- Tax agencies can track your %blockchainName% transactions, so it’s essential to file your crypto taxes properly. You owe tax any time you sell, swap or dispose of your %blockchainCode% for a profit.
- Transaction data from the %blockchainName% can be downloaded using a block explorer, but analysing this data yourself can be difficult, time consuming and prone to errors.
- Alternatively, you can use Summ, which automatically syncs with the %blockchainName% blockchain and other platforms like exchanges to provide you with a comprehensive tax report.
If you’ve been using %blockchainName%, it’s important to understand how to report your crypto taxes. Like most blockchains, %blockchainName% does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income based on their activity. This must include all blockchains and exchanges you’ve transacted on, not just %blockchainName%. The good news is that Summ makes calculating your %blockchainName% and crypto taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
1. Create an account on Summ or log in if you already have one.
2. Select %blockchainName% in the Accounts list.
3. Import your %blockchainName% transactions using API or CSV.
4. Let our software calculate your gains, losses, and income.
5. Download your tax report and file it with your taxes.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on %blockchainName%?
If you have been transacting on %blockchainName% during the tax year, or sold any %blockchainCode%, then it’s likely you will need to pay tax based on your trading activity.
Typically, anytime you sell crypto for fiat, trade crypto-to-crypto, or earn crypto income (e.g., through staking or rewards on %blockchainName%), it is considered a taxable event in most countries.
The exact tax you owe (capital gains or income tax) will depend on your local regulations and the specifics of each transaction. Check our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
Do I have to pay tax if I only bought %blockchainCode% but didn’t sell?
In most parts of the world, you do not pay any tax when you purchase crypto.
It is only when you later dispose of that crypto – i.e., sell it or trade it for another asset – that a taxable event occurs and you need to report it on your tax.
What %blockchainName% transactions are taxable?
The following are common transactions on blockchains like %blockchainName% which are relevant to tax:
Most countries typically tax proceeds earned from selling investments differently from money earned as income. In crypto, you may be subject to both capital gains and income tax, depending on the nature of your transaction:
Capital Gains tax events from %blockchainName%
Whenever you sell %blockchainCode% or make a crypto-to-crypto swap using the %blockchainName% blockchain, you are disposing of an asset.
If the value of the crypto at the time of sale/trade is higher than when you acquired it, you have a taxable capital gain.
If it’s lower, you have a capital loss (which can often be used to offset other gains).
Summ will automatically calculate these gains and losses for each trade using your imported transaction data. It will also account for fees according to your local tax rules.
Income tax from %blockchainName%
If you received crypto as a reward on %blockchainName% for activities such as staking, lending, or yield farming – those tokens are usually considered income.
The value of the crypto at the time and date you received needs to be reported as income. It also forms the cost basis if you later sell the asset.
Summ will automatically categorise income tax events and treat them according to your local tax rules.
How to calculate %blockchainName% taxes with Summ
1. Import your data
First, you will need to import your %blockchainName% transaction data to Summ. Here’s how:
Sync via API
This method uses a secure API feed to transfer your transaction data from the %blockchainName% to Summ. Using an API ensures that your data will be updated over time, so that any change in your %blockchainName% balance is reflected in Summ.
- Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %blockchainName% from the list of integrations. Click on Sync via API.
- Enter your Ethereum wallet address. Add an optional nickname, and click 'Add Wallet'.
- Summ automatically imports your %blockchainName% transaction history from the blockchain. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
Generate your tax report
Once your %blockchainName% data is imported to Summ, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
If you're new to Summ, try our Getting Started Guide for an overview of how the platform works. If you need assistance at any stage, click the chat icon in the bottom right corner to begin a live chat with our expert customer service team.
How to file your %blockchainName% tax report
Here’s what to do with your exciting and new crypto tax report:
- Review your tax report. After importing, you can generate a tax report for %blockchainName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year. Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
- Download and complete the necessary tax forms. Summ can produce specific forms or summaries needed for filing. For example, if you live in the US, it can produce a report ready to upload to TurboTax. There are also specific forms like Form 8949 and Schedule D that contain the relevant information for crypto. Summ’s reports are designed to be tax-office compliant, making this straightforward.
- File before the deadline. Make sure you file your taxes before the deadline in your country. Properly reporting your %blockchainName% crypto activity will keep you compliant and help you avoid any penalties.
- Tax agencies can track your %exchangeName% transactions, so you need to file your crypto taxes properly. You owe tax any time you sell, swap or dispose of your crypto for a profit.
- %exchangeName% does not issue tax reports, so you will need to gather the data and calculate taxes yourself.
- Alternatively, you can use Summ, which automatically syncs with your %exchangeName% and other crypto platforms to provide you with a comprehensive tax report.
If you’ve been using %exchangeName%, it’s important to understand how to report your crypto taxes. Like most exchanges, %exchangeName% does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income from the platform.
The good news is that Summ makes calculating your %exchangeName% taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
1. Create an account on Summ or log in if you already have one.
2. Select %exchangeName% in the Accounts list.
3. Import your %exchangeName% transactions using API or CSV.
4. Let our software calculate your gains, losses, and income.
5. Download your tax report and file it with your taxes.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on %exchangeName%?
Yes, you will likely need to pay tax if you used %exchangeName% during the tax year.
You will owe capital gains tax or income tax, depending on the nature of your transactions, and whether or not you receive any token rewards from %exchangeName%.
The exact tax you owe will depend on your local regulations and the specifics of each transaction. See our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
How are %exchangeName% transactions taxed?
The taxation of DeFi platforms like %exchangeName% can vary depending on your tax jurisdiction.
Most countries typically tax proceeds earned from selling investments differently from money earned as income. You may be subject to both capital gains (CGT) and income tax, depending on the nature of your transaction.
Here’s how transactions on DeFi platforms like %exchangeName% might be treated:
%exchangeName% capital gains tax (CGT) events
%exchangeName% income tax events
%exchangeName% that are not taxed
Does %exchangeName% report to the IRS?
%exchangeName% is not required to report user activity to the IRS, however, that does not mean your transactions can’t be traced.
Blockchains are public ledgers, which makes it easy to track a wallet's activity. The IRS uses sophisticated data collection and analysis to match your real-world identity with your on-chain activity.
How to calculate %exchangeName% taxes with Summ
1. Import your data
First, you will need to import your %blockchainName% transaction data to Summ. Here’s how:
Sync via API
This method uses a secure API feed to transfer your transaction data from the %blockchainName% to Summ. Using an API ensures that your data will be updated over time.
- Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %blockchainName% from the list of integrations. Click on Sync via API.
- Enter your Ethereum wallet address. Add an optional nickname, and click 'Add Wallet'.
- Summ automatically imports your %blockchainName% transaction history from the blockchain. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
2. Generate your tax report
Once your %blockchainName% data is imported to Summ, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
How to file your %blockchainName% tax report
Here’s how to file your crypto tax report with your local tax authority:
1. Review your tax report
After importing, you can generate a tax report for %blockchainName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year.
Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
2. Download and complete the necessary tax forms
Summ can produce specific forms or summaries needed for filing. Simply check the options in the Downloads section of the tax report and choose the one you need.
For example, if you live in the US, it can produce a report ready to upload to TurboTax, as well as forms like Form 8949 and Schedule D that are pre-filled and contain the relevant information for crypto.
Summ’s reports are designed to be tax office compliant and make this straightforward.
3. File before the deadline
Make sure you file your taxes before the deadline in your country. Properly reporting your %blockchainName% crypto activity will keep you compliant and help you avoid any penalties.
If you’ve been using %exchangeName%, it’s important to understand how to report your crypto taxes. Like most exchanges, %exchangeName% does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income from the platform.
The good news is that Summ makes calculating your %exchangeName% taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
1. Create an account on Summ or log in if you already have one.
2. Select %exchangeName% in the Accounts list.
3. Import your %exchangeName% transactions using API or CSV.
4. Let our software calculate your gains, losses, and income.
5. Download your tax report and file it with your taxes.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on %exchangeName%?
If you have been transacting on %exchangeName% during the tax year, then it’s likely you will need to pay tax based on your trading activity.
Typically, anytime you sell crypto for fiat, trade crypto-to-crypto, or earn crypto income (e.g., through staking or rewards on %exchangeName%), it is considered a taxable event in most countries.
The exact tax you owe (capital gains or income tax) will depend on your local regulations and the specifics of each transaction. Check our country-specific crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
Do I have to pay tax if I only bought crypto on %exchangeName% but didn’t sell?
In most parts of the world, you do not pay any tax when you purchase crypto.
It is only when you later dispose of that crypto – i.e., sell it or trade it for another asset – that a taxable event occurs.
What %exchangeName% transactions are taxable?
The following are common transactions on cryptocurrency exchanges like %exchangeName% which are relevant to tax:
Most countries typically tax proceeds earned from selling investments differently from money earned as income. In crypto, you may be subject to both capital gains and income tax, depending on the nature of your transaction:
Capital Gains tax events on %exchangeName%
Whenever you sell or make a crypto-to-crypto swap on %exchangeName%, you are disposing of an asset.
If the value of the crypto at the time of sale/trade is higher than when you acquired it, you have a taxable capital gain.
If it’s lower, you have a capital loss (which can often be used to offset other gains).
Summ will automatically calculate these gains and losses for each trade using your imported transaction data. It will also account for fees according to your local tax rules.
Income tax on %exchangeName%
If you received crypto as a reward on %exchangeName% for activities such as staking, lending, or referral bonuses – those tokens are usually considered income.
The value of the crypto at the time and date you received needs to be reported as income. It also forms the cost basis if you later sell the asset.
Summ will automatically categorise income tax events and treat them according to your local tax rules.
Does %exchangeName% report to the IRS?
If you registered with %exchangeName% as a resident of the United States, then starting in the 2025 tax year, the exchange is required to report your customer data and transactions to the IRS.
Other tax authorities around the globe, like the ATO, HMRC, CRA are also engaged in data-sharing programmes with exchanges like %exchangeName%. They may also use blockchain analytics tools, data-sharing between banks and KYC and AML data to match your identity with your trading activity on %exchangeName%.
Where do I find %exchangeName% tax forms?
Exchanges like %exchangeName% do not provide tax forms with a neat breakdown of your tax obligations. This is because tax rules vary between countries and jurisdictions, which requires specialised software to handle additional complexities of crypto tax. Additionally, any assets you transfer onto the platform will be missing an accurate cost basis.
Fortunately, you can connect your exchange account to Summ via API or upload your transaction data using CSV. Summ will then combine this data with any other accounts or wallets you connect to provide you with an accurate tax report ready to submit to your tax agent, accountant or local tax authority.
You can connect as many supported exchange accounts, wallets or blockchains as you like, with reports available for all previous years on a single plan.
How to calculate %exchangeName% taxes with Summ
1. Import your data
First, you will need to import your %exchangeName% transaction data to Summ. Here are the two main methods:
Automatic API Import
This method uses a secure API feed to transfer your transaction data to Summ. Using an API ensures that your data will be updated over time, so that any change in your %exchangeName% balance is reflected in Summ.
- Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %exchangeName% from the list of exchanges. Click on Sync via API.
- Follow the instructions on the right-hand side to find your API key on %exchangeName%.
- Input your API details and click Secure Connect.
- Once authorized, Summ will automatically import your %exchangeName% transaction history. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
CSV File Upload
Not all exchanges provide easy API access; some users might prefer CSV. Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %exchangeName% from the list of exchanges. Click on Upload File.
- Follow the instructions on the right-hand side to find and download your transaction data on %exchangeName%.
- Click Import %exchangeName% CSV to upload your transaction data. Choose your file using the browser or drag and drop it into the window.
- Click Import %exchangeName% CSV to complete the upload.
- Verify the data. The software will parse the CSV and import all transactions. Double-check that the transaction details match your expectations from %exchangeName%. Summ will alert you if any data seems missing or if there are errors in the file.
