You can generate your gains, losses, and income tax reports from your Binance investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Binance investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Binance investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Binance investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:
Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
You can generate your gains, losses, and income tax reports from your Binance investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below:
File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.
Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.
Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.
For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.
To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. USÂ Dollar, Australian Dollar, etc.).
Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.
Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Binance. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Binance's reporting is that it only extends as far as the Binance platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Binance, Binance can't provide complete gains, losses, and income tax information.
By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.
You can test out the software and generate a preview of your gains and losses completely for free by creating an account.
Learn more about how CoinLedger works here.
No matter where you are in the world, trying to report your cryptocurrency transactions on Binance and other exchanges can be a nightmare.Â
It’s difficult to keep track of your cryptocurrency gains, losses, and income — especially if you’ve transferred your crypto between different wallets and exchanges.
In this guide, we’ll break down everything you need to know about how Binance transactions are taxed. We’ll also share a simple process to help you report your Binance taxes in minutes.Â
Originally founded in 2017 by Changpeng Zhao, Binance is one of the largest and most popular exchanges in the world. Currently, the exchange offers investors access to buy, sell, and trade more than 350 cryptocurrencies.Â
Binance currently does not operate in the United States. The company serves its American customers through its subsidiary Binance.US.
For more information on Binance US, check out our complete guide to Binance.US taxes.
In most countries, cryptocurrency is subject to capital gains and income tax.Â
Capital gains tax: When you dispose of cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto changed since you originally received it. Examples typically include selling your cryptocurrency or trading your cryptocurrency for another cryptocurrency.Â
Income tax: When you earn cryptocurrency, you’ll recognise income based on the fair market value of your crypto at the time of receipt. Examples include earning staking or referral rewards.Â
For more information, check out our complete guide to cryptocurrency taxes.Â
Because Binance does not currently operate in the United States, it’s unlikely that the exchange reports to the IRS.Â
Binance has Know Your Customer (KYC) requirements for all customers — which means that it's likely that Binance provides tax reporting information to tax authorities in the countries where it operates.Â
Regulations like DAC8 require Binance and other exchanges to provide user information to relevant tax authorities.
Because investors often transfer their cryptocurrency between different wallets and exchanges, exchanges have trouble tracking capital gains and losses.Â
Luckily, there’s an easier way to keep track of your cryptocurrency taxes. Crypto tax software like CoinLedger helps investors around the world file their taxes in minutes.Â
With CoinLedger, you can generate complete cryptocurrency tax forms in minutes.Â
CoinLedger allows you to upload transactions from Binance, the Binance Smart Chain, and other exchanges and blockchains!Â
You can upload your transactions through a csv file upload or API import. The process is quick and easy!Â
Once you’re done, you can export your report to platforms like TurboTax, TaxAct, and H&R Block or send it off to your accountant!Â
Get a head start on tax season with CoinLedger.Â
More than 500,000 investors around the world use CoinLedger to generate complete crypto tax forms in minutes.
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Join 500,000 people instantly calculating their crypto taxes with CoinLedger.
