Want to do your crypto taxes, but don't know where to start? Koinly integrates perfectly with FTX crypto exchange. Once paired, Koinly calculates all your taxes and generates your tax report, ready to hand over to your tax authority.
To get started with your crypto taxes, integrate FTX with Koinly through API or CSV file import. Once your FTX data is imported, Koinly will calculate your gains, losses, expenses and income to generate your tax report. All you need to do is press download.
Good to know
It takes a minute for Koinly to import your data via API, so don't worry if you don't see your transactions straight away - this is normal!
If you've done margin trades in FTX, these will be imported as PnL. So you won't see any actual trades, just the profit or loss as a result of the trades.
Good to know
Investors using the FTX.US site should use the CSV file import method as FTX.US API integration often has issues for our users.
You can use your Koinly dashboard as a portfolio tracker. Once you've synced all your wallets and exchanges, head to your dashboard and you'll be able to view your overall balance, assets and transactions. If you'd like to just look at your FTX transactions, go to wallets and select your FTX wallet.
Our crypto tax software is pretty smart, but if there are issues with the imported data, Koinly can't generate an accurate tax report. You should check through your FTX transactions once you've imported your data, whether that was through CSV or API integration. This will help you identify any potential miscalculations and resolve them, so you get an accurate tax report. Follow these simple steps to check your tax report.
All wallets, exchanges and blockchains
The most common issue our users face is transfers between wallets incorrectly appearing as withdrawals or deposits. This is usually because they haven't synced all the crypto exchanges and wallets they use with Koinly. Doing this lets Koinly know when digital assets are moving between wallets, which is tax free, as opposed to withdrawals or deposits, which are subject to tax.
Look out for big numbers
Once you've got all your wallets added, head over to Koinly's transactions page and filter by type. Look at both your deposits and withdrawals and check there aren't any that you believe are transfers between your own wallets. If there are, you can fix this manually.
Review the labels of your transactions
Now use the wallet filter and select your FTX wallet. This lets you check through all your FTX transactions, so you can ensure they're tagged correctly. At times, API integration is limited, while CSV data may be missing tags altogether. These tags are really important as they help Koinly understand the type of transaction and apply the right tax - either Capital Gains Tax or Income Tax. You can add tags manually in the Koinly platform if they're missing.
Withdrawal Tags (sending funds):
Withdrawals refer to sending funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. Some withdrawals are tax free and you should label these using withdrawal tags.
Deposit Tags (receiving funds):
Deposits refer to receiving digital assets. Koinly sees these as a purchase at market price or an investment. Deposits may be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. You can label these with deposit tags.
Exchange Tags (trading funds):
When you trade crypto for crypto, buy crypto with fiat or sell crypto for fiat, this is an exchange. Selling crypto is always taxed, buying crypto is never taxed and trading crypto is sometimes taxed depending on where you live. Koinly calculates all of this for you, so there's only one label you may need to tag an exchange.
There are lots more helpful hints on how to use Koinly and troubleshoot common issues in our Getting Started Guide.
Tax deadline on the horizon? Koinly makes getting your crypto tax reports easy. Once you've imported your FTX transactions, Koinly does some clever calculations behind the scenes to calculate your taxes.
Koinly starts by identifying the market rates for all your transactions:
Next, Koinly calculates your taxable position, including:
Koinly compiles all the information above in one simple tax summary, available on your tax report page. If you scroll down the page, you'll find the option to download a variety of tax reports, including:
As well as the reports above, Koinly also generates specific tax reports, based on where you live. For example, the IRS Schedule D Form for US investors or the HMRC Capital Gains Summary for UK investors.
Once you've downloaded the tax report you need, all you have to do is file your taxes with your tax authority.
Every country has a slightly different process for this and a different tax deadline. However, most tax offices have an online portal where you can submit your annual tax returns.
If you're using an accountant, you can invite them to view your crypto tax report from your account settings.
Tax authorities around the world are putting the pressure on crypto exchanges to share customer data to improve security and ensure tax compliance from investors.
FTX haven't outright stated that they share customer data with any specific tax authorities. However, as one of the most popular crypto exchanges with a huge daily trading volume, it is very likely that tax authorities are pressuring them to do so. The best thing crypto investors can do to ensure tax compliance is ensure they report their investments accurately to their relevant tax office.
Koinly's help section is full of helpful articles about common queries from our users, so this is a great place to learn about everything Koinly. Some of our most frequent FTX questions include: