Effortlessly calculate your NiceHash taxes and generate the right tax reports to send to your tax authority. Koinly fully integrates with NiceHash and makes your tax reporting a breeze.
Nicehash is a crypto service with a difference. This unique wallet lets anyone connect to mine and lets investors buy computing power from others. Nicehash also offers an exchange to buy, sell and trade cryptocurrencies on.
You might be wondering, does Nicehash provide CSV tax and trade history reports? What about a Nicehash tax API? Is it even possible to get tax info and statements from Nicehash? The good news is, while Nicehash might not provide tax forms and documents, Nicehash does offer 2 easy ways to export transaction and trade history!
Nicehash pairs with Koinly through API or CSV file import to make reporting your crypto taxes easy. Once connected, Koinly becomes the ultimate Nicehash tax tool. How? Koinly will calculate your Nicehash 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 Nicehash tax statement from Koinly and file it with your local tax authority. Done!
Good to know
Mining fees prior to 1st March 2021 are not imported by the Nicehash API. If you have mining fees from before this date, use the CSV file method.
Good to know
It may take Nicehash a few minutes to generate your CSV file. You'll get an email when your CSV file is ready to download.
We recommend checking through your Nicehash transactions to ensure accuracy regularly. Koinly 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 Nicehash tax report is accurate.
Sync 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.
Look out for big numbers
Now, 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 an 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.
Withdrawal Labels (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 Labels (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 Labels (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 with heaps of excellent advice form our amazing customer support team. You'll find answers to common queries about integrating Nicehash and Koinly there. Here's some of our most frequently asked questions about Nicehash integration: