CoinJar Tax Statements & Reporting

CoinJar Tax Statements & Reporting With Koinly

CoinJar wallet lets users buy, sell and store a variety of crypto assets, while CoinJar exchange offers a variety of trading options for more advanced crypto investors. Its attracted more than 400,000 users worldwide, trading more than a billion dollars in crypto assets.

How to get a tax statement from CoinJar

You might be wondering, does CoinJar provide CSV tax and trade history reports? What about a CoinJar tax API? Is it even possible to get tax info and statements from CoinJar? The good news is, while CoinJar might not provide tax forms and documents, CoinJar does offer 2 easy ways to export transaction and trade history!

CoinJar pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate CoinJar tax tool. How? Koinly will calculate your CoinJar taxes based on your location AND generate your EOFY tax report, all within 20 minutes! All you’ll need to do at tax time is download your CoinJar tax statement from Koinly and file it with your local tax authority. Done!

Connect to Koinly with the CoinJar tax report API

You'll need to connect your CoinJar wallet and your CoinJar exchange separately. Follow the instructions below for both.

For CoinJar wallet

On Koinly

1. Sign up or log in to Koinly and head to the wallets page.
2. Select add new wallet: CoinJar.
3. Select set up auto-sync.
4. Select continue to CoinJar.

On CoinJar

1. Log in to your CoinJar wallet account. (If you're already logged in, this will take you to a page where you need to select authorize access.)
2. Select authorize.
3. This will take you back to Koinly where your wallet will sync.

For CoinJar Exchange

On Koinly

1. Sign up or log in to Koinly and head to the wallets page.
2. Select add new wallet: CoinJar Exchange.
3. Select set up auto-sync.
4. Head over to CoinJar Exchange.

On CoinJar Exchange

1. Log in to your CoinJar Exchange account.
2. Select settings.
3. Select API key.
4. Select read-only access.
5. Select generate new API key.
6. Copy the API key.

Back to Koinly

1. Paste the API key into the API key box.
2. Select secure import.

Connect to Koinly with the CoinJar tax report CSV file

Like above, you'll need to download your CSV files separately from CoinJar wallet and from CoinJar exchange.

For CoinJar Wallet

On Koinly

1. Sign up or log in to your Koinly account and head to the wallets page.
2. Select add new wallet: CoinJar.
3. Select import from file.
4. Head over to CoinJar.

On CoinJar

1. Log in to your CoinJar account.
2. Select settings.
3. Select reports & statements.
4. Select transaction history statements.
5. Select export purchase & sales CSV.
6. Select the date range - this should include all your trades.
7. Select export CSV report.
8. Repeat steps 1 to 4, then select export deposits & withdrawals CSV and repeat step 6 and 7.
9. Your CSV files will be sent to your email, so log in and download the attached CSV files.

Back to Koinly

1. Upload both CSV files.
2. Select import.

For CoinJar Exchange

On Koinly

1. Sign up or log in to your Koinly account and head to the wallets page.
2. Select add new wallet: CoinJar Exchange.
3. Select import from file.
4. Head over to CoinJar Exchange.

On CoinJar Exchange

1. Sign in to your CoinJar exchange account.
2. Select fills.
3. Select report.
4. Select the date range - this should include all your trades.
5. Select generate report.
6. Your CSV file will be sent to your email, so log in and download the attached CSV file.

Back to Koinly

1. Upload your CSV file.
2. Select import.

Why is Koinly the best CoinJar tax software?

If you’ve been wondering is Koinly a CoinJar tax calculator tool, the answer is, yes! As a CoinJar tax software, Koinly is able to a bunch of impressive tasks that save you time and can even save you from paying too much taxes. Not only can Koinly import CoinJar transaction history, but Koinly can also calculate your CoinJar taxes in a format that makes sense for your country’s tax office.

• Koinly will import all your CoinJar trades including purchases, sales, swaps, rewards and more!
• Koinly will then convert your CoinJar transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
• Finally, Koinly works out which of your CoinJar trades are taxable, and which are not. All of this is really important for being able to submit an accurate CoinJar tax return to your tax office.

How to track profit in CoinJar with Koinly

Koinly works as both a crypto tax calculator and a portfolio tracker. Once you've signed up and synced your wallets and exchanges, head to your Koinly dashboard. Here you can view every transaction you've made, across all wallets and exchanges, including your CoinJar trades, letting you track your crypto investments from one place.

How do I get my CoinJar tax report?

Tax deadline on the horizon? Koinly makes it easy to fetch your tax report. Once you've imported your CoinJar transaction history, Koinly works its magic in the background to generate your crypto tax report. First, Koinly calculates the fair market value of all your cryptocurrency transactions in the currency of your choice, for example, AUD or GBP. After this, Koinly calculates your taxable position including your income, short and long term gains, losses and expenses. All this information is compiled into one simple tax summary on your tax report page.

