itBit Taxes: How to Import Your Historical Data & Generate Your Tax Report
itBit was a New York-regulated institutional crypto exchange operated by Paxos Trust Company. The exchange was rebranded as Paxos Exchange in 2021, but the tax obligations arising from every trade you made on itBit remain fully in force. CoinTracking imports your itBit trading history via API, calculates gains and losses, and generates a tax report ready for the IRS or your local tax authority — no matter how many years of history you need to report.
How to Import Your itBit Transactions into CoinTracking
Watch how to connect your itBit account via API to CoinTracking and generate your complete crypto tax report — including historical data from a rebranded exchange.
Start Your Free itBit Import- Every crypto trade, swap, and disposal on itBit is a taxable event in most jurisdictions. Capital gains tax and income tax may both apply — regardless of whether the exchange still operates under that name.
- CoinTracking imports itBit transactions via API connection (API Key, API Secret, and User ID). Historical trading data is fully supported for back-tax reporting.
- Transferring crypto between your own wallets or accounts is not a taxable event. Buying and holding crypto is not taxable until disposal.
- itBit has been rebranded as Paxos Exchange. You can still import historical data via the itBit API integration. Your tax obligations for trades made on itBit remain in effect — all gains, losses, and income must be declared for the relevant tax years. CoinTracking supports API import for historical itBit data.
itBit and Your Crypto Tax Obligations
itBit was a New York-based cryptocurrency exchange launched in 2012 and operated by Paxos Trust Company — one of the first crypto firms to receive a trust company charter from the New York Department of Financial Services (NYDFS). It offered spot Bitcoin trading, an institutional OTC desk, and custody services, primarily targeting institutional and professional traders in the United States.
In 2021, Paxos Trust Company rebranded itBit as Paxos Exchange, effectively closing the itBit brand. However, the tax obligations arising from every trade executed on itBit while it was active remain fully in force for all affected tax years.
CoinTracking supports itBit via API import:
- itBit API: connect using your API Key, API Secret, and User ID to pull your complete trading history directly into CoinTracking
- All spot trades, deposits, and withdrawals are imported automatically
- Historical data from prior tax years is fully supported — generate back-tax reports as needed
- US users get IRS-ready output including capital gains calculations for Form 8949 and Schedule D
Crypto Tax Basics: What itBit Users Need to Know
itBit served institutional and professional traders in the United States and internationally. The core tax principles below apply broadly — but US users should pay particular attention to IRS guidance on cryptocurrency, and non-US users should verify the specifics with their local tax authority or a qualified tax advisor.
Every disposal is a taxable event
In most countries, selling, swapping, or otherwise disposing of cryptocurrency triggers capital gains tax. The gain or loss equals the difference between your proceeds and your cost basis (what you originally paid, including fees). For US users, the IRS classifies crypto as property under Notice 2014-21: short-term gains on assets held under one year are taxed at ordinary income rates; long-term gains on assets held over one year qualify for preferential capital gains rates of 0%, 15%, or 20% depending on your income bracket.
Obligations survive exchange rebranding
The rebranding of itBit to Paxos Exchange does not eliminate your tax obligations for trades executed while the exchange was active as itBit. The IRS has a standard three-year statute of limitations for tax assessments, extended to six years if income is understated by more than 25%. If you have not yet declared your itBit trading history, you should file retroactively. CoinTracking can generate tax reports for any prior tax year from your imported itBit data.
NYDFS regulation and IRS reporting
As a NYDFS-regulated trust company, Paxos Trust Company / itBit was subject to strict US regulatory requirements. itBit may have issued Form 1099 reporting for certain users or reported user data to the IRS as required by applicable law. However, the exchange does not file your tax return on your behalf. You remain personally responsible for reporting all taxable events from your itBit account on your US federal and state tax returns.
itBit Taxes by Country
itBit served institutional traders globally. Crypto tax rules differ by market — below are the key rates, deadlines and filing rules for the countries where CoinTracking users most commonly report their itBit history.
