How do I connect my Bitcoin account to CoinTracker?
To add your Bitcoin transactions to CoinTracker:
Download the CSV export of your transactions from Bitcoin
Reformat those transactions into our CoinTracker CSV format (see our support guide here)
Import your CSV export to CoinTracker here
How to find your Bitcoin public address
Your Bitcoin public address allows you to receive BTC and track your holdings.
Mobile wallets (e.g., Trust Wallet, Coinbase Wallet, Muun):
Open your wallet app.
Select your Bitcoin account.
Tap Receive.
Copy the BTC address (it usually starts with 1, 3, or bc1).
Hardware wallets (e.g., Ledger, Trezor):
Connect your device and open the Bitcoin app.
In the companion interface (Ledger Live, Trezor Suite), click Receive.
Copy the displayed address (starts with 1/3/bc1).
Desktop wallets (e.g., Electrum):
Open your wallet.
Navigate to Receive tab.
Copy the address for your Bitcoin account.
Your public address is safe to share for deposits and tracking—but never share your private keys or recovery phrase.
How are Bitcoin transactions taxed?
Bitcoin is treated as property for tax purposes, not as currency. The tax implications depend on the specific activity:
Buying BTC with fiat (USD, MXN, etc.) – Not taxable at purchase; it establishes your cost basis.
Selling BTC for fiat – Taxable capital gain/loss = sale price − cost basis.
Trading BTC for another cryptocurrency – Taxable event; the BTC disposed of triggers a gain or loss.
Spending BTC on goods or services – Taxable (treated as a sale of BTC).
Mining Bitcoin – Income recognized at the fair market value on the date mined; later sale triggers capital gain/loss.
Receiving BTC as payment – Ordinary income at the time received.
Transferring BTC between your own wallets – Non-taxable, but still important to track cost basis and timestamps.
CoinTracker automatically detects which transactions are taxable, applies cost basis methods (like FIFO or specific identification), and generates the necessary forms (e.g., Form 8949 and Schedule D for U.S. taxpayers).
Can the IRS track Bitcoin?
Yes. Bitcoin transactions are public and recorded on the blockchain. The IRS and other tax authorities can:
Use blockchain analytics tools to trace wallet activity.
Receive 1099 reports from exchanges and custodians.
Match reported transactions to taxpayer data.
Staying compliant with accurate reporting through CoinTracker helps prevent discrepancies or audits.