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How to file your SafePal Wallet taxes with Koinly

SafePal Wallet pairs perfectly with Koinly to make crypto tax easy! 🤝Sync SafePal Wallet with Koinly to calculate your crypto taxes fast. ⚡ Connect in minutes! 🖱️

Last updated: Tuesday, 31 January 2023

How to do your SafePal Wallet taxes with Koinly 

SafePal Wallet is a popular software wallet that also offers hardware wallets with extremely high levels of security for long-term hodlers. SafePal supports a wide range of popular cryptocurrencies and NFTs. Whatever your investments, Koinly can help with your SafePal crypto taxes - just connect via your public address using API or upload a CSV file. Here's how.

  1. Sign up to Koinly and choose your country and currency
  2. Connect SafePal Wallet with Koinly to import all your SafePal Wallet trades safely and securely
  3. Koinly categorizes SafePal Wallet transactions into gains, losses and income
  4. Koinly calculates your SafePal Wallet Capital Gains Tax and SafePal Wallet Income Tax
  5. Download your SafePal Wallet tax report from Koinly
  6. File your SafePal Wallet taxes online or with your crypto tax accountant

How are SafePal Wallet transactions taxed?

Your SafePal Wallet taxes depend on your transactions and your tax office. You can learn more in our crypto tax guides about how it works where you live, but in brief:

  • Capital Gains Tax: Sold, swapped, spent or (sometimes) even gifted crypto using SafePal Wallet? You’ll generally pay Capital Gains Tax on any gain made as a result. 
  • Income Tax: Earned new tokens like SafePal Earn rewards? This is generally viewed as additional income and subject to Income Tax upon receipt.

Does SafePal Wallet report to the IRS?

According to SafePal's privacy policy, they may share or transfer your information to abide by applicable laws, regulations, legal procedures, and administrative or judicial authorities. So, they might report to the IRS if the need arises. However, as SafePal collects minimal KYC data (unless using the Binance Dapp), the information they may potentially share is often limited.

How do I file my SafePal Wallet taxes?

How to report your crypto taxes varies depending on where you live, but generally speaking, you’ll report any capital gains, losses or income from crypto - including your SafePal Wallet investments - as part of your annual tax return. 

You can do this yourself, but it’s a lot of work if you’re a busy investor! You need to identify each taxable transaction you made using SafePal Wallet, the kind of tax applied, calculate your gains, losses and any income - then report all this to your tax office.

But, Koinly makes this simple. With Koinly, all you need to do is connect SafePal Wallet automatically. Koinly then calculates your tax liability for you and generates a variety of tax reports, ready to help you file with your tax office come your tax deadline. Here’s how to connect.

How to connect Koinly and SafePal Wallet automatically

You'll need to get your wallet address for each blockchain you interact with using SafePal Wallet - for example, ETH, BNB and ADA. The instructions vary a little depending on the blockchain you're connecting and whether you need to add your public address or your xpub key (see more on exporting xpub keys).

On SafePal Wallet

  1. Log in to the SafePal wallet app
  2. On the dashboard, select the blockchain you'd like to connect, for example ETH
  3. At the top of the screen, under the crypto name, select the copy icon next to your public address

On Koinly

  1. Log in to Koinly and go to wallets
  2. Select add new wallet
  3. Search for SafePal Wallet
  4. Select set up auto sync
  5. Search for the blockchain you'd like to connect, for example Ethereum
  6. Select the blockchain you want to connect
  7. Paste your public address or xpub key
  8. Select import

Important

If you use SafePal Wallet to interact with multiple blockchains, you'll need to get your public address or xpub key for each blockchain you interact with using SafePal Wallet and add them to Koinly by repeating the steps above for each blockchain.

How to integrate SafePal Wallet with Koinly using CSV

You'll need to start by downloading a CSV file with your full trading history from SafePal Wallet before you can upload it to Koinly - here's how.

How to download and export your transaction history CSV file from SafePal Wallet 

SafePal Wallet doesn't yet offer a CSV export option within their app - which is why we recommend using the API method to connect to Koinly. However, you can use a blockchain explorer to export a CSV file in many instances or create your own custom CSV file instead. Once you have your CSV file, here's how to upload it to Koinly.

How to upload your SafePal Wallet CSV to Koinly

Once you've got your CSV file, here's how to upload it to Koinly.

  1. Sign up or log in to Koinly and go to wallets
  2. Select add new wallet: SafePal Wallet
  3. Select import from file
  4. Upload your CSV file

Important

Double check your transactions are tagged correctly in Koinly for your country’s tax rules!

How do I troubleshoot my SafePal Wallet integration to Koinly?

Problems connecting SafePal Wallet and Koinly? No worries - there's help at hand:

Calculate your SafePal Wallet taxes

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Does SafePal Wallet have tax documents?

No, SafePal Wallet does not provide tax reports. It's incredibly difficult for any crypto wallet to provide an accurate tax report due to the multiple wallets investors are normally using - so tracking cost basis and identifying transfers from disposals is almost impossible for any one wallet or exchange. This is why most investors opt to use a crypto tax tool to track their entire crypto portfolio and tax liability from one spot.

How do I get SafePal Wallet tax documents?

The easiest way to get your SafePal Wallet tax documents is to connect to Koinly automatically using your public address. Once connected, Koinly calculates your tax liability and generates your SafePal Wallet tax documents.

Does SafePal Wallet provide financial or end of year statements?

No, SafePal doesn't issue users a financial statement or EOFY statement, nor can you export your transaction history as a CSV directly from the app.

Do I have to pay taxes on SafePal Wallet?

Yes. You need to pay taxes on your SafePal Wallet transactions. If you have capital gains or income, you’ll need to report these figures to your tax office - usually as part of your annual tax return.

Is SafePal Wallet safe?

Yes. SafePal Wallet is regarded as a secure, non-custodial, offline wallet. Cold wallets like SafePal Wallet are generally regarded as the best way to store your crypto in terms of security.