Many CryptoBooks users ask us, “Why can’t I just import my most recent transactions?” or “I’ve already declared previous years—why bother importing my entire transaction history?”
The reason it’s essential to import your full transaction history—from the very beginning of your crypto activity—is that accurate tax calculations depend on it. Without access to your past transactions, it’s impossible to correctly determine gains, losses, and holding periods, all of which are necessary for a proper and compliant declaration.
In most cases, missing historical data can even result in higher taxes, as the system would lack key information needed to reduce your taxable gains.
Read this article to better understand why it's essential to have your full transaction history imported in your Cryptobooks account.
Specific reasons for needing the entire transaction history
Here are the key reasons why it’s essential to always import your entire transaction history:
1. Accurate Purchase Prices
Without the full historical data, the software cannot track the original purchase prices of your tokens. As a result, it may assign a purchase price of zero. When you sell, the entire proceeds would be incorrectly counted as capital gains—instead of just the actual profit.
2. Correct Wallet Balances
If only part of your history is imported, the system might register the first transaction on a wallet or exchange as a withdrawal. This can lead to inaccurate or even negative balances, affecting your overall calculations.
3. Avoiding False Capital Gains
Missing transaction data—especially transfers between wallets or exchanges—can cause the system to misinterpret these as taxable events, generating false capital gains that inflate your tax liability.
For accurate reporting, optimized taxes, and peace of mind, always import your full crypto transaction history.
Example of Incorrect Capital Gains Calculation Due to Partial Import
First transaction
on 20/09/2022 I purchase 1 BTC at a chargig price of 20.000 EUR
Second transaction
on 01/02/2023 I purchase 1 BTC at a charging price of 30.000 EUR
Third transaction
on 01/05/2023 I sell 2 BTC at a price of 80.000 EUR (1 BTC = 40.000 EUR)
Correct Capital Gain Calculation
80.000 - (30.000 + 20.000) = 80.000 - 50.000 = 30.000 EUR
Capital Gains Calculation if Only 2023 Transactions Were Imported
In this case, we would be certain of the purchase price of 1 BTC (the one bought at 30,000 EUR in February 2023), but not knowing the price of the previously purchased BTC, we would have to assume the remaining portion was bought at 0 EUR.
Thus, the calculation would be:
80.000 - (30.000 + 0) = 80.000 - 30.000 = 50.000 EUR, resulting in a capital gain 20.000 EUR higher than in reality.