Simplify Kraken tax reporting with Koinly. Integrate via API or CSV to easily calculate the tax liability of your Kraken transactions, trading and history. Get started for FREE!
You might be wondering, does Kraken provide CSV tax and trade history reports? What about a Kraken tax API? Is it even possible to get tax info and statements from Kraken? The good news is, while Kraken might not provide tax forms and documents, Kraken does offer 2 easy ways to export transaction and trade history!
Kraken pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Kraken tax tool. How? Koinly will calculate your Kraken 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 Kraken tax statement from Koinly and file it with your local tax authority. Done!
Good to know
An auto-sync import takes a couple of minutes on Koinly. This is normal. It's just Koinly working through your transactions to identify which are taxable events. You may notice a small yellow warning box that comes up when you choose the set up auto-sync option for your Kraken wallet. This is because Kraken is a little limited in its API import capabilities for some transactions. Kraken users with older accounts, with multiple margin trades, should disable the historical-data option on API and instead import a ledgers.csv file. Purchases made on Kraken's own buy/sell page aren't imported via API. Don't worry, there's an easy way to get around this by using a CSV import instead, which we'll cover below.
Good to know
If you're using the CSV file method to connect your Kraken account, don't forget to tag your airdrops and forks. This makes sure they show up correctly as income on your Koinly tax reports. When you're selecting the date range, even if you're only looking for a tax report on the last year, you should create a custom date range that generates data for the entire time you've been trading on Kraken. This allows Koinly to generate the most accurate tax reports. For example, if you've made a loss in a previous year, you may be able to offset this against your gains this tax year. To calculate this, Koinly needs your full trading history.
If you’ve been wondering is Koinly a Kraken tax calculator tool, the answer is, yes! Not only can Koinly import Kraken transaction history, but Koinly can also calculate your Kraken taxes in a format that makes sense for your country’s tax office. As a Kraken 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.
Koinly is a cryptocurrency tax calculator, but it also works great as a portfolio tracker. Once you've imported your Kraken transaction history, head to your dashboard on Koinly. Here you can see your Kraken balance, profits and transactions and assess your portfolio with ease.
Don't worry if your tax deadline is looming, Koinly makes it easy to fetch your Kraken tax report. Once you've synced your wallets and checked your transactions, to generate your tax report, Koinly will identify the market rates for all your transactions and convert this into the currency of your choice, for example, AUS or AUD. Then Koinly calculates your taxable position, including short and long term gains, losses, income and expenses. All this information is collated into one easy-to-read summary with a variety of available tax reports to download, including your Kraken Transaction History, Capital Gains Report, Income Report and more. Koinly also generates specific tax reports, based on where you live. For example, the HMRC Capital Gains Summary for UK investors or the IRS Schedule D Form for US investors.
Head into the tax reports page and download the correct tax report for your country. Once you've done this, just file your taxes with your relevant tax authority. Every country does this a little differently, so make sure you check your tax deadline. In most countries, you can submit your annual tax return online.
You could even invite your accountant to view your Koinly portfolio, transaction history and tax report! Do this from your account settings.
Yes. Practically all cryptocurrency exchanges share customer data with the relevant tax authorities around the world, particularly huge exchanges like Kraken. This is why it's so important to report your taxable transactions accurately.
Regarding the IRS in particular, Kraken sends data to the IRS on users trading more than $20,000 in volume. They've also confirmed they'll be sending out Form 1099-MISC to the IRS in the future.
We recommend checking through your Kraken transactions to ensure accuracy regularly. Our crypto tax software is smart, 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 make sure your Kraken tax report is accurate.
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. Then you can check through your imported data from Kraken and compare your Kraken balance on Koinly with your balance on Kraken. These should be the same (although a couple of small differences may occur due to conflicting market prices - this is easy to amend).
Look out for big numbers
From here, head to your transactions page in Koinly and take a little time to ensure they're all correct. 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 another easy fix.
Review the labels of your transactions
Finally, review the labels on your transactions. Koinly will normally do 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 as appropriate:
Withdrawal Tags (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.
Deposit Tags (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.
Exchange (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.
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.
Koinly has a great help section here, full of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Kraken and Koinly here, as well as answers to some more unusual problems. Here's some of our most frequently asked questions about Kraken integration: