How to File Your Ledger Taxes with Koinly
One of the most popular hardware wallet providers, whichever Ledger device you're using, it's easy to do your Ledger taxes with Koinly.
Follow these steps to sync your Ledger data automatically to Koinly:
- Open your Ledger wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Ledger in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
Does Ledger report to the IRS?
It's unlikely Ledger reports to the IRS currently. As a hardware wallet device provider, Ledger isn't a top priority for the IRS. In fact, many users simply use their Ledger wallets to store long-term hodls, which is tax free. Ledger does not collect KYC data on customers and isn't yet required to (though this could change soon with the new IRS guidance on crypto regulation).
Your frequently asked questions...
Can I get a Ledger Live tax report?
No, Ledger doesn’t provide tax reports. Instead, they can provide details about your transaction history which can be used by crypto tax software to calculate and report taxes.
Does Ledger supply a financial statement?
No, Ledger doesn’t supply a financial statement. However, with your Ledger transaction history, you can generate a financial statement that can be used for tax reporting.
Does Ledger report to other tax authorities?
Ledger is a hardware wallet mostly used for holding crypto. As such, it’s very unlikely Ledger reports to any tax offices directly as they have minimal information to share.
Does Ledger give you a 1099?
Ledger isn’t an exchange, so it’s unlikely you’ll be receiving a 1099 form from them. They also only collect KYC data for the “buy” feature in Ledger live - which wouldn’t relate to 1099-MISC income.
Do you pay taxes on Ledger transactions?
You may have taxable Ledger transactions. If you trade or sell crypto using Ledger Live, then any gains you make are likely subject to Capital Gains Tax.
Do I have to report Ledger transactions if I didn't sell?
If you simply use your Ledger wallet to hodl crypto long-term securely, this is not taxable in most countries (excluding countries with a Wealth Tax) and you usually don't need to report this to your tax office.