Note: Some exchanges split different types of transactions into multiple files or have separate histories for sub-accounts. Make sure to import all relevant files to cover your complete trading history.
2. Generate your tax report
Once your %exchangeName% data is imported to Summ via API or CSV, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
If you're new to Summ, try our Getting Started Guide for an overview of how the platform works. If you need assistance at any stage, click the chat icon in the bottom right corner to begin a live chat with our expert customer service team.
How to file your %blockchainName% tax report
Here’s what to do with your exciting and new crypto tax report:
- Review your tax report. After importing, you can generate a tax report for %exchangeName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year. Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
- Download and complete the necessary tax forms. Summ can produce specific forms or summaries needed for filing. For example, if you live in the US, it can produce a report ready to upload to TurboTax. There are also specific forms like Form 8949 and Schedule D that contain the relevant information for crypto. Summ’s reports are designed to be tax-office compliant, making this straightforward.
- File before the deadline. Make sure you file your taxes before the deadline in your country. Properly reporting your %exchangeName% crypto activity will keep you compliant and help you avoid any penalties.
Disclaimer: This guide is for general information only and is not tax advice. Cryptocurrency tax laws vary by region. Please consult a tax professional for advice tailored to your circumstances.”
- Tax agencies can track your %blockchainName% transactions, so it’s essential to file your crypto taxes properly. You owe tax any time you sell, swap or dispose of your crypto for a profit.
- Wallets like %blockchainName% do not issue tax reports, so you will need to gather the data and calculate taxes yourself manually.
- Alternatively, you can use crypto tax software like Summ, which syncs with %blockchainName% and your other crypto accounts to calculate your crypto tax.
%blockchainName% is a popular crypto wallet that lets you store and manage your cryptocurrency. If you made trades, earned rewards, or interacted with DeFi using %blockchainName%, you may need to report those transactions on your taxes.
%blockchainName% does not automatically report, calculate, or issue tax forms for you.
The good news is that Summ makes calculating your %blockchainName% and crypto taxes quick and easy by automatically importing your data to generate a comprehensive tax report.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to file %blockchainName% taxes?
If you have been using %blockchainName% to trade crypto or use DeFi, then you will likely need to pay tax on those transactions.
The exact tax you owe will depend on whether your transactions are classified as capital gains or income. Check our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
Do I have to pay tax if I only sent crypto to %blockchainName% but didn’t sell?
If you sent crypto to your %blockchainName% wallet and paid transaction fees in crypto (such as Ethereum Gas), then that transaction is a taxable event.
This is because you are taxed any time you dispose of your crypto.
When you pay a network fee in crypto, it is treated as though you sold (i.e., dispose) of your crypto. So even if you only paid a small fee, you will still need to pay a small amount of tax on that transaction.
Summ makes it easy to calculate the total tax owed from your %blockchainName% transactions over the tax year.
What %blockchainName% transactions are taxable?
These are how some common transactions using %blockchainName% are taxed:
Most countries typically tax proceeds earned from selling investments differently from money earned as income. In crypto, you may be subject to both capital gains and income tax, depending on the nature of your transaction.
Summ categorizes these events for you, based on your tax jurisdiction. This helps ensure that you pay the correct tax rate based on your %blockchainName% transactions, and receive any sort of discounts or allowances based on your local tax rules.
Capital Gains tax events from %blockchainName%
Whenever you dispose of crypto using %blockchainName% you are charged capital gains tax.
Disposals include things like selling crypto, swapping crypto-to-crypto, depositing crypto into DeFi, or paying network fees using crypto.
If the value of the crypto at the time of disposal is higher than when you acquired it, you have a taxable capital gain.
If it’s lower, you have a capital loss (which can often be used to offset other gains).
Summ will automatically calculate these gains and losses for each trade using your imported transaction data. It will account for fees according to your local tax rules.
Income tax events from %blockchainName%
If you received crypto as a reward for activities such as staking, lending, or yield farming – those tokens are usually considered income.
The value of the crypto at the time and date you received needs to be reported as income. It also forms the cost basis if you later sell the asset.
