We are pleased to announce that cryptact now supports profit and loss calculations using Bitcoin xPub and addresses.
By syncing them to cryptact, deposit history will be automatically identified and treated as BONUS that profit recognized at the price on the transaction date and time. Withdrawal history will likewise be identified and treated as disposals at market value, and any Bitcoin used to pay fees will be recognized as a loss. Profits and losses will then be calculated accordingly.
If any transactions are not related to taxable events, for example, transfers between your own wallets, you can exclude them from the profit and loss calculations by selecting 'Fee Only' as the transaction type.
Previously, when receiving Bitcoin or making purchases with Bitcoin, users needed to manually add transaction history to cryptact using a specified Excel format or manual entry, while checking details such as date and amount. With this update, cryptact users can now easily calculate profits and losses for transactions conducted using Bitcoin addresses.
How to Use
By connecting your extended public key (xPub), you can automatically import your complete transaction history. Please ensure you understand the privacy considerations before syncing. Please note that if you only import certain addresses, some transactions required for accurate profit and loss calculations may be missing.
Supported address formats
- Native SegWit
- Nested SegWit
- Taproot
- Legacy
For more details about DeFi features, please refer to our help page.
Going forward, cryptact will continue to expand support for the latest blockchains and scalability solutions to offer smooth profit and loss calculations.
Contacts: pr@pafin.com