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How To File Your Yoroi Taxes With Koinly

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

Last updated: Monday, 30 January 2023

How to do 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.

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

Watch how to do your Yoroi taxes fast

How to connect Yoroi to Koinly via API

On Yoroi

1. Log in to your Yoroi account.

2. Select the settings icon in the menu on the left.

Yoroi Settings

3. Select wallet from the top menu and scroll down to export wallet.

Yoroi Export Wallet

4. Select export.

5. Copy your public key.

Yoroi Copy Public Address

6. Head over to Koinly.

On Koinly

  1. Log in to Koinly and go to the wallets page.
  2. Select add new wallet: Yoroi.
  3. Select setup auto-sync.
  4. Paste your public key.
  5. Select secure import.

Important

Koinly now supports all Cardano tokens and staking rewards.

How to connect Yoroi to Koinly via CSV

On Yoroi

1. Log in to your Yoroi wallet.

2. From your dashboard, select transactions from the top menu.

3. Select the export icon in the top right corner.

Yoroi Export to CSV Icon

4. Select export.

Yoroi Export CSV File

5. Head over to Koinly.

On Koinly

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

Important

1. When downloading your CSV files, check that the file covers your full trading history.

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

3. CSV files from Yoroi are usually exported in your local timezone. This isn’t an issue, just make sure you select the file’s timezone when you’re importing it into Koinly - find out more in our guide.

How do I troubleshoot my Yoroi integration to Koinly?

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

Calculate your Yoroi taxes

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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.