NiceHash is a leading cryptocurrency platform for mining. Users can sell or buy computing power and support the digital ledger technology revolution. NiceHash also offers an exchange on which to buy, sell and trade cryptocurrencies. Koinly can help you do your NiceHash taxes safely, quickly, and accurately.
It’s not known whether NiceHash reports to the IRS. NiceHash isn’t known to issue 1099 forms, but as one of the largest mining platforms in the world, it’s likely NiceHash have faced pressure from the IRS and other tax offices to share customer data to ensure tax compliance.
You'll need to grant all "view" permissions when creating your API key for NiceHash, this includes:
1. For wallet permissions, check 'view balance, wallet activities and deposit addresses'.
2. For market place permissions, check 'view hashpower orders'.
3. For exchange permissions, check 'view exchange orders' and 'view and trade'.
4. For mining permissions, check 'view mining data and statistics'.
5. For user management and security permissions, check 'view users'.
Please note: mining fees prior to 1st March 2021 are not imported by the NiceHash API. If you have mining fees from before this date, use the CSV file method.
You'll need to start by downloading a CSV file with your full trading history from NiceHash before you can upload it to Koinly - here's how.
Now you've got your CSV file, here's how to upload it to Koinly.
It may take NiceHash a few minutes to generate your CSV file. You'll get an email when your CSV file is ready to download.
Need help with connecting Koinly and NiceHash? No problem:
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No, NiceHash doesn’t provide tax documents. Instead, it provides details about your transaction history which can be used by crypto tax software to calculate and report taxes.
The easiest way to get your NiceHash tax documents is to connect to Koinly, either via API or by uploading a CSV file of your NiceHash transaction history. Koinly can then generate your NiceHash tax documents, ready to file with your tax office.
No, NiceHash doesn't provide tax reports and that includes 1099 tax forms.
No, NiceHash doesn’t supply a financial statement. However, with your NiceHash transaction history, you can generate a financial statement that is used for tax reporting.
Yes - if you have capital gains or income as a result of your crypto investment activities on NiceHash, you'll need to report these to your tax office and pay taxes on them. For more detailed information about NiceHash taxes, check out our country crypto tax guides.
Generally, if you’re receiving mining rewards on NiceHash, these will be subject to Income Tax upon receipt based on the fair market value in your fiat currency on the day you received them. You’ll also pay Capital Gains Tax when you later dispose of those mining rewards by selling, swapping or spending them.
How to report your NiceHash taxes depends on where you live and your transactions, but it’s generally as part of your annual tax return. For example, in the US, you’d report gains & losses from NiceHash on Form 8949 and Schedule D and income from NiceHash on Schedule 1 (Form 1040).