GDAX 8949 FAQ

Frequently asked questions and answers about GDAX 8949.


About

Q: Are you affiliated with GDAX, formerly Coinbase Exchange?

No. GDAX is a service of Coinbase, Inc.

Q: What's the point or purpose of this site?

Well, in the US everyone who trades digital currencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and others need to report their capital gains or losses to the IRS every year. This is done via 1040 > Schedule D > Form 8949.

What this site provides is a downloadable CSV file of all your transactions in the Form 8949 format. Open the CSV file in any spreadsheet application like Microsoft Excel, Apple Numbers, or Google Sheets to review your history or pass the information along to your tax preparer.

Q: Can people outside the US track their GDAX.com gains, losses, and trading fees through this service?

Yes! It's not limited to US users or USD currency. EUR, GBP, CAD will work as well.

Q: Any technical limitations or requirements?

This service is specifically designed for short-term and high-frequency day and robotraders who buy and rebalance their entire coin portfolio in every trade or at year-end.

You basically have to start the year out at ZERO. And you can't rollover long positions you sold a part of in the year you're trying to generate a report for.

NOTE: If you bought and sold mixed coin types, it's best to download the transaction history for each coin type separately. You can always take the resulting 8949 CSV file for each and combine/sort them in your spreadsheet application of choice later. Follow the rules/limitations and reporting will be a breeze.

Examples:

The script tries to match EXACT buy and sell amounts in chronological order. All in, all out. Get it? Professional daytraders follow these rules. Plus, it makes accounting and reporting much simpler and less convoluted.


Pricing

Q: How much does it cost to run a report?

FREE to validate. FREE to generate a report. Run a report as often as you like. It's probably a good idea to run quarterly or monthly reports to track your trading performance. You'll be surprised how quickly those trading fees add up.

Q: What's the catch?

None. This is a portfolio site for future employers to see. If you find this site (or our $BTCUSD market condition alerts on Twitter) useful, please tell a friend.


Privacy

Q: Can't you access my account / personal details?

Technically we can view everything the GDAX API allows. However, no personally identifiable information can be retrieved like your name, address, email, or password (that's why you have a secure key to make API calls). In fact, our scripts only cares about your /orders and /fills to generate a report. In our eyes, the less we know about you the better.

Q: Any tips for protecting myself while using this service?

Yes, only create and share a view-only API key with us. We don't need or want trade or transfer access. Also, delete your API key after generating a report. You can create new ones on GDAX.com at any time.

Q: Do you keep the API details users provide?

Your API details are wiped from the database after 1 hour. Note: your generated report link is active / viewable for 30 days only.


Miscellaneous

Q: Where can I download my 1099−B Proceeds from Broker and Barter Exchange Transactions on GDAX.com?

Unlike traditional stock brokerage firms, GDAX.com does not provide these to clients for tax reporting. Would be nice!!! That's where a service like GDAX 8949 comes in.

Q: Can tax professionals and CPAs use GDAX 8949 to help file their clients' Bitcoin, Ethereum, and Litecoin trades?

No, but you can refer active GDAX.com traders here. The API details we require can solely be provided by current GDAX.com users.