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You can generate your gains, losses, and income tax reports from your Celsius 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 Celsius 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 Celsius 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 Celsius 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 Celsius 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 Celsius. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Celsius's reporting is that it only extends as far as the Celsius platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Celsius, Celsius 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.
Wondering how to report taxes on your Celsius holdings?Â
At its peak, Celsius served more than 1.7 million customers — many of whom are no longer able to withdraw their crypto-assets.Â
In this blog, we’ll break down how you can report your Celsius taxes. We’ll explain how you can write off potential losses and break down a step-by-step process for reporting your Celsius transactions to the IRS.Â
Celsius is a cryptocurrency platform that launched in 2018. The platform was famous for offering high interest on certain assets — in some cases, as high as 17% APY.Â
Celsius paused withdrawals for all customers due to market volatility and liquidity issues. In July 2022, the exchange filed for Chapter 11 bankruptcy.Â
In the United States, cryptocurrency is subject to capital gains and income tax.Â
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For more information, check out our ultimate guide to cryptocurrency taxes.Â
At this point, it’s not clear if or when Celsius customers will receive access to their holdings. In the case that you do permanently lose access to your coins due to an exchange bankruptcy, you may be able to write off your losses.Â
For more information, check out our article on writing off losses in a potential exchange bankruptcy.Â
Interest rewards are considered income based on their fair market value at the time of receipt. You’ll pay income tax based on your personal tax bracket.Â
In years past, Celsius has issued 1099-MISC when customers earn more than $600 of ordinary income. An identical copy of this form is sent to both the customer and the IRS.Â
If you’re using multiple wallets and exchanges, trying to file your cryptocurrency taxes can be difficult. You may have trouble finding your cost basis, which is needed to calculate your capital gains and losses.Â
Crypto tax software like CoinLedger can help. The platform connects with hundreds of blockchains and exchanges — including Celsius — to help you file your taxes in minutes.Â
Here’s how you can import your Celsius transactions onto CoinLedger in 5 simple steps.Â
Step 1:
In your Celsius account, click the dropdown menu in the top right corner and select API.
Step 2:
You’ll want to create a read-only API key. To do this, scroll down to the Unique API Key section and click on Create New Key.
Step 3:
Toggle every Read permission in the window that appears and click on Generate.
Step 4:
Once your key is successfully generated, make sure to copy it and store it somewhere safe. It will not be shown to you again after this step is completed.Â
Step 5:
Navigate to the CoinLedger app. Select Add Account then choose the Celsius tab. Click on Auto-Import then enter your API Key into the correct fields. Once you’re done, click Sync Transactions.
And that’s it! Once you’re done, you can import your transactions from other wallets and exchanges and generate a comprehensive crypto tax report with the click of a button.Â
Looking for an easy way to file your crypto taxes? CoinLedger can help.Â
CoinLedger integrates with hundreds of exchanges and blockchains so that you can file your taxes in minutes. The platform is trusted by more than 300,000 crypto investors across the globe.Â
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Join 500,000 people instantly calculating their crypto taxes with CoinLedger.