United States
- Short-term capital gains: Taxed as ordinary income (10%–37%) for assets held under one year
- Long-term capital gains: 0%, 15%, or 20% for assets held over one year, depending on income
- Net Investment Income Tax: Additional 3.8% NIIT may apply for high earners
- Cost basis: IRS permits FIFO, HIFO, or Specific Identification
- Authority: Internal Revenue Service (IRS)
- Forms: Form 8949, Schedule D (capital gains); Schedule 1 (income)
Germany
- Disposal tax: Personal income tax rate (up to 45%); gains are tax-free if held longer than 1 year (Haltefrist)
- Annual exemption: Gains up to €1,000/year are tax-free
- Business income: If trading is a business activity, profits are taxed as Gewerbeeinkünfte (trade income)
- Cost basis: FIFO per wallet
- Authority: Finanzamt
- Forms: Anlage SO, Anlage KAP
United Kingdom
- Capital Gains Tax: 18% (basic rate) or 24% (higher rate) from October 2024
- Annual exempt amount: £3,000 (2024/25 onward)
- Trading income: If HMRC classifies activity as a trade, profits are subject to Income Tax at marginal rates
- Cost basis: Section 104 pool (HMRC rules)
- Authority: HMRC
- Forms: Self Assessment SA100, SA108
Austria
- 27.5% capital gains tax: Since March 2022, crypto is taxed like shares — a flat 27.5% KESt applies to gains.
- Old coins grandfathered: Crypto acquired before 28 February 2021 is tax-free on disposal.
- Business income: Professional trading activity may be taxed as business income at progressive rates.
- Authority: Finanzamt Austria. Report via Einkommensteuererklärung (E1 / E1kv).
Switzerland
- Capital gains: Generally tax-free for private investors; professional traders are taxed as self-employed income
- Wealth tax: Crypto holdings subject to wealth tax at cantonal rates based on year-end market value
- Business trading: High-frequency or leveraged trading may be classified as professional activity and taxed accordingly
- Authority: Cantonal tax authority (varies by canton)
Spain
- Savings income (IRPF): 19% up to €6,000; 21% up to €50,000; 23% up to €200,000; 27% up to €300,000; 28% above
- Foreign crypto disclosure: Modelo 721 required if portfolio exceeds €50,000 abroad
- Business activity: Classified as rendimientos de actividades económicas if trading is a professional activity
- Authority: Agencia Tributaria (AEAT)
- Forms: Modelo 100 (IRPF), Modelo 721
Poland
- Flat rate: 19% on all crypto gains (no holding period exemption)
- Loss carryforward: Up to 5 years
- Business income: Professional crypto trading may be taxed under business income rules
- Cost basis: FIFO
- Authority: Urząd Skarbowy
- Form: PIT-38
Italy
- Flat rate: 26% on gains exceeding €2,000/year (from 2023)
- Foreign holdings disclosure: Quadro RW required if portfolio exceeds €15,000
- Business income: Corporate and professional traders taxed under IRES/IRPEF rules
- Authority: Agenzia delle Entrate
- Forms: Quadro RT (gains), Quadro RW (foreign holdings)
France
- Flat 30% tax (PFU): Gains from crypto disposals are subject to the prélèvement forfaitaire unique (PFU) — 12.8% income tax + 17.2% social charges.
- No exemption for holding period: Unlike Germany, there is no tax-free threshold after 1 year.
- Professional traders: High-frequency trading may be classified as BNC (non-commercial income) at progressive rates.
- Authority: Direction générale des Finances publiques (DGFiP). Declare via Formulaire 2086.
Tax rules change frequently. This overview is for general information only and does not constitute tax advice. Consult a qualified advisor for your specific situation.
Are itBit Transactions Taxable?
In most jurisdictions, crypto is treated as an asset: disposing of it triggers capital gains tax. These rules apply to your historical itBit trading data — even after the exchange has been rebranded. Use this as a starting reference — exact rules vary by country.
Taxable Events
- Selling Bitcoin or crypto for USD / fiat
- Swapping or trading crypto for crypto
- Using crypto to pay for goods or services
- Receiving trading rewards or bonuses
Not Taxable
- Buying and holding crypto
- Transferring crypto between your own accounts
- Depositing fiat to itBit
- Receiving crypto as a personal gift
Tax treatment varies by country. CoinTracking applies the rules for your selected jurisdiction automatically.
How to Calculate Your itBit Taxes
Even if itBit has been rebranded, you still need to account for every trade you made on the platform. For institutional traders who used itBit's OTC desk and spot markets over multiple years, calculating cost basis, holding periods, and gains for each individual transaction manually is impractical.
CoinTracking connects to itBit via API, imports your complete trading history, applies your chosen cost-basis method (FIFO, LIFO, HIFO, and others), calculates gains and losses for every disposal, and produces a jurisdiction-specific tax report. US users get IRS-ready output for Form 8949 and Schedule D; international users get reports formatted for their local authority.
