used for airdrops — are configurable in Recap. This is general information, not tax advice; consult a qualified tax professional about your circumstances.
This table shows Recap's default classification for common Bittrex transactions. It is not an exhaustive schedule or a ruling. Treatment depends on your circumstances and jurisdiction, and you can recategorise any transaction where yours differ. Confirm your position with a qualified tax adviser.
Refer to our tax guides for a more detailed look at crypto tax rules.