Further down the same page, you'll find the option to download a range of different tax reports including your CoinJar transaction history, a Complete Ta Report, Income Report and more. Koinly also generates specific tax reports based on your location. For example, the IRS Schedule D Form for US investors.

Got the CoinJar tax report - what do I do with it at tax time?

After you've downloaded the right tax report for your country, all you need to do is file your taxes with your relevant tax office.

This process is a bit different in every country, but most tax authorities have an online portal where you can file annual tax reports.

Alternatively, if you're using an accountant, invite them to view your CoinJar tax information from your account settings.

Does CoinJar report to ATO, IRS, HMRC and other tax authorities?

Tax authorities worldwide are cracking down on crypto tax evasion. Notably, the IRS, ATO and HMRC have all put pressure on crypto exchanges to share customer data to ensure tax compliance and improve security.

As a larger crypto exchange, it is likely CoinJar have felt the pressure from tax authorities to share customer data. CoinJar is particularly popular in Australia and ATO have confirmed they match data from cryptocurrency designated service providers to individual tax returns.

The best way to ensure tax compliance is to report your crypto taxes accurately with cryptocurrency tax software.

How do I check my CoinJar import is accurate?

Koinly is clever, but if there are issues with imported data, it won't be able to generate an accurate CoinJar tax report. This is why it's really important you check through your CoinJar transactions after you've imported them, to resolve any issues, so Koinly can generate an accurate tax report.

There are some simple steps you can follow to check your tax report.

All wallets, exchanges and blockchains

If you don't sync all your wallets and exchanges, Koinly can't identify when you're moving funds between them, which is tax free. Instead, it will think these transactions are deposits or withdrawals, which are taxable transactions. To avoid this, make sure all your exchanges and wallets are connected to Koinly.

Look out for big numbers

Once you're sure everything is connected, head into your transactions page. Filter by the type of transaction and check your withdrawals and deposits so you can spot any that you believe are actually transfers between wallets - learn how to fix this here.

Review the labels of your transactions

Take some time to review your transactions labels too. If you've used an API import, Koinly should be able to tag different types of transactions automatically. However, for CSV file imports, these tags aren't always included. Instead, you can do this manually in Koinly using labels.

Withdrawal Tags (sending funds):

Whenever you send funds, Koinly treats this as a disposal of asset by default. This makes withdrawal transactions subject to Capital Gains Tax. However, some withdrawals are tax free, depending on where you live. You can use withdrawal tags to label these.

• Tag as gift: Gifting crypto is tax free in lots of countries. Check your country's crypto tax rules and tag any gifted crypto if it's tax free in your country.
• Tag as lost: Tag any stolen crypto as lost and claim as a loss, depending on your country.
• Tag as cost: The cost label is used to tag transaction fees.
• Sent to Pool: If you're sending tokens or coins to a staking pool, mark as sent to pool. Koinly then knows you still hold the asset.

Deposit Tags (receiving funds):

Deposits refer to anytime you receive new coins or tokens from any source. By default, all deposits in Koinly are treated as purchases at market price or investments. However, there are instances where new coins received are considered income and would be subject to Income Tax instead. Use deposit labels to tag these.

• Tag as airdrop: Many countries see airdrops as a bonus and apply Income Tax instead of Capital Gains Tax.
• Tag as fork: Like airdrops, coins received due to a fork can be considered a bonus and subject to Income Tax.
• Tag as loan interest: If you're loaning crypto and receiving interest as a result, this may be subject to Income Tax.
• Tag as income: Getting paid in crypto is seen as income and is subject to Income Tax.
• Received from Pool: Use this label to mark the capital you originally sent to a given pool, not any rewards as a result.
• Tag as reward: Use this tag to label any rewards received from staking pools, as well as any other rewards like from referral schemes. Rewards are often seen as a bonus and subject to Income Tax.

Exchange (trading funds):

Exchange refers to trading crypto for crypto, as well as buying or selling crypto for fiat. Koinly identifies these trades based on imported data and calculates taxes accordingly, but there is one label you might need for exchange transactions.

• Tag as swap: The swap tag is used if a coin has changed symbol or names. This type of transaction is tax free.

Our Getting Started Guide is a great place to learn more about how to use Koinly and how to resolve common issues.

How do I troubleshoot my CoinJar integration to Koinly?

Koinly's help section is packed full of common queries from our users and solutions from our customer support team, so you'll find lots of helpful advice there. Some of our most common CoinJar queries include:

• I've got an error with my CSV file - how do I fix it?
• Does Koinly calculate my long-term capital gains?
• I've got missing transactions - how do I add them?

You can find more advice in our help section, as well as in our Koinly community. Don't worry if you still can't find the answer you're looking for, get in touch with our customer support team who will be happy to help resolve your query.