Complete Guide to Bybit Taxes

Navigating cryptocurrency taxes can be complex, especially when trading on platforms like Bybit. This guide simplifies the process, offering step-by-step instructions for calculating and reporting your Bybit taxes accurately. Whether you're trading spot, derivatives, or using advanced features like copy trading, we'll cover everything you need to ensure compliance.

How to Import Bybit Transactions

To begin your Bybit tax reporting, you'll first need to import your transaction history. Bybit offers three methods for importing transactions, each with its own advantages:

Import Methods Overview

1. API Only:

   • Pros: Quick, one-click synchronization; ideal for regular traders.
   • Cons: Excludes bot trading, copy trading, and dust conversions.

2. CSV Files Only:

   • Pros: Comprehensive; includes all transaction types.
   • Cons: Manual export required; less efficient for frequent updates.

3. API + CSV Files:

   • Best for most users: Combines API efficiency with CSV completeness.

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Supported Transaction Types

Below is a summary of transaction types supported by each import method:

Note: CSV files are essential for historical data pre-2020.

Step-by-Step Import Instructions

Method 1: API Only

1. Generate API keys in your Bybit account (enable "read-only" permissions).
2. Enter keys in your tax software (e.g., Coinpanda).
3. Sync to auto-import transactions (excludes unsupported types).

Method 2: CSV Files

1. Export statements from Bybit’s "Export Account Statement" page.
2. Select all checkboxes (UTA/Classic accounts differ).
3. Upload files to your tax software.

Method 3: Hybrid (API + CSV)

1. Use API for regular trades.
2. Supplement with CSV files for missing transactions (e.g., copy trading).

Key Considerations

Unified Trading Account (UTA)

• UTA accounts consolidate trading under one balance.
• Ensure CSV exports include "pre-upgrade" spot history if migrated from Classic.

Subaccounts

• Create separate API keys per subaccount.
• Transfers between accounts are auto-tracked.

Troubleshooting

• Missing Transactions: Cross-check API data with CSV exports.
• Balance Mismatches: Verify derivatives trades aren’t excluded from daily aggregates.

FAQ Section

1. Do I need to report every trade?

Yes, most jurisdictions require reporting all disposals (trades, conversions) as taxable events.

2. How are derivatives taxed?

• Futures/Options: Typically taxed as capital gains/losses upon closing positions.
• Funding Payments: Treated as income or expenses depending on your region.

3. What if I forgot to export CSV files?

Contact Bybit support for historical data. Tax software may estimate missing data but accuracy isn’t guaranteed.

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Ensuring Accuracy

1. Reconcile Balances: Match reported vs. calculated balances in your tax software.
2. Flag Transfers: Mark internal transfers (e.g., subaccounts) to avoid double-taxation.
3. Verify Tokens: Confirm correct asset identification (e.g., USDT vs. USDC).

Final Tips

• Start Early: Avoid year-end rushes; sync data quarterly.
• Use Professional Tools: Platforms like Coinpanda automate cost-basis tracking and form generation.
• Consult a Tax Pro: Complex trades (e.g., leverage, staking) may require specialist advice.

By following this guide, you’ll streamline your Bybit tax reporting and minimize errors. Always stay updated with local regulations to ensure compliance.

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