How to file your Radix taxes with Koinly
Radix is a layer-1 smart contract platform designed for users to confidently and securely use Web3 and DeFi for their daily needs, and for developers to have a programming experience that multiplies their productivity and reduces the chances for hacks and exploits. It offers human-readable transactions and faster dApp development using Scrypto. But if you're transacting with XRD, you may be in for a surprise tax bill. Whatever your transactions, Koinly can help.
Follow these steps to sync your Radix (XRD) data automatically to Koinly:
Note that you will need to sync your Radix address (Babylon) and then import a CSV file with any legacy transactions.
How to sync your address:
- Open your Radix wallet
- Locate your deposit address. This is a public address for your wallet and should start with "account_rdx"
- Copy the address and add it to your Koinly account
How to export a CSV file for legacy transactions:
- First, you will need to locate your legacy Olympia address. If you don't know your legacy address, then you can look it up in this document that has been created by the Radix team. Simply search for your new (Babylon) address and copy the corresponding Olympia address. Olympia addresses start with "rdx1qsp"
- Once you have your Olympia address, you can head to the Olympia explorer and search for your address
- Scroll down to the transaction list and click on the Export CSV button
- Set the date range for the CSV export. You need to make sure that you export all of your transactions, starting from the time that you first started using the wallet
- Download the exported CSV file and import it into your Radix wallet on Koinly. Make sure that you import this file into the same wallet that you connected to your Babylon address
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Radix (XRD) in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
The API will only sync transactions starting from September 28th, 2023 (Babylon upgrade). Any older transactions will need to be added manually or imported using CSV files
How do I file my Radix taxes?
You'll need to calculate and report any income or capital gains you made with your tax office. For most people, this happens as part of your annual tax return.
There are a couple of ways you can do this - do it yourself, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, use a crypto tax calculator like Koinly to easily calculate your taxable income for you, and generate your crypto tax report, ready to file with your tax office.
Koinly works by importing your crypto transaction data to analyze what's taxable, and what's not.
Koinly lets you manage all your crypto transactions - from all the blockchains, wallets, and exchanges you use - from one single platform, making crypto tax simple.
Your frequently asked questions...
Does Radix provide tax documents?
No, Radix doesn't provide tax documents for users, but you can use crypto tax software like Koinly to calculate your Radix taxes and crypto tax reports.
How do I get tax reports and forms from Radix?
The simplest way to do your Radix crypto taxes is with Koinly. Just connect via API using your public address. Koinly will automatically import your Radix transaction history, calculate your gains, losses, income, and more, and generate your crypto tax reports.
Does Radix provide financial or end of year statements?
No. Radix does not provide financial or end-of-year statements.