How to do your Filecoin taxes with Koinly
Filecoin is a decentralized storage network that allows users to store, retrieve, and manage data across a distributed system using blockchain and cryptographic proofs, powered by its native token FIL. But your FIL transactions may be taxable. Koinly can help; you just need to import your Filecoin transaction history. Here's how.
Follow these steps to sync your Filecoin (FIL) data automatically to Koinly:
- Open your Filecoin (FIL) wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Filecoin (FIL) in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is Filecoin?
Filecoin is a decentralized storage network built on IPFS that enables users to store, retrieve, and manage data through a blockchain-based marketplace. It uses cryptographic proofs like Proof-of-Replication and Proof-of-Spacetime to verify storage integrity, and rewards providers with FIL tokens. By distributing data across a global network instead of centralized servers, Filecoin offers a censorship-resistant, cost-efficient alternative for storing digital content. The network supports various use cases, including decentralized backups, NFT storage, and Web3 infrastructure, making it a foundational layer for the decentralized internet.
Is Filecoin safe?
Filecoin is generally considered a secure decentralized storage network due to its use of cryptographic proofs, blockchain transparency, and distributed infrastructure, which together ensure that data is stored reliably without centralized control. It leverages Proof-of-Replication and Proof-of-Spacetime to verify that storage providers hold users' data as agreed. However, users must encrypt their data before uploading, as Filecoin does not provide built-in encryption, and the reliability of storage depends on the chosen providers. Overall, while the protocol itself is secure, practical safety relies on user practices and provider trustworthiness.
Does Filecoin provide tax documents?
Filecoin doesn’t issue tax documents directly to users. Instead, you can use a crypto tax platform like Koinly to handle your Filecoin transactions. Simply connect your Filecoin wallet by entering your public address, and Koinly will automatically track your transaction history, calculate profits, losses, and income, and generate the necessary tax reports. When you're ready to file, you can upgrade to a paid plan to download your tax documents.
