Get all the answers to your questions about Yoroi taxes and reporting, including transaction statements, Yoroi profit and loss calculations, trade exports, and more.
How to prepare Yoroi taxes
Need to get your Yoroi taxes done? Wherever you live, your regional tax authority wants to know about your crypto transactions including your short and long-term capital gains, capital losses, and any miscellaneous income from crypto investments. To get started - you're going to need your Yoroi transaction history.
How to download & export Yoroi trading & transaction history
You can download and export your Yoroi trading and transaction history within your Yoroi account. There are two ways to do this:
1. Use the Yoroi API with crypto tax software. If you use the Yoroi tax reporting API with a crypto tax app - all your Yoroi transaction history will be automatically imported to your chosen app. You can see the full instructions on how to integrate Yoroi and Koinly here.
2.Export your Yoroi transaction history in a CSV file. You can download your Yoroi transaction history from your wallet and use this to calculate your crypto taxes yourself or upload to your chosen crypto tax app.
Does Yoroi provide a tax report?
No, Yoroi doesn't provide a tax report.
But you can use your Yoroi transaction history to calculate your crypto taxes and create a crypto tax report. The fastest way to do this is by downloading a CSV of your Yoroi transaction history or using the Yoroi API with a crypto tax app.
Does Yoroi issue a 1099 form?
It’s unlikely you’ll receive a 1099 form from Yoroi.
The general rule of thumb is that all US residents who earn more than $600 in crypto income - like through staking ADA - would receive a 1099-MISC form as a result (and an identical copy goes to the IRS). However, Yoroi requires no KYC verification to use - so they’re unable to issue users with 1099 forms.
However, if you’re moving your ADA from Yoroi into other centralized exchanges like Binance, Kraken or Coinbase - these exchanges may issue 1099 forms that include your Yoroi assets.
Does Yoroi supply a financial statement?
No, Yoroi doesn't supply a financial statement.
But you can use your Yoroi transaction history to create a financial statement to use in your tax report.
Remember, you'll need your complete Yoroi transaction history to accurately calculate your cost basis, as well as your short and long-term gains.
Once you've got your Yoroi transaction history - you can calculate your crypto taxes manually or get a crypto tax app to do it for you. Let’s look at how to get your Yoroi CSV file and how the Yoroi API works.
Yoroi CSV exports
Need to get a Yoroi CSV export in time for your tax deadline? Easy.
In your Yoroi wallet - go to your main dashboard, then transactions in the top navigation menu. You'll see a sheet icon in the right corner - select this to export to file. You can then upload this to your crypto tax app or do your crypto taxes manually.
If you want to automate this process, use the Yoroi API.
Just log into your Yoroi account and select the settings icon from the menu on the left, then wallet from the top menu. Now scroll down to export wallet and select export. Copy your public key and paste it into your chosen crypto tax app.
Does Yoroi provide an end-of-year statement?
No, Yoroi does not provide an EOFY statement.
But you can use your Yoroi transaction history export to create an end-of-year statement or generate an end of year holdings report using your crypto tax app.
Does Yoroi report to the IRS?
It’s unlikely that Yoroi report to the IRS. Yoroi is a light wallet with no KYC verification, so they have no information to share with the IRS.
However, most Yoroi users are moving ADA between Yoroi and larger centralized exchanges. These larger centralized exchanges do collect KYC data and have faced pressure to share this data with the IRS.
The best way to ensure you don't get an unwelcome surprise is to file an accurate tax report using crypto tax software.
Does Yoroi report to other tax authorities?
Like above - it’s unlikely as a light Cardano wallet with no KYC that Yoroi is facing pressure from other tax offices like HMRC, the ATO and the CRA to share data. However, if you’re moving your ADA from Yoroi into centralized exchanges - these exchanges may share KYC data with tax offices to ensure tax compliance.
How to generate a Yoroi tax form
You can generate a Yoroi statement using a crypto tax app or by calculating your crypto taxes yourself.
Doing it yourself? Good luck! Wherever you live, your tax office wants to know about all your taxable crypto transactions. This includes any time you made a capital gain or loss from selling, trading, spending, or gifting crypto. It also includes any additional income from crypto investments - like if you’re staking ADA to earn rewards.
Of course, most crypto investors have hundreds, if not thousands, of individual crypto transactions throughout a single financial year - especially if you're involved in staking, liquidity mining or other DeFi activities.
This can make calculating your crypto taxes a real headache. You'll need to create a document of your crypto transactions, identify the type of tax applied to each kind of transaction and the resulting capital gain/loss, as well as the fair market value of any income on the day you received it.
Alternatively, save yourself hours and use a crypto tax app to do it for you. Just use the Yoroi API and your crypto tax app will calculate your Yoroi taxes for you and generate a pre-filled tax report based on your location - for example, an IRS Form 8949 and Schedule D.
If you’ve been wondering is Koinly a Yoroi tax calculator tool, the answer is, yes! Not only can Koinly import Yoroi transaction history, but Koinly can also calculate your Yoroi taxes in a format that makes sense to your country’s tax office.
As a Yoroi tax calculator, Koinly can do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.
- Koinly will import all your Yoroi trades including purchases, sales, swaps, income, and more!
- Koinly will then convert your Yoroi 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 Yoroi trades are taxable, and which are not - calculating your ADA gains/losses, staking income, and more. All of this is important for being able to submit an accurate Yoroi tax return to your tax office.