How to Integrate eToro with Koinly

eToro Tax Statements & Reporting with Koinly

eToro is a popular crypto exchange worldwide, offering investors low fees and an easy to use interface. For new crypto investors, eToro has a virtual dummy account to give you a trial run navigating the world of crypto before you dive in head-first. There's also excellent advice and strategies from more experienced crypto investors available within the platform.

How to get a tax statement from eToro

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

eToro pairs with Koinly through CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate eToro tax tool. How? Koinly will calculate your eToro 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 eToro tax statement from Koinly and file it with your local tax authority. Done!

How to import your eToro tax report CSV file to Koinly

On eToro

Log in to your eToro account.
Select portfolio from the left hand menu.
From the menu at the top, select history.
Select the settings icon in the top right corner.
Select account statement.
Select your time frame.
Select export.

On Koinly

Sign up or log in to your Koinly account and go to the Wallets page.
Select add new wallet: eToro.
Select import from file.
Upload your CSV file.

Good to know
Even though you're only reporting your current financial year to your tax authority - Koinly needs your complete transaction history from eToro to calculate your long and short-term gains accurately. You can set a custom date period when you select the date range to make sure this is included in your CSV file.

How do I check my eToro import is accurate?

Koinly crypto tax software is pretty clever, but incorrectly imported data can cause issues. Checking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports. There are some simple steps you can follow to do this.

Sync all wallets, exchanges and blockchains

Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals.

Look out for big numbers

On your transactions page, you can filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. For example, large withdrawals or deposits that are actually transfers between wallets is an easy fix.

Review the labels of your transactions

Review the labels on your transactions. Koinly usually does this automatically, but there are some instances when transactions like rewards or mining income aren't marked in the imported data. It's always good to double check your transactions and use any of the following labels.

Withdrawal Labels (sending funds):

Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.

Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.
Tag as cost: Tag any transaction fees.
Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets

Deposit Labels (receiving funds):

Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.

Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary.
Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
Tag as loan interest: If you're loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.
Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.

Exchange Labels (trading funds):

Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.

Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.

It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.

How do I troubleshoot my eToro integration to Koinly?

Koinly has a great help section here with lots of excellent advice form our awesome customer support team. You'll find answers to common queries about integrating eToro and Koinly there. Here's some of our most frequently asked questions about eToro integration:

You can find more eToro and Koinly help on our discussion forum too. If you need any further help, don't hesitate to contact our customer support team who will be happy to help resolve your query.