LocalBitcoins Taxes: How to Import Your Historical Data & Generate Your Tax Report
LocalBitcoins was a Finnish P2P Bitcoin exchange that closed in February 2023. But closing does not erase your tax obligations — every trade you made on the platform remains a taxable event. CoinTracking accepts your LocalBitcoins CSV export, calculates gains and losses across your full trading history, and generates a tax report ready for your accountant or tax authority.
How to Import Your LocalBitcoins Transactions into CoinTracking
Watch how to upload your LocalBitcoins CSV export into CoinTracking and generate your complete crypto tax report — even for historical data from a closed exchange.
Start Your Free LocalBitcoins Import- Every crypto trade and Bitcoin disposal on LocalBitcoins is a taxable event in most jurisdictions. Capital gains tax applies — regardless of whether the exchange is still operating.
- CoinTracking imports LocalBitcoins transactions via CSV export (manual upload). Upload your
contacts_finished.csvfile to import your full historical trading data. - EU-regulated exchange: As a Finnish crypto service provider operating within the EU, LocalBitcoins was subject to EU reporting requirements. Tax compliance for your past trades remains your personal responsibility regardless of any exchange-level reporting.
- LocalBitcoins has been closed. The platform shut down on 9 February 2023. You can still import historical data via CSV. Your tax obligations for trades made on LocalBitcoins remain in effect — all gains, losses, and income must be declared for the relevant tax years.
LocalBitcoins and Your Crypto Tax Obligations
LocalBitcoins was a Finnish peer-to-peer Bitcoin marketplace, founded in 2012 in Helsinki. For over a decade it was one of the world\'s most used P2P Bitcoin trading platforms, enabling users to buy and sell Bitcoin directly with each other using hundreds of different payment methods. The service was supervised by the Finnish Financial Supervisory Authority (FIN-FSA) and operated as an EU-regulated crypto asset service provider. On 9 February 2023, LocalBitcoins announced the permanent closure of its platform.
As an EU-regulated provider, LocalBitcoins may have been subject to EU information-sharing obligations. However, regardless of any exchange-level reporting, every user remains personally responsible for declaring all taxable events from their LocalBitcoins trading history to their national tax authority.
CoinTracking supports LocalBitcoins via CSV import:
- LocalBitcoins CSV (contacts_finished.csv): upload your P2P trade history for a full import of all your trades and fees
- All spot trades and fee data are supported
- Historical data from closed exchanges is fully compatible with CoinTracking\'s tax engine
- Generate back-tax reports for prior years if you have not yet declared your LocalBitcoins activity
Crypto Tax Basics: What LocalBitcoins Users Need to Know
LocalBitcoins served P2P traders across Europe and worldwide. The core tax principles below apply broadly — but always verify the specifics with your local tax authority or a qualified tax advisor.
Every disposal is a taxable event
In most countries, selling or disposing of Bitcoin or any other 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). This applies to each individual P2P trade made on LocalBitcoins — even historical ones from previous tax years.
Obligations survive exchange closure
The closure of LocalBitcoins does not eliminate your tax obligations for trades made while the exchange was active. Tax authorities in most EU jurisdictions can assess back-taxes for unreported gains, often going back several years. If you have not yet declared your LocalBitcoins trading history, you should file retroactively using your historical CSV data. CoinTracking can generate tax reports for any prior year from your imported data.
EU data-reporting obligations
As an EU-regulated Finnish crypto service provider, LocalBitcoins operated under the supervision of the Finnish FIN-FSA. EU regulations require crypto asset service providers to comply with information-sharing frameworks that may result in user data being reported to national tax authorities. If your transactions were reportable, your tax authority may already have information about your trading activity — making accurate and complete self-reporting especially important.
Record-keeping with CSV exports
Since LocalBitcoins is no longer operational, your CSV export file (contacts_finished.csv) is the primary record of your trading history. Importing this data into CoinTracking converts it into a structured tax report with a full audit trail, formatted for your jurisdiction.
LocalBitcoins Taxes by Country
LocalBitcoins served traders worldwide but was especially popular in Europe. Crypto tax rules differ by market — below are the key rates, deadlines and filing rules for the countries where former LocalBitcoins users most commonly file their trading history.
Finland
- Capital gains tax: 30% on gains up to €30,000/year; 34% on the portion above €30,000
- Losses: Deductible against capital gains in the same year; excess losses can be carried forward 5 years
- Cost basis: FIFO or average cost method; each disposal is a separate taxable event
- Authority: Finnish Tax Administration (Verohallinto)
- Forms: OmaVero (self-assessment) — capital income reported annually
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
- Cost basis: FIFO per wallet
- Authority: Finanzamt
- Forms: Anlage SO, Anlage KAP
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.
