How to Do Your Biswap Taxes

How To Do Your Biswap Taxes

CoinLedger imports Biswap data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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Biswap Tax Reporting

You can generate your gains, losses, and income tax reports from your Biswap investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Biswap exports a complete Transaction History file to all users. Simply navigate to your Biswap account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

Biswap Tax Reporting

Biswap supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Biswap account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

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.

Biswap Tax Reporting

You can generate your gains, losses, and income tax reports from your Biswap investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Biswap account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Biswap Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Biswap and import it into CoinLedger

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.

Biswap Tax Reporting

Automatically sync your Biswap account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Biswap Transaction History CSV file to CoinLedger

Biswap Tax Reporting

Navigate to your Biswap account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

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.

How Cryptocurrency Taxes Work

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.

How To Do Your Crypto 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. US 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.

Why Can't Biswap Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Biswap. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Biswap's reporting is that it only extends as far as the Biswap platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Biswap, Biswap can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

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.

Trying to report your Biswap transactions to the IRS?

Because decentralized exchanges don’t provide tax forms to users, it can be difficult to calculate your capital gains and income.

In this guide, we’ll break down everything you need to know to report your Biswap taxes to the IRS — including a simple three-step process to help you report all of your Binance Smart Chain taxes in minutes.

What is Biswap?

Biswap is a decentralized exchange built on the Binance Smart Chain (BSC). The protocol allows users to swap cryptocurrencies, add and remove cryptocurrencies to liquidity pools, and earn staking rewards.

Biswap leverages BSC to offer industry-low transaction fees — currently at just at 0.1%.

How is cryptocurrency taxed?

In the United States, cryptocurrency is subject to capital gains and ordinary income tax.

For more information, check out our complete guide to cryptocurrency taxes.

How are Biswap transactions taxed?

At this time, the IRS has yet to give clear guidance on DeFi taxes. As a result, there are different approaches to reporting certain types of transactions — such as adding/removing cryptocurrency from liquidity pools.

For more information, check out our complete guide to DeFi taxes.

Does Biswap report to the IRS?

At this time, decentralized protocols like Biswap are not required to report to the IRS. It’s still unclear whether Biswap and other decentralized exchanges will be subject to 1099 reporting requirements due to the American infrastructure bill.

However, it’s important to remember that all Biswap transactions are publically viewable on the Binance Smart Chain. In the past, the IRS has worked with contractors like Chainalysis to track blockchain transactions.

How can I keep track of my Biswap taxes?

Keeping track of all of your taxable swaps and trades through any decentralized exchange can be challenging. The problem only becomes more difficult if you’ve transferred cryptocurrency between different exchanges and wallets, as you may have trouble determining your cost basis.

Cryptocurrency tax software like CoinLedger can help. The platform aggregates all of your transactions between different wallets and exchanges, helping you generate a comprehensive cryptocurrency tax report in minutes.

How to file your Biswap taxes

Here’s how CoinLedger can help you report your Biswap taxes in three easy steps.

Log in to your CoinLedger account. Click ‘Import’, then ‘Binance Smart Chain’.
Copy and paste your BSC wallet address into the CoinLedger platform.
Let the platform pull all of your Binance Smart Chain transactions, including any Biswap transactions!

And that’s it! Once you’re done, you can connect any other wallets and exchanges you’ve used during the tax year and generate your crypto tax report with the click of a button!

Get started with CoinLedger today

Want to get a head start on reporting your Biswap taxes before the tax deadline? Get started with CoinLedger, the platform trusted by more than 300,000 investors worldwide.