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How to do Binance Tax Statements & Reporting

Last updated: Monday, 1 November 2021

Get answers to ALL your questions about Binance tax forms & reporting! From transaction & trade exports to profit and loss calculations!

Since its launch in 2019, the American arm of Binance has quickly grown into one of the largest crypto exchanges in the US. Binance US offers investors more than 50 cryptocurrencies, low trading fees and high speed trade execution.

How to prepare Binance taxes

You might be wondering, does Binance US provide CSV tax and trade history reports? What about a Binance US tax API? Is it even possible to get tax info and statements from Binance US? The good news is, while Binance US might not provide tax forms and documents, Binance US does offer 2 easy ways to export transaction and trade history!

How to download and export Binance trading and transaction history

Binance US pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Binance US tax tool. How? Koinly will calculate your Binance US taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your Binance US tax statement from Koinly and file it with the IRS. Done!

Why is Koinly the best Binance US tax software?

If you’ve been wondering is Koinly a Binance US tax calculator tool, the answer is, yes! Not only can Koinly import Binance US transaction history, but Koinly can also calculate your Binance US taxes in a format that makes sense for your country’s tax office. As a Binance US tax software, Koinly is able to a bunch of impressive tasks that save you time and can even save you from paying too much taxes.

  • Koinly will import all your Binance US trades including purchases, sales, swaps, rewards and more!
  • Koinly will then convert your Binance US transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
  • Finally Koinly works out which of your Binance US trades are taxable, and which are not. All of this is really important for being able to submit an accurate Binance US tax return to your tax office.

How to track profit in Binance US with Koinly

Koinly works as both a portfolio tracker and a cryptocurrency tax calculator. Once you've synced your Binance US account, select the Binance US wallet in Koinly to look through your Binance US transaction history, current balance, realized profits and more. You can also head into your Koinly dashboard to view your overall balance, assets and trades across all your wallets and exchanges, so you can keep an eye on all your crypto investments from one platform.

How do I get my Binance US tax report?

Crypto tax software simplifies reporting your crypto investments to the IRS. After you've synced your Binance US account, Koinly works its magic to calculate your taxes and generate your Binance US tax statement. First it identifies the FMV of all your Binance US transactions in the currency of your choice, for example, USD. After this, Koinly calculates your taxable position including your long and short term gains, income, losses and expenses. All this information is available in one easy to read summary on your tax report page.

Under this summary, you'll find a variety of tax reports to export including a Capital Gains Report, Complete Tax Report and Income Report. As well as this, Koinly generates specific tax reports based on your location. For American investors, this includes the IRS Schedule D Form and the TurboTax Online Report.

Got the Binance US tax report - what do I do with it at tax time?

For American investors using Binance US, you'll need to fill in form 8949 and add it to Form Schedule D. You can report your taxes between the 1st of January 2022 until the 15th of April 2022.

For those using TurboTax, see our guide on how to upload your crypto tax report to TurboTax.

If you're using an accountant, you can invite them to review your crypto tax reports in your Koinly account settings.

Does Binance US report to the IRS?

Binance has a long and complicated history with the IRS. The parent company stopped allowing US investors a couple of years ago, which was why Binance US got started in the first place.

The IRS is putting pressure on all cryptocurrency exchanges to share customer data to ensure tax compliance. As one of the largest American crypto exchanges, Binance US is being investigated by the IRS currently. Binance US state they work with the IRS to share information when requested, as well as with state authorities in some instances.

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