Crypto Transaction Aggregation Guide

Crypto Transaction Aggregators and Why to Use One

There are a few options for reporting crypto transactions for taxes. A transactions aggregator will help with tax reporting, especially if you are a frequent trader and/or hold multiple assets across different wallets, exchanges, or crypto platforms. Because cryptocurrency has been deemed property (not a security) by the IRS, exchanges do not provide tax reporting. Traditionally, tax firms would spend hours aggregating transaction .csv files, which was costly to the taxpayer.

Crypto aggregation tools do the heavy lifting to connect exchanges, blockchains, NFTs, and DeFi protocols.

Our Recommended Approach

We recommend ZenLedger for aggregating your crypto transactions for tax filing. ZenLedger can sync your crypto holdings across wallets, exchanges, and other platforms to track trades, costs basis, and capital gains and losses. You can also link Compound as your Tax Advisor through ZenLedger, allowing us to pull the information needed to complete your tax return.

We recommend ZenLedger because of its clean layout and easy-to-use interface. Below are links for further information on coins and exchanges supported:

How to Setup a ZenLedger Account

You can set up the account and link Compound as the Tax Advisor by following the instructions below. Compound Tax will pull the information needed to complete your tax return.

Create a ZenLedger account here.
Click Add Account on the dashboard.
Use the Exchanges and Wallet Import tabs to connect your accounts via API.
Use the Custom CSV Upload or Manual Entry tabs to connect any account that cannot be added in the Exchanges and Wallet Import tabs
Once all your crypto accounts are connected, invite Compound as a Tax Pro on the account by clicking on Invite Your Tax Pro. Fill in the information below and click on Invite a New Tax Pro.

First Name: Compound
Last Name: Tax
Email Address: tax@withcompound.com

Once the invite has been accepted, Compound Tax will be able to access your account to pull the information needed to help file your taxes (e.g. cost basis reports, capital gains, and loss information).

Some Limitations and Workarounds

There are some limitations to be aware of when working with ZenLedger. Below are limitations that we’ve encountered with instructions for each. Let your Compound team know if you encounter any other limitations.

Anchor

We recommend that you upload a custom CSV file of your 2021 transactions to ZenLedger. Click here for instructions on how to create a custom CSV and upload it to ZenLedger.

Cosmos

ZenLedger is integrating with Cosmos with an intended launch date before the end of tax season. In the meantime, this guide gives instructions on the appropriate workaround using a CSV file.

Kraken

ZenLedger is integrating with Kraken with an intended launch date before the end of tax season. In the meantime, we recommend that you upload a custom CSV file of your 2021 transactions to ZenLedger. Click here for instructions on how to create a custom CSV and upload it to ZenLedger.
Note, when you are in Kraken, it’s recommended that you export your ledger, not your trades.

Ledger

We recommend that you upload a custom CSV file of your 2021 transactions to ZenLedger. Click here for instructions on how to create a custom CSV and upload it to ZenLedger.

Rally

We recommend that you upload a custom CSV file of your 2021 transactions to ZenLedger. Click here for instructions on how to create a custom CSV and upload it to ZenLedger.

Solana

ZenLedger is integrating with Solana with an intended launch date before the end of tax season. In the meantime, this guide gives instructions on the appropriate workaround using a CSV file.

Terra

ZenLedger is integrating with Terra with an intended launch date before the end of tax season. In the meantime, this guide gives instructions on the appropriate workaround using a CSV file.

Other Common Aggregators You May Already be Using

You may already be using an aggregator like CoinTracker, CoinTracking, or Koinly. If so, export your transactions and upload them directly to your 2021 Tax Filing Form in the cryptocurrency transactions section. Below are instructions on how to do this for CoinTracker, CoinTracking, and Koinly:

Directions for CoinTracker:

From your dashboard, click the Wallet tab, then Transactions.
On the Transactions page, click Download CSV.

Directions for CoinTracking:

Go to the Enter Coins page.
Verify all your trade information is correct.
Click the Export button, and select CSV.

Directions for Koinly:

From your dashboard, click the Tax Reports tab
Scroll down to the section that says Pick a report type
From the dropdown, select Transaction History, and click Download Report

Exporting Directly from Your Wallet or Exchange

If you prefer not to use crypto aggregator tools, you can export your transaction history from your wallet or exchange. Once exported, upload them directly to your 2021 Tax Filing Form in the cryptocurrency transactions section. Below are instructions on how to do this for common wallets and exchanges: