Crypto Tax Calculator supports two main options for uploading data from Binance so you can calculate your Binance taxes. Binance has an easy-to-use API that allows you to automatically upload data, they also offer CSV history downloads allowing you to upload the files manually.
Sign in to your Binance account and click on Wallet > Overview on the navigation bar
Next click on 'Transaction History' (in the top right corner)
Now click on 'Generate all statements' (in the top right corner)
4. On 'Range' select 'Customize' and enter the start/end date of each year (max 3-month history can be downloaded at a time)5. Make sure the 'Hide transfer record' option is checked as below6. Click on 'Generate' and wait for the report to be generated - this may take some time7. Repeat the export for each period you have been trading on Binance8. If the file is a '.zip' or '.tar.gz' format you will need to extract the contents of the compressed folder to obtain the raw '.csv' before uploading
On Crypto Tax Calculator:
Log in and navigate to the 'Import Data' section of your account
From the dropdown menu select Binance, and then choose 'Upload files'
3. Import all the extracted files that you downloaded from Binance
Create and add API keys
On Binance:
Sign in to your Binance account
On the top right of the navbar hover over the 'Profile' icon and click on 'API Management' from the dropdown
Enter the label for a new API as 'Crypto Tax Calculator' and click on ‘Create API’ (yellow button)
4. You may have to enter some verification information5. Once created, copy the 'API Key' and 'Secret Key'6. Click Edit restrictions and uncheck 'Enable Spot & Margin Trading'. Also, be sure that 'Enable Withdrawals' is unchecked. Only the 'Enable Reading' option should be checked!7. Leave the IP access restriction selection as 'Unrestricted'8. Syncing this API can take approximately 20 minutes due to rate limitations on Binance's side
On Crypto Tax Calculator:
Log in and navigate to the 'Import Data' section of your account
From the dropdown menu select Binance and then choose 'Sync via API'
3. Paste the copied 'API Key' and 'Secret Key' from Binance into the corresponding form fields and click 'Add API'
Wrapping Up
That's it, from the two options you can upload your transactions from Binance to calculate your taxes using Crypto Tax Calculator. If you find that you are missing some transactions you can upload these transactions manually using our Simple or Advanced manual CSV import.
The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Cryptotaxcalculator disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.
PDF balances - how to download your account statement
Login to Binance and follow these instructions to download your PDF account statement: Hover over the Wallet Icon, and select Account Statement. In the Date selector, select 30 June of the last financial year. Click the Export button.
1. Tax on Crypto Transactions: In India, there is a 30% tax on all cryptocurrency activities like trading, mining, and exchanging. 2. TDS Requirement: A 1% Tax Deducted at Source (TDS) is applicable with a threshold of ₹50,000, and in some cases, it is ₹10,000.
However, Binance might still report your crypto transactions to your country's tax authority, like the IRS or HMRC. We highly recommend tracking and reporting all relevant crypto transactions on and off the exchange to prevent audits and fines.
More recently crypto exchanges must issue 1099-K and 1099-B forms if you have more than $20,000 in proceeds and 200 or more transactions on an exchange the exchange needs to submit that information to the IRS.
Cryptocurrencies are traceable, with transactions recorded on a public ledger accessible to the IRS. The IRS uses advanced methods to track crypto transactions and enforce tax compliance. Centralized exchanges provide user data to the IRS.
Navigate to your Binance US 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.
Failing to report crypto on your taxes can lead to severe consequences for US taxpayers, including fines of up to $100,000 and potential imprisonment. Filing your crypto taxes is crucial to avoid escalating penalties and legal issues.
There is no way to legally avoid taxes when cashing out cryptocurrency. However, strategies like tax-loss harvesting can help you reduce your tax bill legally. Converting crypto to fiat currency is subject to capital gains tax. However, simply moving cryptocurrency from one wallet to another is considered non-taxable.
Provide the details of your crypto gain/loss on Form 8949
On Schedule D, you'll subtract your cost basis from the total proceeds to arrive at your total capital gain or loss. From there, Schedule D will determine how much tax you owe or what kind of deduction you receive.
Does Binance US Report to the IRS? Yes, Binance US is required to report cryptocurrency transactions that reach a certain threshold to the IRS. The IRS is working to enforce compliance and accurate reporting of cryptocurrency-related income and transactions.
Binance can potentially track the sender and recipient of cryptocurrency in case of an accidental transfer between wallets, but it depends on the circ*mstances of the transfer. If the transfer was made to another Binance account, Binance may be able to identify the sender and recipient based on the transaction details.
If the IRS audits you, your entire tax history over the previous six years could be assessed, including your crypto activity. Crypto tax audits proceed like other audits, with additional attention given to crypto transactions for those who engage in crypto-related activity.
While crypto transactions are pseudonymous, meaning they're not directly tied to your real-world identity, your wallet address is still a piece of information that can be used to track your transactions and potentially associate them with you.
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