Summ will automatically categorise income tax events and treat them according to your local tax rules.
How to calculate your %blockchainName% taxes with Summ
1. Import your data
First, you will need to import your %blockchainName% transaction data to Summ. Here’s how:
Sync via API
- In Summ, click “Add Account” and select %blockchainName% or the relevant blockchain (e.g., Ethereum, Solana).
- Copy your wallet’s public address.
- Paste your address.
- Summ will scan the blockchain and import all your taxable events: trades, transfers, airdrops, NFT sales, staking rewards, yield farming etc.
- Do this for each address in your wallet.
Upload CSV
If you have a CSV export from a blockchain explorer or the %blockchainName% software, you can upload it manually. However, using the API sync method is usually simpler.
- In Summ, click “Add Account” and select %blockchainName% or the relevant blockchain (e.g., Ethereum, Solana).
- Click Import %blockchainName% CSV to upload your transaction data. Choose your file using the browser or drag and drop it into the window.
- Click Import %blockchainName% CSV to complete the upload.
- Verify the transaction details match your expectations from your %blockchainName% activity. Summ will alert you if any data seems missing or if there are errors in the file.
Note: If you downloaded your CSV from a block explorer, then you will need to upload a CSV for each public address you have in the wallet.
2. Generate your tax report
Once your %blockchainName% data is imported to Summ, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
Need help? Click the chat icon in the bottom right corner to start a live chat with our expert customer service team. Otherwise, try our Getting Started Guide for an overview of how the platform works.
How to file your %blockchainName% tax report
1. Review your tax report
After importing, you can generate a tax report for %blockchainName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year.
Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
2. Download and complete the necessary tax forms
Summ can produce specific forms or summaries needed for filing. Simply check the options in the Downloads section of the tax report and choose the one you need.
For example, if you live in the US, it can produce a report ready to upload to TurboTax, as well as forms like Form 8949 and Schedule D that are pre-filled and contain the relevant information for crypto.
Summ’s reports are designed to be tax office compliant and make this straightforward.
3. File before the deadline
Make sure you file your taxes before the deadline in your country. Properly reporting your %blockchainName% crypto activity will keep you compliant and help you avoid any penalties.
- Tax agencies can track your %exchangeName% transactions, so you need to file your crypto taxes properly. You owe tax any time you sell, swap or dispose of your crypto for a profit.
- %exchangeName% does not issue tax reports, so you will need to gather the data and calculate taxes yourself.
- Alternatively, you can use Summ, which automatically syncs with your %exchangeName% and other crypto platforms to provide you with a comprehensive tax report.
If you’ve been using %exchangeName%, it’s important to understand how to report your crypto taxes. Like most exchanges, %exchangeName% does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income from the platform.
The good news is that Summ makes calculating your %exchangeName% taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
1. Create an account on Summ or log in if you already have one.
2. Select %exchangeName% in the Accounts list.
3. Import your %exchangeName% transactions using API or CSV.
4. Let our software calculate your gains, losses, and income.
5. Download your tax report and file it with your taxes.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on %exchangeName%?
Yes, you will likely need to pay tax if you used %exchangeName% during the tax year.
You will owe capital gains tax or income tax, depending on the nature of your transactions, and whether or not you receive any token rewards from %exchangeName%.
The exact tax you owe will depend on your local regulations and the specifics of each transaction. See our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
How are %exchangeName% transactions taxed?
The taxation of DeFi platforms like %exchangeName% can vary depending on your tax jurisdiction.
Most countries typically tax proceeds earned from selling investments differently from money earned as income. You may be subject to both capital gains (CGT) and income tax, depending on the nature of your transaction.
Here’s how transactions on DeFi platforms like %exchangeName% might be treated:
%exchangeName% capital gains tax (CGT) events
%exchangeName% income tax events
%exchangeName% that are not taxed
Does %exchangeName% report to the IRS?
%exchangeName% is not required to report user activity to the IRS, however, that does not mean your transactions can’t be traced.
