How to file your Graph (GRT) taxes with Koinly
The Graph is a decentralized indexing protocol for blockchain data, built on Ethereum, that lets dApps interact with external third-party data, while GRT is the native token for the protocol. To ensure the integrity and security of the network, delegators can provide services and earn GRT, as well as buy, sell, and trade GRT like you would any other token. Whatever your GRT transactions, Koinly can help you calculate your taxes for GRT and more than 100,000 other ERC-20 tokens.
Sign up to Koinly and choose your country and currency
Connect Ethereum with Koinly to import all your trades safely and securely - including ERC-20 tokens like GRT
Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions
Koinly calculates any capital gains, losses, and income from your taxable transactions
Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.
How are GRT tokens taxed?
How your crypto is taxed depends on where you live, so for specific information in your country, make sure to read our crypto tax guides. However, generally speaking, two taxes may apply to your GRT transactions:
Capital Gains Tax: If you've sold or swapped GRT tokens and made a gain, you'll usually pay Capital Gains Tax on that gain,
Income Tax: When you earn new GRT tokens, for example through GRT staking or third-party staking providers like Binance Earn, this may be viewed as additional income and subject to Income Tax based on the fair market value of your GRT tokens in your fiat currency at the time you received them.
Can the IRS track GRT?
An important question on everyone's mind... can the IRS track crypto? Let's break it down.
GRT is an ERC-20 token on the Ethereum blockchain. Ethereum, like most other blockchains, is a public ledger. That means anyone, including the IRS, can search for a given address to view the transactions made. So if the IRS can link your identity to a given wallet or transaction - then they may know about your investments.
As well as this, if you've traded or staked GRT using a centralized exchange, many of these exchanges issue 1099 forms to users with specific earnings, but whenever you receive a 1099 form, so does the IRS. In other words, you should report your gains and income from crypto investments - including GRT - accurately to avoid crypto tax penalties.
How to get The Graph (GRT) tax documents
In most countries, you report your gains, losses, and income from crypto investments, including GRT, in your annual tax return.
To do this, you need to calculate your gains, losses, and income from GRT. This means identifying each taxable transaction and the kind of tax that applies first, then calculating a capital gain or loss for each disposal of GRT or the fair market value in your fiat currency for any GRT tokens considered additional income.
Worse still, you need to do this for every crypto asset you've invested in - not just GRT. It's time-consuming, which is why most investors use a crypto tax calculator like Koinly to save themselves hours. Koinly can calculate your gains, losses, and income for more than 450,000 ERC-20 tokens - including GRT. You just need to connect Ethereum to Koinly, here's how.
How to import GRT transactions to Koinly automatically
To import your GRT transactions into Koinly, you’ll need to connect each Ethereum wallet you use to Koinly.
This is really easy to do, you just need your public address - but remember, you’ll need to do this for each Ethereum wallet you use to interact with GRT in order for Koinly to correctly identify your cost basis, transfers, sales, swaps, and more.
You can find steps on how to connect a variety of popular wallets to Koinly on our integration pages, but here’s an example of how it generally works.
In your wallet
Open or log in to your wallet
Copy your public address
Sign up or log in to your Koinly account and go to the wallets page
Search for and select Ethereum
Give your wallet a name
Paste your public address
Remember, you’ll need to do this for every wallet you use to interact with GRT tokens in order to calculate your crypto taxes correctly.
It’s really helpful to name your wallets when you’re adding them to Koinly - you'll be able to find transactions more easily later on!
You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your wallet.
Your frequently asked questions
What is The Graph?
The Graph is an open-sourced, decentralized indexing protocol for blockchain data, built on Ethereum. The protocol lets dApps interact with external data using subgraphs.
What are GRT tokens?
GRT is an ERC-20 token and the native token of The Graph Network. You can buy, sell and swap GRT like you would any other token, as well as earn GRT as a delegator for helping ensure the validity and security of the protocol.
How can I get GRT tokens?
What is the current price of GRT?
Like all cryptocurrencies, GRT price varies depending on market conditions. GRT had a previous all-time high of $2.88.
How many GRT tokens are there?
GRT has a circulating supply of 8.8 billion and a total supply of 10.6 billion.
What is the purpose of GRT tokens?
GRT tokens have both technical and market value. So not only can you trade them as you would any other token or cryptocurrency, but GRT powers The Graph Network, and all network participants may use the token for a variety of functions.
Is GRT a good investment?
The Graph was one of the first projects of its kind and solved a difficult problem for future dApp development. As such GRT has a fairly unique utility which makes it a popular choice for many investors. However, as with all cryptocurrencies, you should DYOR to understand the risks involved before investing.
How can I store my GRT tokens?
GRT tokens can be stored in any hot or cold wallet that supports ERC-20 tokens. But it's important to store your tokens securely.
What blockchain are GRT tokens on?
GRT is an ERC-20 token on the Ethereum blockchain.
Do I have to report my GRT tokens to the IRS?
Yes, if you live in the US, you need to report any gains, losses, or income from crypto including GRT to the IRS as part of your annual tax return. If you don't, you'll face penalties and fines.