In this guide, we'll walk you through the steps you need to take to automate your mining taxes with one of our professional tax professional partner, TaxBit.
If you have any questions about these services past what this article answers, please visit our FAQs page for more info.
To automate the tax process for your mining revenue, you'll first have to set up a TaxBit account. Upon setup, it will give you the option to select one of the companies in TaxBit's network; search for Luxor (or find it in the “Other Exchanges” section) and select it.
From here, it will give you the option to upload a CSV of your mining revenue OR an API key. To retrieve your CSV, sign in to your Luxor mining account.
To download your mining transaction history and upload it to the sites manually, you can do so by going to the Luxor homepage, clicking on "Revenue" and then clicking on "Download CSV" on the "Transactions" section.
If you want to add an API Key to your CryptoTrader.Tax account, from your Luxor dashboard, click on the "Settings" icon.
From here, go to the "API Keys" section and then click "Generate new key," give it a name, and then click enter to have it generate. Next, copy the key to your clipboard.
Uploading Crypto Mining Tax Information to TaxBit
To upload your CSV, navigate to the "Import CSV" tab on the "Add Transactions" page that comes up after you select Luxor from the "Add Exchange" tab. At the top of the "Import CSV" tab, click "Upload a generic CSV." This will take you to a page where it asks you to convert your Luxor revenue CSV into a TaxBit readable spreadsheet. You can follow this TaxBit guide to convert your CSV.
Once this is done, you can upload the converted CSV to the "Drop CSV File Here" field.
Alternatively, you can paste your API key in the "Add Exchange" tab under the "Api Key" field."
Don't feel like paying for our partners' service or just want to do your taxes yourself? That's ok too! We wrote a guide just for that reason, and it can walk you through all of the considerations you need to take into account when reporting your taxes as well as which forms you'll want to fill out.