Blockchains are public ledgers, which makes it easy to track a wallet's activity. The IRS uses sophisticated data collection and analysis to match your real-world identity with your on-chain activity.
How to calculate %exchangeName% taxes with Summ
1. Import your data
First, you will need to import your %blockchainName% transaction data to Summ. Here’s how:
Sync via API
This method uses a secure API feed to transfer your transaction data from the %blockchainName% to Summ. Using an API ensures that your data will be updated over time.
- Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %blockchainName% from the list of integrations. Click on Sync via API.
- Enter your Ethereum wallet address. Add an optional nickname, and click 'Add Wallet'.
- Summ automatically imports your %blockchainName% transaction history from the blockchain. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
2. Generate your tax report
Once your %blockchainName% data is imported to Summ, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
How to file your %blockchainName% tax report
Here’s how to file your crypto tax report with your local tax authority:
1. Review your tax report
After importing, you can generate a tax report for %blockchainName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year.
Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
2. Download and complete the necessary tax forms
Summ can produce specific forms or summaries needed for filing. Simply check the options in the Downloads section of the tax report and choose the one you need.
For example, if you live in the US, it can produce a report ready to upload to TurboTax, as well as forms like Form 8949 and Schedule D that are pre-filled and contain the relevant information for crypto.
Summ’s reports are designed to be tax office compliant and make this straightforward.
3. File before the deadline
Make sure you file your taxes before the deadline in your country. Properly reporting your %blockchainName% crypto activity will keep you compliant and help you avoid any penalties.
If you’ve been using %exchangeName%, it’s important to understand how to report your crypto taxes. Like most exchanges, %exchangeName% does not automatically report, calculate, or issue tax forms for you. It’s up to users to report their gains, losses, and income from the platform.
The good news is that Summ makes calculating your %exchangeName% taxes quick and easy by automatically importing your data and generating comprehensive tax reports.
Quick steps
1. Create an account on Summ or log in if you already have one.
2. Select %exchangeName% in the Accounts list.
3. Import your %exchangeName% transactions using API (where supported) or CSV.
4. Let our software calculate your gains, losses, and income.
5. Download your tax report and file it with your taxes.
Disclaimer: The information in this guide is general in nature and not written for a specific tax jurisdiction or audience.
Do I need to pay taxes on %exchangeName%?
Yes, you will likely need to pay tax if you used %exchangeName% during the tax year.
You will owe capital gains tax or income tax, depending on the nature of your transactions, and whether or not you receive any token rewards from %exchangeName%.
The exact tax you owe will depend on your local regulations and the specifics of each transaction. See our list of local crypto tax guides for details on how cryptocurrency is taxed in your jurisdiction.
How are %exchangeName% transactions taxed?
The taxation of DeFi platforms like %exchangeName% can vary depending on your tax jurisdiction.
Most countries typically tax proceeds earned from selling investments differently from money earned as income. You may be subject to both capital gains (CGT) and income tax, depending on the nature of your transaction.
Here’s how transactions on DeFi platforms like %exchangeName% might be treated:
%exchangeName% capital gains tax (CGT) events
%exchangeName% income tax events
%exchangeName% that are not taxed
Does %exchangeName% report to the IRS?
%exchangeName% is not required to report user activity to the IRS, however, that does not mean your transactions can’t be traced.
Blockchains are public ledgers, which makes it easy to track a wallet's activity. The IRS uses sophisticated data collection and analysis to match your real-world identity with your on-chain activity.
How to calculate %exchangeName% taxes with Summ
1. Import your data
First, you will need to import your %blockchainName% transaction data to Summ. Here’s how:
Sync via API (Where Supported)
This method uses a secure API feed to transfer your transaction data from the %blockchainName% to Summ. Using an API ensures that your data will be updated over time.
Note: If an API connection is not available on your trading platform, you can always use a custom CSV file to import your transactions into Summ.
- Sign in to Summ or create an account. Navigate to the Accounts tab and click + Add accounts.
- Select %blockchainName% from the list of integrations. Click on Sync via API.
- Enter your Ethereum wallet address. Add an optional nickname, and click 'Add Wallet'.
