Disclaimer: This article is intended as an informative piece. This is not accounting or tax advice. Please speak to a qualified tax professional about your specific circumstances before acting upon any of the information in this article.
Can I change my tax settings?
Yes. You can change your tax settings at any time, and your tax report will update to reflect the change. Recap sets sensible defaults for your jurisdiction, but the settings that are right for you depend on your circumstances, your records and the rules for the tax year you are reporting, so it is worth understanding what a setting does before you change it.
How to change your tax settings
From the left menu, click Settings followed by Tax.
Choose your settings from this screen. Your tax report updates to reflect any change, so you can see the effect of a setting before you commit to it.
Bear in mind that you may need to stay consistent with the approach used in your previous tax returns. We advise you to research the methods and recommend speaking to a qualified tax professional before changing your settings, as any changes can make a significant difference to your tax bill.
For UK taxpayers
For a better understanding of UK cryptocurrency tax, check our guide.
For US taxpayers
You can find out more about different cost basis methods here.