How to calculate your Bitfinex taxes

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1 min read
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Sam Adams
Samantha Adams
Head of Content

Recap has a comprehensive integration with Bitfinex that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Bitfinex 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 Bitfinex. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.

What is Bitfinex?

Bitfinex is a cryptocurrency exchange founded in 2012 that offers services for retail, professional and institutional customers.

Here's a breakdown of what Bitfinex offers:

  • Buying and Selling Crypto: Purchase and sell popular cryptocurrencies like Bitcoin and Ethereum directly on the platform.
  • P2P Trading: Trade cryptocurrencies directly with other individuals
  • Staking: Earn rewards by staking your crypto assets directly on the Bitfinex platform
  • API Access: Allows the integration of trading bots and automated trading systems

How to automate your Bitfinex crypto taxes with Recap

You can make the process of calculating your taxes stress-free with our crypto tax software. Connect your Bitfinex account to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.

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How are Bitfinex Transactions Taxed?

Tax implications on your Bitfinex transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Bitfinex:

Transaction typeCGTIncomeTracked in Recap
Deposits
Withdrawals
Buying crypto with fiat
Crypto to crypto
Selling crypto for fiat
Earning staking rewards

Refer to our tax guides for a more detailed look at crypto tax rules.

Help Guides

Connecting your Bitfinex account
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The Tax Reports
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The Tax Screen
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Automate your Bitfinex tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

    Generate your tax report ready to self-file or share with your accountant

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FAQs

Do I need to pay tax on my Bitfinex transactions?

Yes, you may need to pay tax on your Bitfinex transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my Bitfinex transactions?

Tax authorities may become aware of your Bitfinex transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.