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.
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.
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.
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.
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.
If you need help connecting Bithumb and Koinly, check out these great resources:
Sign up free today and calculate your Bithumb taxes
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.
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.
No. BIthumb only provides users with a CSV file of their transaction history, which you can use for tax reporting purposes.