How to do your Poloniex taxes with Koinly
Poloniex is a popular global crypto exchange where investors trade millions daily. As well as spot trading, Poloniex offers margin and derivatives trading and earn products. Whatever your Poloniex investments, Koinly can help with your crypto taxes, here's how.
- Sign up to Koinly and choose your country and currency
- Connect Poloniex with Koinly to import all your Poloniex trades safely and securely
- Koinly categorizes Poloniex transactions into gains, losses, and income
- Koinly calculates your Poloniex Capital Gains Tax and Binance US Income Tax
- Download your crypto tax report from Koinly
- File your crypto taxes online, by post, or with your crypto tax accountant
Watch how to do your Poloniex taxes fast
How are Poloniex transactions taxed?
Crypto tax varies depending on where you live and the specific transactions you've made on Poloniex. Learn more about crypto tax in your country in our crypto tax guides, but generally, you’ll pay either Capital Gains Tax or Income Tax on your crypto.
- Capital Gains Tax: Whenever you sell or swap crypto or NFTs on Poloniex make a gain, you’ll likely pay Capital Gains Tax on that gain. This includes PnL from derivatives.
- Income Tax:Â If you earned new tokens on Poloniex, for example through Poloniex Earn, this is generally viewed as additional income and subject to Income Tax upon receipt.Â
Does Poloniex report to tax offices?
As a large centralized exchange, Poloniex has faced pressure to share data with tax offices. Notably, the IRS issued a John Doe summons to try and compel the exchange to share customer transaction data. Poloniex has since withdrawn operations from the US.
How do I file my Poloniex taxes?
You need to report any capital gains, losses, or income from your Poloniex investments to your tax office and pay any taxes due. This is generally done as part of your annual tax return.
You can calculate this yourself, by identifying each taxable transaction, the kind of tax that applies, and calculating your gains and losses (and any income) - but it's very time-consuming.
This is why most investors opt to use a crypto tax calculator like Koinly. Koinly calculates your tax liability and generates your crypto tax report, ready to file with your tax office. Here’s how to connect.
How to connect Koinly and Poloniex automatically via API
On Poloniex
- Log in to Poloniex
- Select your profile icon in the top right corner
- Select API keys from the top navigation menu
- Select create API
- Select unrestricted under IP access restrictions
- Complete your security verification
- Copy your API key and API secret
On Koinly
- Sign up or log in to Koinly and go to wallets
- Select add new wallet:Â Poloniex
- Select set up auto-sync
- Paste your API key and API secret
- Select secure import
Important
1. The Poloniex API only returns transaction data after 30 July 2021. If you have transactions prior to this point, you'll need to get this data as a CSV file and upload it to Koinly in order to get your complete Poloniex transaction data.
2. You may need to enable API access in order to create your keys. You'll need to complete an email verification in order to do this.
How to integrate Poloniex with Koinly using CSV
You need to export your complete Poloniex transaction history and upload this to Koinly in order to calculate your taxes correctly. There are a few CSV files you may need in order to do this including:
- Withdrawals CSV file
- Deposit CSV file
- Spot orders trade history CSV file
- Futures PNL history file
- Borrowing CSV file
- Repayments CSV file
Please note for the futures PNL history CSV file, borrowing CSV file, and repayments CSV file - you only need to export and upload these if you've used these products on Poloniex, otherwise, you can ignore these files.
How to download and export your transaction history CSV file from Poloniex
Withdrawals CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Under the wallet tab, select withdrawals
- Select export
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select download
Deposits CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Under the wallet tab, select deposit
- Select export
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select download
Spot Orders Trade History CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Select spot orders in the left corner
- Select trade history
- Select export
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select export
Futures PNL History CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Select futures in the left corner
- Select PNL history
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select export CSV
Borrowing CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Select spot orders in the left corner
- Select borrowing
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select export
Repayments CSV file
- Log in to Poloniex
- Select activity from the top right corner
- Select spot orders in the left corner
- Select repayment
- Pick a date range (maximum 1 year) - this should cover your entire trading history on Poloniex, so you may need to export multiple CSVs
- Select export
How to upload your Poloniex CSV to Koinly
Now you've got your CSV files, here's how to upload them to Koinly.
- Sign up or log in to Koinly and go to wallets
- Select add new wallet: Poloniex.
- Select import from file
- Upload your CSV files
Important
Remember, you need your entire Poloniex transaction history, for however long you've had your account. In most instances, Poloniex only lets you export transaction data for one year. This means you may need to export multiple files of the same type in order to get your complete transaction history to upload to Koinly.
How do I troubleshoot my Poloniex integration to Koinly?
Having problems connecting Poloniex and Koinly? Here's where you can find help:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
Calculate your Poloniex taxes
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Does Poloniex provide tax documents?
No, Poloniex does not issue tax documents to users. It would be very difficult for Poloniex to do this due to the varying crypto tax laws around the world. Instead, you'll need to calculate your Poloniex taxes yourself or use crypto tax software.
How do I get a Poloniex tax report?
The easiest way to get a Poloniex tax report is to connect automatically to crypto tax software using the Poloniex API. Your API will return your transaction data to your crypto tax calculator which can then calculate your Poloniex taxes for you and generate a tax report. If you prefer not to use the API, you can upload CSV files of your Poloniex transaction history to crypto tax software instead by following our instructions above.
Does Poloniex provide financial or end of year statements?
No. Poloniex does not provide financial or end of year statements, but you can export CSV files of your transaction history from Poloniex.
Do I have to pay taxes on Poloniex investments?
Yes. If you have capital gains or income from Poloniex, you'll need to report these to your tax office and pay any taxes due. Not sure how crypto is taxed where you live? Check out our crypto tax guides.
Can I use Poloniex in the US?
No. Poloniex withdrew services for US residents back in 2019. In October 2019, US residents could no longer create Poloniex accounts, and in November 2019 Poloniex halted deposits and trades for US residents with existing accounts. Poloniex emailed US users advising them to withdraw their funds from Poloniex before December 2019.
What countries can use Poloniex?
Poloniex serves crypto investors around the world - but has some notable exclusions including the US and Ontario, Canada. As well as this, some countries may not have access to futures products. See the full list of prohibited countries.
Did Poloniex shut down?
No. Poloniex did not shut down, but the exchange did withdraw services for US residents in 2019. Poloniex remains operational for other crypto investors around the world.
Is Poloniex safe?
Yes. Poloniex is considered a safe crypto exchange, but as with all large crypto exchanges, presents an appealing target for hackers and has previously been targeted. As such, you should always follow best security practices and store any crypto you're not actively trading in a secure hardware wallet.
Does Poloniex have proof of reserves?
Poloniex has not yet released a Merkle Tree Proof of Reserves. However, the exchange did release a statement following the FTX collapse stating that customer assets are always backed at a 1:1 ratio. Read the statement in full.
Does Poloniex have KYC?
Yes, Poloniex has KYC, but the exchange has different verification levels. For level 1, customers need to only verify their email and password, but there are limited daily withdrawals and some other features may be unavailable. See more on the Poloniex verification tiers.