- Authority: Finanzamt Austria. Report via Einkommensteuererklärung (E1 / E1kv).
United Kingdom
- Capital Gains Tax: 18% (basic rate) or 24% (higher rate) from October 2024
- Annual exempt amount: £3,000 (2024/25 onward)
- Cost basis: Section 104 pool (HMRC rules)
- Authority: HMRC
- Forms: Self Assessment SA100, SA108
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
- 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
- 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
- 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
- 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.
- 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 LocalBitcoins Transactions Taxable?
In most jurisdictions, crypto is treated as an asset: disposing of it triggers capital gains tax. These rules apply to your historical LocalBitcoins P2P trading data — even after the exchange has closed. Use this as a starting reference — exact rules vary by country.
Taxable Events
- Selling Bitcoin for fiat (EUR, USD, GBP, etc.)
- Trading Bitcoin for other cryptocurrencies
- Using Bitcoin to pay for goods or services
- P2P trading bonuses and referral rewards received
Not Taxable
- Buying and holding Bitcoin
- Transferring Bitcoin between your own wallets
- Depositing fiat to LocalBitcoins
- Receiving Bitcoin as a personal gift
Tax treatment varies by country. CoinTracking applies the rules for your selected jurisdiction automatically.
How to Calculate Your LocalBitcoins Taxes
Even if LocalBitcoins has closed, you still need to account for every P2P trade you made on the platform. Calculating cost basis, holding periods, and gains for each individual transaction — potentially spanning multiple years — is impractical without automation.
CoinTracking imports your complete LocalBitcoins trade history via CSV, 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. Historical data from prior tax years is fully supported — you can generate back-tax reports for any year covered by your LocalBitcoins CSV file.
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.
How to Import LocalBitcoins into CoinTracking
Three steps to upload your LocalBitcoins CSV 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 LocalBitcoins in the import list
Type "LocalBitcoins" in the search field. CoinTracking will show the LocalBitcoins import option — select it to proceed with your CSV upload.
- 3
Upload your LocalBitcoins CSV file
Upload your
contacts_finished.csvexport from LocalBitcoins. CoinTracking will import all your historical P2P trades and fees automatically and calculate your tax position.
"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 LocalBitcoins
Tax Report with CoinTracking
Three steps from CSV upload to a tax report your accountant will accept.
Upload your LocalBitcoins CSV
Download your LocalBitcoins trade history CSV (contacts_finished.csv) and upload it to CoinTracking via the LocalBitcoins import. CoinTracking imports all historical P2P trades and fees 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 from closed exchanges.
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.
No. LocalBitcoins was a Finnish P2P Bitcoin exchange that closed on 9 February 2023. It did not generate a ready-to-file tax report. If you still have your old LocalBitcoins CSV export (contacts_finished.csv), you can import it into CoinTracking. CoinTracking then calculates gains, losses, and income across your full P2P trading history and generates a compliant tax report for your jurisdiction.
You can still import your historical LocalBitcoins trading data into CoinTracking using a CSV file. If you exported your trade history from LocalBitcoins before it closed, navigate to CoinTracking → Import Data → search for "LocalBitcoins" and upload your contacts_finished.csv file. CoinTracking will parse all your historical trades and fees automatically. If you no longer have the CSV file, recovery may not be possible as the platform is no longer operational.
Yes. Every sale, swap, or disposal of Bitcoin through LocalBitcoins is a taxable event in most jurisdictions. Capital gains tax applies to the difference between your cost basis and the proceeds at the time of each trade. These obligations apply even now that LocalBitcoins has closed: the historical P2P transactions you made on the platform must still be declared for the relevant tax years.
As an EU-regulated service provider based in Finland, LocalBitcoins may have been subject to EU reporting requirements including DAC8. EU regulations require crypto asset service providers to report user transaction data to tax authorities within the EU. Regardless of any exchange-level reporting, you remain personally responsible for declaring your gains, losses, and income from all LocalBitcoins activity in your annual tax return.
Yes. The closure of LocalBitcoins does not change your tax obligations for trades executed while the exchange was active. Tax authorities in most jurisdictions require you to report all crypto disposals for the relevant tax years, regardless of whether the exchange still operates. If you have not yet declared your LocalBitcoins trading history, you should do so retroactively — CoinTracking can process historical CSV data to generate back-tax reports for past years.
The correct cost-basis method depends on your jurisdiction. In Germany, FIFO (First In, First Out) per wallet is the recognised method; gains are tax-free after a 1-year holding period. In the UK, HMRC's Section 104 pooling rule applies. In Austria, a flat 27.5% KESt applies to gains. CoinTracking supports FIFO, LIFO, HIFO, and other methods — you can switch between them and instantly recalculate your LocalBitcoins tax report to find the most tax-efficient outcome for your situation.
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