How to File Your Bithumb Taxes with Koinly
How to do your Bithumb taxes with Koinly
Bithumb is a South Korean crypto exchange, founded in 2014 and a market leader when it comes to daily trading volume. Koinly can help you do your Bithumb taxes safely, quickly, and accurately.
Follow these steps to sync your Bithumb data automatically to Koinly:
- Log in to Bithumb.
- Select the menu icon.
- Select API management.
- Create a new API key - you may need to complete two-factor verification to do this.
- Copy your API key and API secret and store them somewhere safe.
- Make sure to activate your API keys by selecting activate on the API management page.
- Paste your API key and API secret into the fields in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Bithumb in the list
- Select API > Paste the API keys 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!
How do I file my Bithumb taxes?
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets and exchanges you use - from one single platform, making crypto tax simple.
Your frequently asked questions
Does Bithumb provide tax documents?
No. Bithumb does not provide users with tax documents. Instead, Bithumb investors will need to get their Bithumb transaction history - either in a CSV file or via API using crypto tax software.
How do I get tax reports and forms from Bithumb?
The easiest way to get your Bithumb tax report is to connect to crypto tax software via API in minutes. Your cryptocurrency tax calculator will then identify your taxable Bithumb transactions, calculate your gains, losses and income, and generate your Bithumb tax report.
Does Bithumb provide financial or end of year statements?
No. BIthumb only provides users with a CSV file of their transaction history, which you can use for tax reporting purposes.