How to Keep Crypto Tax Records: A Practical Checklist
Good records turn crypto tax season from a week of panic into an afternoon of work. They also protect you if a tax authority asks questions — and with Form 1099-DA in the US and growing data sharing worldwide, those questions are more likely than before.
What to record for every transaction
For each buy, sell, swap, transfer or reward, keep:
- Date and time (with time zone)
- Type — buy, sell, swap, transfer, staking reward, airdrop, payment received, payment made
- Asset and quantity for both sides of a swap
- Value in your tax currency (USD, GBP, CAD) at the time
- Fees, including network fees, and in which asset they were paid
- Platform or wallet address involved
- Transaction ID / hash for on-chain activity
- Purpose or note — especially for transfers between your own wallets
Run your own numbers with the free calculator: Crypto Tax Calculator
Open calculator →The annual routine
- Export CSVs from every exchange you used, even ones you no longer use. Platforms close or restrict access; download while you can.
- List your wallets and their public addresses. Use a block explorer or tax software to pull on-chain history.
- Reconcile transfers. Match every withdrawal from one platform with the deposit on another. Unmatched transfers are a common source of overstated gains.
- Record income events — staking, mining, airdrops, interest — with their market value on the day received.
- Save tax forms such as 1099-DA, 1099-MISC or exchange tax reports.
- Store everything in at least two places, such as cloud storage and an offline drive.
Tricky situations
- DeFi and swaps on decentralized exchanges: each swap is usually a disposal. Record the value of what you gave and received.
- Liquidity pools: depositing and withdrawing may be taxable depending on the jurisdiction and structure. Note the tokens in and out and their values.
- Bridging between chains: often treated as a transfer if you receive the same economic asset, but practices vary. Document what you did.
- Lost or stolen coins: keep evidence (police reports, exchange correspondence), since loss treatment differs by country.
- Gifts: record the date, value and recipient, and in the US the donor's cost basis.
Choosing a cost basis method
Your records must support the method you use. US investors using specific identification need to show which lot was sold from which account. UK investors need records to apply the same-day, 30-day and pooling rules. Canadian investors need data to compute adjusted cost base. See cost basis methods.
How long to keep records
| Country | General guidance |
|---|---|
| United States | At least 3 years after filing; longer (6–7 years) is safer, and keep acquisition records for as long as you hold the asset |
| United Kingdom | At least 22 months after the end of the tax year for most individuals filing on time; longer for later or amended returns |
| Canada | Six years from the end of the tax year to which they relate |
Because cost basis comes from purchases that may be many years old, keep acquisition records for as long as you own the coins, plus the retention period after you sell.
Tools that help
Crypto tax software can import exchange data and wallet addresses, match transfers and produce reports. Treat it as an assistant: review the output, fix unmatched transfers and check that the cost basis method matches your country's rules.
Check your numbers
When your records are in order, use the crypto tax calculator to sanity-check the tax on your largest disposals before filing.
CryptoMathly provides educational estimates only and is not financial, investment or tax advice. Crypto assets are volatile and you can lose money. Always verify figures with a qualified professional.