Nexo announced its shutting down all services in the US in December 2022. Currently, it's unclear whether US users will be able to export their transaction history from Nexo once services are withdrawn. We advise our users to export their complete transaction data as a CSV file ASAP to ensure they can easily file their taxes with the IRS in case their transaction data later becomes unavailable.
Nexo is a crypto exchange and lending platform that offers great investment opportunities - but your tax office will want their cut of any capital gains or income from your Nexo investments. Koinly can help you calculate your Nexo taxes fast, here’s how.
You’ll pay either Capital Gains Tax or Income Tax on your Nexo transactions, depending on your specific transactions and how your tax office views it. You can learn more about crypto tax in your country in our crypto tax guides, but in brief:
Nexo announced it would withdraw services from the US due to a lack of regulatory clarity. Part of this was due to increased pressure from the IRS to disclose transaction information. As such, it’s unlikely Nexo has or will report to the IRS.
There are two ways to create tax forms for Nexo. It can be done manually or with crypto tax software like Koinly.
Doing it yourself? You'll need to identify your taxable transactions, including any capital gain or loss and income, as well as your cost basis or the fair market value of any crypto tokens on the day you received them in fiat currency. Then take all of this information and submit it in the required format for your local tax office.
Alternatively, use Koinly to do this for you. Koinly calculates your tax liability and generates your crypto tax report, ready to file with your tax office. Here’s how to connect.
You'll need to start by downloading a CSV file with your full trading history from Nexo before you can upload it to Koinly - here's how.
Don’t forget to tag your Nexo transactions according to your country’s tax rules, so Koinly can calculate your taxes correctly.
Problems connecting Nexo and Koinly? No worries - there's help at hand:
Sign up free today to calculate your Nexo taxes.
No, Nexo doesn't provide users with a tax report. But you can use crypto tax software to generate a Nexo tax report.
The easiest way to get Nexo tax documents is to upload a CSV file of your Nexo transaction history to Koinly, which will then calculate your tax liability for you and generate your tax report.
No. Nexo does not issue 1099 forms to US investors. As of December 2022, Nexo announced it was withdrawing services from the US, so it’s unlikely you’ll ever receive one in the future
No, Nexo doesn't issue a financial statement for users, but you can use your Nexo transaction history as your financial statement.
Yes - you need to pay tax on your Nexo investments, including Capital Gains Tax on any gains from selling or swapping crypto on Nexo, and Income Tax on any income - like NEXO tokens from Earn products.
Nexo is generally considered a secure centralized crypto lending platform. But you should always follow best practices and store any crypto you’re not actively investing in a secure, offline wallet, especially in the current market conditions.
Like above, Nexo does not believe they're required to disclose any information about transactions to any tax authorities. However, this stance could quickly change if Nexo are challenged by various tax authorities.
Not yet - but we're working on it! We'll update this article as soon as we've implemented the Nexo API.