Ledger pairs perfectly with Koinly to make crypto tax easy! 🤝 Connect Ledger to Koinly to quickly calculate your taxes. ⚡ Just follow a few simple steps! 🖱️
One of the most popular hardware wallet providers, whichever Ledger device you're using, it's easy to do your Ledger taxes with Koinly.
Many of your Ledger transactions may be taxable, but if the exact tax depends on where you live and the specific transaction you've made. You can learn more about how crypto tax works in your country in our country crypto tax guides, but in general you'll pay one of two taxes on your Ledger transactions...
It's unlikely Ledger report 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).
You'll need to calculate any gains or income in your Ledger wallet and report them to your tax office. This is normally as part of your annual tax return.
Ledger does have an API function so you can automatically get your transaction history imported into a crypto tax app.
You'll need to get your wallet address for each blockchain you interact with from Ledger - for example ETH, BTC and BNB. The instructions will be slightly different for each depending on whether you need your public address or xpub key. When you're connecting these in Koinly, you'll see instructions for whether you need your public address or xpub key. Let's take a look.
1. You'll need to connect every blockchain you interact with using Ledger to Koinly. So for example, if you have ETH, BTC and DOGE in your Ledger wallet, you'll need to connect all of these to Koinly via your public address/xpub key in order for Koinly to calculate your crypto taxes correctly.
2. If you're interacting with many blockchains on Ledger, it may be quicker to use the CSV file method below instead.
To start, you'll need CSV files of your Ledger transaction history. Here's how.
Now you've got your CSV file, here's how to upload it to Koinly.
1. When downloading your CSV files, check that the file covers your full trading history on Ledger.
2. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your crypto tax reports.
If you need help connecting Ledger & Koinly, try these resources:
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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.
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.
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.
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.
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.
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.