- Summ automatically imports your %blockchainName% transaction history from the blockchain. This may take a few seconds to a few minutes depending on the number of transactions. You’ll see a confirmation when all data is imported.
2. Generate your tax report
Once your %blockchainName% data is imported to Summ, you can calculate your taxes with a few clicks.
- Import accounts.
Add any other exchange accounts, wallets or transaction data to Summ. You will need to upload your entire crypto transaction history for an accurate report. This includes all wallets, blockchains and exchange accounts. - Review transactions
While Summ does the hard work for you, it may flag some missing data or errors, which you will need to review to ensure accuracy. - Get your tax report
Generate a comprehensive tax report ready for your accountant or local tax authority.
How to file your %blockchainName% tax report
Here’s how to file your crypto tax report with your local tax authority:
1. Review your tax report
After importing, you can generate a tax report for %blockchainName% and any other accounts you linked. This report will detail your net capital gains, losses, and income from crypto for your chosen financial year.
Review it to make sure everything looks correct. If something looks off, return to the Review tab to ensure all transactions are categorized correctly; check the Accounts tab to ensure all your accounts and their transactions have been added.
2. Download and complete the necessary tax forms
Summ can produce specific forms or summaries needed for filing. Simply check the options in the Downloads section of the tax report and choose the one you need.
For example, if you live in the US, it can produce a report ready to upload to TurboTax, as well as forms like Form 8949 and Schedule D that are pre-filled and contain the relevant information for crypto.
Summ’s reports are designed to be tax office compliant and make this straightforward.
3. File before the deadline
Make sure you file your taxes before the deadline in your country. Properly reporting your %blockchainName% crypto activity will keep you compliant and help you avoid any penalties.
Crypto Tax Calculator offers in depth support for Bitfinex when calculating your crypto tax. Not only does Bitfinex offer standard spot trades, but they also have margin and futures trading, as well as the ability to receive income from funding. Although these products can be profitable, they add a lot of complexity to your tax return. Fortunately we have you covered.
How to calculate tax on Bitfinex
Margin trading, futures, derivatives and income tax
In most countries you have both income and capital gains tax. Capital gains tax usually occurs when you dispose of cryptocurrency. However, with products like margin trading and derivatives, in many jurisdictions the profit or loss from trading these products follow separate rules to usual investment activity. Depending on the specifics of the contracts you are trading, in many cases it is classified as trading income, and is treated similar to income tax. In this scenario you will not be able to claim certain concessions usually available to capital gains tax, such as long term capital gains discounts.
What we do at Crypto Tax Calculator is break out the income earned on platforms like Bitfinex into a separate income category. You can then discuss with your accountant the best way to record this profit (or loss) on your tax return, based on your individual circumstances.
Capital gains when settling in crypto
Another thing to consider when trading on platforms like Bitfinex is what happens when you are settling in cryptocurrency. When you are trading margin on Bitfinex, and realized a profit, the profit is added to your balance in the form of Bitcoin. The market value at the time of receipt will form the cost basis for future sales (for example if you were to later sell Bitcoin for Ethereum). However, if you were to realized a loss, this loss will be settled in BTC. If you had previously bought this BTC at a cheaper price then the current market value, then you also need to consider the capital gain when "selling" the cryptocurrency to settle your loss.
An astute reader would observe, that realizing a loss can actually ultimately trigger a capital gain that is greater then your loss, and you would be "in the green" and owe taxes. In short, it is very important to keep up to date with your tax obligations, and set aside enough money at the end of the year to pay your taxes.
Example 1: Realizing a profit on BTC
Date | Instrument | Side | Quantity | Realized PnL | Fee | Balance |
4th January | BTCUSDT | Short | 1 | 0.1 | 0.005 | 0.095 |
In example 1 we close a short and rewarded with 0.1 BTC. After fees we receive 0.095 BTC. Crypto Tax Calculator will convert this value back into your local currency and record a profit. However we also create a second buy transaction, which can be used as the future cost basis for the sale of this BTC.
