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How to file your Daedalus taxes with Koinly

Daedalus pairs perfectly with Koinly to make crypto tax easy! 🤝Sync Daedalus with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Tuesday, 31 January 2023

How to do your Daedalus taxes with Koinly 

Daedalus is a full node wallet for Cardano - letting investors stake ADA and earn rewards. You can connect Daedalus to Koinly using API or by importing a CSV file of your transaction history. Once you’re connected, Koinly will calculate your Daedalus taxes in no time at all.

  1. Sign up to Koinly and choose your country and currency
  2. Connect Daedalus with Koinly to import all your Daedalus trades safely and securely
  3. Koinly categorizes Daedalus transactions into gains, losses and income
  4. Koinly calculates your Daedalus capital gain tax and Daedalus income tax
  5. Download your Daedalus tax report from Koinly
  6. File your Daedalus taxes online or with your crypto tax accountant

Watch how to do your Daedalus taxes fast 

How are Daedalus transactions taxed?

The tax you’ll pay on your Daedalus transactions depends on where you live and the transactions you’ve made. For more information about crypto tax where you live, check out our crypto tax guides, but in brief:

  • Capital Gains Tax: If you’ve sold or swapped crypto using your Daedalus wallet - whether that's coins, tokens, stablecoins or NFTs -  you'll likely need to pay Capital Gains Tax on any gain you make. 
  • Income Tax: If  you've received or generated new tokens on Daedalus - like through liquidity pools or ADA staking rewards for example - you'll likely need to pay Income Tax on that.

How do I file my Daedalus Wallet taxes?

To file your Daedalus taxes, you'll first need to calculate and report any income or capital gains you made from Daedalus with your country's tax office. Generally, this activity is included in your annual tax return.

There are a couple of ways you can calculate your income and gains. You can either do it manually, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.

Or, you can use a crypto tax calculator like Koinly that will automatically generate a country specific tax report for you, ready to be filed with your tax offices. All calculations will be completed by the app, no manual work required!

Koinly works by importing your Daedalus transaction data to analyze what's taxable, and what's not. Here’s how to connect.

How to connect Koinly and Daedalus automatically

On Daedalus 

  1. Log in to your Daedalus account.
  2. Select more from the top menu.
  3. Under wallet public key, click the icon on the right to reveal your Daedalus public key
  4. Copy your public key

Where to find your Daedalus public address

On Koinly

  1. Log in to Koinly and go to wallets
  2. Select add new wallet: Daedalus
  3. Select set up auto-sync
  4. Paste your public key
  5. Select secure import

Important

Koinly now supports all Cardano tokens and staking rewards!

How to integrate Daedalus with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from Daedalus before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from Daedalus

  1. Log in to your Daedalus wallet
  2. Select transactions from the top menu
  3. Select the export CSV in the top right corner

Daedalus CSV export

How to upload your Daedalus CSV to Koinly

Now you've got your CSV file, here's how to upload it to Koinly.

  1. Sign up or login into Koinly and go to wallets
  2. Add a new wallet: Daedalus.
  3. Select import from file
  4. Upload your Daedalus CSV file

Important

Double check your staking rewards are tagged correctly for your country’s tax rules - in most countries, staking rewards are taxed as income.

How do I troubleshoot my Daedalus integration to Koinly?

Problems connecting Daedalus and Koinly? No worries - there's help at hand:

Calculate your Daedalus taxes

Sign up free today to calculate your Daedalus taxes

Does Daedalus have tax documents?

No, Daedalus does not provide a tax report to its users, but you can use crypto tax software to create one in minutes.

How do I get Daedalus tax documents?

The easiest way to get your Daedalus tax documents is to connect to Koinly automatically using your Cardano public address. Once connected, Koinly calculates your tax liability and generates your tax report.

Does Daedalus provide financial or end of year statements?

No, but you can import your Daedalus trading and transaction history to crypto tax software to generate one.

Do I have to pay Daedalus wallet taxes?

Yes - if you have capital gains from trading or selling ADA  or income from staking ADA using Daedalus, 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!

Is Daedalus wallet safe?

Yes. Daedalus 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 Daedalus wallet?

Yes, you can use your Daedalus wallet to delegate ADA to a staking pool. Just go to the Daedalus delegation center and find a Cardano 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.