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How to File Your Cardano (ADA) Taxes with Koinly

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How to do your Cardano (ADA) taxes with Koinly

Are you investing in ADA? Whether you're trading, staking or farming ADA, it's incredibly easy to do your Cardano crypto taxes with Koinly.

  1. Sign up to Koinly and choose your country and currency
  2. Safely connect Koinly to the Cardano blockchain via your public address or a CSV file
  3. Koinly categorizes ADA transactions into gains, losses and income
  4. Koinly calculates your ADA Capital Gains Tax and ADA Income Tax
  5. Download your Cardano tax report from Koinly
  6. File online or with your crypto tax accountant

Watch how to do your Cardano (ADA) taxes fast 

How to find your Cardano public address

It's easy to find your public address. Before you can connect Cardano to Koinly you'll need to find your Cardano public address from all the wallets you use for ADA. Koinly supports all the top Cardano wallets! Popular ADA wallets include:

Don't see your wallet? You'll find easy to follow steps on how to get your Cardano public address from hundreds of wallets here.

Don't forget, in order for Koinly to calculate your crypto taxes correctly you’ll need to add your public address from every wallet you use for Cardano.

How to connect Cardano to Koinly via API

On Koinly

  1. Sign up or login into Koinly and head to the wallets page
  2. Select add new wallet in the top right corner
  3. In the search bar, search for Cardano
  4. Select Cardano (ADA)
  5. Enter your Cardano public address
  6. Select import

Good to Know

1. The API import may take a few minutes which is normal.

2. Once Koinly and Cardano are connected you may notice a yellow circle next to the Cardano icon in your Koinly Wallet. Koinly has calculated your balances based on the imported transactions but the balances reported by the API aren't quite matching up. Don’t worry, this is easy to fix! See our support article here for quick troubleshooting steps.

How to integrate Cardano with Koinly using CSV

If you prefer to use CSV files to integrate your Cardano wallets with Koinly, you can. Here's how.

How to download and export a Cardano CSV file

Depending on the ADA wallet you’re using, you may or may not be able to export a CSV file of your ADA transaction history directly from your wallet. You'll find easy to follow steps on how to get a CSV file from a number of crypto wallets here.

Let's look at Yoroi wallet as an example

  1. Log in to your Yoroi account
  2. Go to transactions
  3. Select the export icon, then export

If your wallet does not provide downloadable CSV files, you may be able to use a blockchain explorer to generate a CSV file instead.

Let's look at Nami as an example

  1. Log into Nami and copy your public address
  2. Now go to a Cardano blockchain explorer and paste your public address
  3. Find the export CSV option and export your Nami transaction history

How to upload your CSV file to Koinly

  1. Sign in to Koinly and select wallets
  2. Select add new wallet: Cardano
  3. Select import from file
  4. Upload your CSV file(s)

Good to know

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

2. Remember to download and upload CSV files for all your ADA Wallets.

3. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your Cardano tax reports.

How do I troubleshoot my ADA integration to Koinly?

Problems connecting Cardano and Koinly? No worries - we're here to help:

Calculate your Cardano taxes

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How is staking Cardano taxed?

ADA staking rewards tax depends on where you live. However, generally speaking, you'll pay Income Tax upon receipt based on the fair market value of your ADA tokens in your fiat currency on the day you receive them.

How are Cardano airdrops taxed?

Airdrops are taxed differently depending on where you live. However, generally speaking if you receive an ADA airdrop as a reward, you'll pay Income Tax upon receipt and Capital Gains Tax on any gains if you later dispose of your ADA tokens by selling, swapping or spending them.

How are Cardano liquidity pool tokens taxed?

If you're using Cardano DeFi protocols, like SundaeSwap, you may receive LP tokens and additional rewards. DeFi taxes vary depending on where you live, however, generally speaking if you exchange capital for an LP token, this may be viewed as a crypto to crypto trade and any gains subject to Capital Gains Tax. Meanwhile, if you earn new tokens - like SUNDAE - you may be liable to pay Income Tax upon receipt of your tokens based on the fair market value in your country's fiat currency.

Do you pay taxes on staking Cardano?

Yes. Most tax offices around the world are clear that staking rewards - including Cardano staking rewards - are subject to Income Tax upon receipt and Capital Gains Tax upon disposal.

How do I report Cardano staking rewards?

The correct way to report your Cardano staking rewards depends on your tax office. In general, you'll report any income from Cardano staking rewards as part of your annual tax return. You'll need to identify the fair market value of any ADA tokens received as a reward for staking, on the day you received them, in your country's fiat currency.

Last updated: Monday, 6 February 2023

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