Date | Currency | Type | Quantity | Value |
4th January | BTC | Realized Profit | 0.095 | $950 |
4th January | BTC | Buy | 0.095 | $950 |
Example 2: Realizing a loss on BTC
Date | Instrument | Side | Quantity | Realized PnL | Fee | Balance |
4th January | BTCUSDT | Short | 1 | -0.1 | 0.005 | -0.105 |
In example 2 we close a buy contract realizing a loss of 0.105 after fees. Crypto Tax Calculator converts this value back to your local currency and records a realized loss. However we also need to consider settling the loss in BTC, and any capital gains or losses associated with this transaction.
Date | Currency | Type | Quantity | Price of BTC | Profit (Loss) |
1st January | BTC | Buy | 1 | $800 | - |
4th January | BTC | Realized Loss | 0.105 | $1000 | ($105) |
4th January | BTC | Sell | 0.105 | $1000 | $21 |
In the table above, after considering the capital gains on the settlement, the actual overall position is down $84 (21 - 105).
Funding rewards and income tax
When you provide funding on Bitfinex, you are rewarded interest, often in the form of cryptocurrency. In the app this reward is categorized as income for tax purposes. When you later sell the cryptocurrency, the income received forms the cost basis of that sale.
Example: Receiving BTC as a funding reward
Date | Currency | Type | Quantity | Price of BTC | Income | Cost Basis | Profit (Loss) |
1st January | BTC | Reward | 0.01 | $8000 | $80 | - | - |
1st January | BTC | Buy | 0.01 | $8000 | - | $80 | - |
4th November | BTC | Sell | 0.01 | $12000 | - | $40 |
In the above table, you receive 0.01 BTC on 1st January worth $80. This is recorded as income in the app, as well as a purchase of BTC. It is as though you were paid income your fiat currency, and then immediately purchased the cryptocurrency with this income. When you later sell the BTC on the 4th November, the profit calculations are similar to a normal buy/sell trade. An observant reader would notice that by holding the cryptocurrency after receiving income, and the price of the BTC drops, you will Realized a capital loss, however your income is separate to this capital ledger and you can't discount the income with your loss. You need to verify with your accountant how this would work in your situation, as many jurisdictions have provisions around trading as a business, which mergers the capital ledger to the income ledger, thereby combining everything as income, and allowing you to negate this loss against your reward.
As you can see keeping track of all this is very difficult. Fortunately Crypto Tax Calculator is one of the few tools to actually consider all these scenarios in great detail.
How to Upload Your Bitfinex Data Into the Calculator
You can easily upload your Bitfinex data into the calculator by following the below steps:
Import via CSV
Login to Bitfinex.
In the top right corner, hover over 'Wallet' and select 'Reports' from the dropdown. This should navigate you to https://report.bitfinex.com.
Click on the calendar icon at the top of the page.
Select a custom range of dates that include your entire trading history.
Click on the 'Export' button, a popup should appear.
In the 'Data to Export' field select 'Ledgers' and 'Movements' only. Select the 'Date Format' to be 'DD-MM-YY'. Check the box which says 'Display Milliseconds'
Click the 'Export' button at the bottom of the popup. This will generate CSV files which will be sent to your EMAIL.
In your email client, open the email and click 'Download CSV'. This will download a .zip file containing two CSVs (one for ledgers and one for movements).
Extract and upload BOTH CSV to Crypto Tax Calculator.
Create and add API keys
Login to Bitfinex.
In the top right corner, hover over the person icon, and select 'API keys' from the dropdown. This should navigate you to https://www.bitfinex.com/api.
Click on the 'Create New Key' tab.
Ensure default permissions are unchanged and all ‘Read’ permissions have been enabled.
At the bottom of the page, enter a name for the API key (e.g. Crypto Tax Calculator) in the 'Label Your API Key' field, and then click the 'Generate API key' button.
You may have to enter your 2FA token if you have 2FA enabled.
Once you receive a verification email from Bitfinex, confirm the new API key.
Copy the 'API key' and 'API key secret' and enter them both into Crypto Tax Calculator.
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