How To File Your Yoroi Taxes With Koinly
Yoroi is a light wallet for Cardano and Ergo and a popular option for investors that are staking ADA. Koinly connects with Yoroi via API or CSV file. Once connected, Koinly will quickly calculate your Yoroi taxes and generate your crypto tax report.
Follow these steps to sync your Yoroi (ADA) data automatically to Koinly:
- Log in to your Yoroi account.
- Select the settings icon in the menu on the left.
- Select wallet from the top menu and scroll down to export wallet.
- Select export.
- Copy your public key and paste it into the field in Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Yoroi (ADA) in the list
- Select API > Paste the public address/key 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!
Your frequently asked questions
Does Yoroi have tax documents?
No, Yoroi doesn't provide tax documents or reports. 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.
How do I get Yoroi tax documents?
While Yoroi doesn't supply any tax documents 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.
Does Yoroi provide financial or end of year statements?
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.
Do I have to pay Yoroi wallet taxes?
Yes - if you have capital gains or income as a result of your crypto investment activities on Yoroi, you'll need to report these to your tax office and pay taxes on them. It’s best to keep on top of your crypto taxes, penalties can be steep!
Does Yoroi report Yoroi Wallet staking activity to the IRS?
It’s unlikely that Yoroi reports to the IRS. Yoroi is a light wallet with no KYC verification, so they have no information to share with the IRS. However, if you move 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.
Is Yoroi wallet safe?
Yes. Yoroi wallet is generally considered a safe ADA wallet. However, your wallet is only as safe as you are, so always follow best security practices.
Can you stake on Yoroi wallet?
Yes, you can use your Yoroi wallet to delegate ADA to a staking pool. Just select the delegate list menu to find your staking pool.
Is staking ADA taxed?
Yes. Staking rewards, including ADA, are generally viewed as additional income and you’ll need to pay Income Tax upon receipt based on the fair market value of your ADA at the point you receive it.