The result is a tax report — PDF or Excel — that your accountant or tax authority will accept, with a full audit trail for every transaction including institutional OTC desk trades.
How to Import itBit into CoinTracking
Three steps to connect your itBit account and generate your tax report.
- 1
Log into CoinTracking and open Imports
After logging in, click the Import icon in the left navigation. This is where you connect all your exchanges, wallets and blockchains.
- 2
Search for itBit in the import list
Type "itBit" in the search field. CoinTracking will show the itBit import option — select it to proceed with your API connection.
- 3
Enter your itBit API credentials
Enter your itBit API Key, API Secret, and User ID on the import page. CoinTracking will connect to itBit and import your complete trading history — spot trades, deposits, and withdrawals — automatically.
"CoinTracking can handle just about any complex transaction you can throw at it and the automation is a real lifesaver. Of all the tax software tools we've reviewed, CoinTracking is the most detail-oriented and has more accuracy checks in place than the competition."
How to Create Your itBit
Tax Report with CoinTracking
Three steps from API connection to a tax report your accountant will accept.
Connect your itBit account via API
Enter your itBit API Key, API Secret, and User ID in CoinTracking. Your complete trading history — spot trades, OTC activity, deposits, and withdrawals — is imported automatically.
Review your transactions
Open Reports → Validate Transactions. CoinTracking flags missing cost basis entries, duplicate imports and price gaps so your final report is accurate — essential for historical data spanning multiple tax years.
Generate and export your tax report
Select your country and tax year. CoinTracking generates a report formatted for your jurisdiction: PDF or Excel, ready to file or hand to your accountant. US users get IRS Form 8949 and Schedule D output.
No. itBit did not generate a ready-to-file tax report. The exchange was rebranded as Paxos Exchange in 2021 and no longer operates under the itBit name. If you still have access to your itBit account credentials, you can connect via API in CoinTracking using your API Key, API Secret, and User ID. CoinTracking then calculates gains, losses, and income across your full itBit trading history and generates a compliant tax report for your jurisdiction — including IRS Form 8949 for US users.
You can import your historical itBit trading data into CoinTracking via the itBit API integration. Navigate to CoinTracking → Import Data → search for "itBit" and enter your API Key, API Secret, and User ID. CoinTracking will pull your complete trading history — spot trades, deposits, and withdrawals — automatically. If you no longer have API access, contact Paxos Trust Company (the parent company) or check whether your historical account data is still accessible through their support channels.
Yes. Every sale, swap, or disposal of cryptocurrency through your itBit account is a taxable event in most jurisdictions. For US users, the IRS treats cryptocurrency as property: capital gains tax applies on the difference between your cost basis and the proceeds at each disposal. Short-term gains (assets held under one year) are taxed at ordinary income rates; long-term gains (held over one year) qualify for preferential rates. These obligations apply even now that itBit has been rebranded — all historical transactions must be declared for the relevant tax years.
Yes. The rebranding of itBit to Paxos Exchange does not eliminate your tax obligations for trades made while the exchange was active. The IRS and tax authorities in other jurisdictions require you to report all crypto disposals for each relevant tax year. Statutes of limitations mean the IRS can assess back-taxes for unreported gains going back several years. If you have not yet declared your itBit trading history, you should do so retroactively — CoinTracking can generate tax reports for any prior tax year from your imported data.
itBit was operated by Paxos Trust Company, a New York-regulated trust company subject to NYDFS oversight. As a US-based financial institution, Paxos / itBit may have reported certain user data to the IRS as required under applicable law (including Form 1099 reporting where applicable). However, itBit does not file your tax return on your behalf. You remain personally responsible for reporting all gains, losses, and income from your itBit account. CoinTracking helps you produce an accurate, complete tax report for the IRS or any other tax authority.
For US users, the IRS permits several cost-basis methods for cryptocurrency. FIFO (First In, First Out) is the most commonly used, but HIFO (Highest In, First Out) can minimise taxable gains in volatile markets. Specific Identification is also accepted if you can document each lot. CoinTracking supports FIFO, LIFO, HIFO, and other methods — you can switch between them and instantly recalculate your itBit tax report to find the most tax-efficient outcome for your situation. Non-US users should apply the cost-basis method required by their local tax authority.
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