How to File Your LBank Taxes with Koinly
LBank is a Hong Kong based crypto exchange established in 2015. The popular exchange offers a range of exciting investment opportunities including spot trading, futures, ETFs, and flexible and locked earn programs. Whatever your investments, Koinly can help with your LBank taxes.
Follow these steps to sync your LBank data automatically to Koinly:
- Log in to your LBank account
- Go to the API settings page
- Create a new api key for Koinly
- Make sure to give it permission to read your deposits/withdrawals/trades. Koinly does NOT need access to your funds so you should disable any fund management permissions.
- Copy your API key and API secret
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find LBank 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!
The LBank API only returns trades only for last 7 days and only mainnet coins. This is why we recommend using the CSV method instead.
How do I file my LBank 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 LBank provide tax documents?
No. LBank does not issue tax documents for users. LBank users are based all around the world and it would be very difficult for LBank to do this accurately. The best way to get your LBank tax documents is to connect LBank to crypto tax software like Koinly.
How do I get tax reports and forms from LBank?
The easiest way to get your crypto tax reports from LBank is to get a CSV file of your complete LBank transaction history by following the steps above and upload it to Koinly, which will then calculate your LBank taxes and generate your LBank tax report.
Does LBank provide financial or end of year statements?
No. LBank does not provide users with financial or end of year statements. You can, however, use crypto tax software to generate these documents for tax purposes.