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How to File Your Bithumb Taxes with Koinly

Bithumb pairs perfectly with Koinly to make crypto tax easy! 🤝 Connect Bithumb with Koinly to quickly calculate your taxes. ⚡ Just follow a few simple steps! 🖱️

Last updated: Wednesday, 26 October 2022

How to do your Bithumb taxes with Koinly

Bithumb is a South Korean crypto exchange, founded in 2014 and a market leader when it comes to daily trading volume. Koinly can help you do your Bithumb taxes safely, quickly, and accurately.

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

How do I file my Bithumb taxes?

You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.

There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.

Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.

Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.

Koinly lets you manage all your crypto transactions - from all the blockchains, wallets and exchanges you use - from one single platform, making crypto tax simple.

How to connect Koinly and Bithumb via API

On Bithumb

  1. Log in to Bithumb
  2. Select the menu icon
  3. Select API management
  4. Create a new API key - you may need to complete two-factor verification to do this
  5. Copy your API key and API secret
  6. Make sure to activate your API keys by selecting activate on the API management page

On Koinly

  1. Sign up or log in to your Koinly account and go to wallets
  2. Select add new wallet: Bithumb
  3. Select set up auto-sync
  4. Paste the API key and API secret into Koinly
  5. Select secure import

Good to know

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

2. Spot a yellow circle 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 Bithumb with Koinly using CSV

If you prefer, you can integrate Koinly with Bithumb by uploading a CSV file of your transaction history instead. Here's how to get your BIthumb transaction history CSV file.

How to download and export transaction history CSV from Bithumb

  1. Log in to Bithumb
  2. Select wallet
  3. Select trade history
  4. Select the download icon
  5. Pick a time frame (maximum 6 months) - you'll need your complete Bithumb transaction history, so you may need to download multiple CSV files
  6. Select all
  7. Select download

How to upload your Bithumb CSV file to Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page
  2. Select add new wallet: Bithumb
  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. Don't forget to tag your airdrops and forks. This will ensure that they show up correctly as income on your Koinly tax reports.

How do I troubleshoot my Bithumb integration to Koinly?

If you need help connecting Bithumb and Koinly, check out these great resources:

Calculate your Bithumb taxes

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Does Bithumb provide tax documents?

No. Bithumb does not provide users with tax documents. Instead, Bithumb investors will need to get their Bithumb transaction history - either in a CSV file or via API using crypto tax software.

How do I get tax reports and forms from Bithumb?

The easiest way to get your Bithumb tax report is to connect to crypto tax software via API in minutes. Your cryptocurrency tax calculator will then identify your taxable Bithumb transactions, calculate your gains, losses and income, and generate your Bithumb tax report.

Does Bithumb provide financial or end of year statements?

No. BIthumb only provides users with a CSV file of their transaction history, which you can use for tax reporting purposes.