Kraken Tax Statements & Reporting

Kraken Tax Statements & Reporting With Koinly

One of the largest crypto exchanges worldwide, Kraken lets crypto investors of all experience levels buy, sell, trade and stake their crypto assets. Whatever your investments, Koinly can help you do your Kraken taxes.

How to get a tax statement from Kraken

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!

Connect to Koinly with the Kraken tax report API

On Koinly

1. Sign up or log in to your Koinly account and go to the Wallets page.
2. Select add new wallet: Kraken.
3. Select set up auto-sync.
4. Head over to Kraken.

On Kraken

1. Log in to your Kraken account.
2. Go to your profile in the top right corner and select security.
3. Select API from the drop down menu.
4. On the API key management page, select add key.
5. On the add API key page, enter name into the key description box, like "Koinly".
6. On the same page, under funds, check the following boxes: query funds, query ledger entries and export data.
7. Select generate key in the bottom right corner

Back to Koinly

1. Copy the API key from Kraken and paste it into the API key box Koinly requested after you chose auto-sync.
2. Copy the private key from Kraken and paste it into the API secret box in Koinly.
3. Select secure import on Koinly.

Connect to Koinly with the Kraken tax report CSV file

On Kraken

1. Sign in to your Kraken account and select history from the top navigation bar.
2. Select export.
3. From the first drop down tab, select ledgers.
4. Select your date range.
5. Select submit.
6. Download the generated CSV file.

On Koinly

1. Sign in to Koinly and select Wallets.
2. Select add new wallet: Kraken.
3. Select import from file.
4. Upload your CSV file.

Why is Koinly the best Kraken tax software?

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.

• First, Koinly will import all your Kraken trades including purchases, sales, swaps, rewards and more!
• Then, Koinly will then convert your Kraken transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
• Finally, Koinly works out which of your Kraken trades are taxable, and which are not. All of this is really important for being able to submit an accurate Kraken tax return to your tax office.

How to track profit in Kraken with Koinly?

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.

How do I get my Kraken tax report?

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.

Got the Kraken report - what do I do with it at tax time?

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.

Does Kraken report to the IRS, HMRC, ATO and other tax authorities?

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.

How do I check my Kraken import is accurate?

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.

• Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
• 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.
• Sent to Pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.

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.

• Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
• Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
• Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
• Tag as loan interest: If you're loaning crypto and receiving interest, use the this tag. Many countries apply Income Tax to interest.
• Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax - just like any other salary
• Received from Pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
• 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 (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 Kraken integration to Koinly?

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:

• How do I import staking and mining income?
• I use Kraken for futures trades - how do I add these transactions?
• My dashboard graph looks wrong - how do I fix it?
• I need help customising my CSV file.

You can find more Kraken and Koinly help on our discussion forum too, but if you need any further advice, please don't hesitate to contact our customer support team who will be happy to help.