How to file your Shiba Inu (SHIB) taxes with Koinly

Otherwise known as the Dogecoin Killer, Shiba Inu is an ERC-20 token on the Ethereum blockchain. And although SHIB is very much a memecoin, the taxes you might pay on your Shiba Inu investments are no joke. Don't worry, Koinly can help you calculate taxes for thousands of ERC-20 tokens, including Shiba Inu. Here's how.

  1. Sign up to Koinly and choose your country and currency

  2. Connect Ethereum with Koinly to import all your Ethereum trades safely and securely - including ERC-20 tokens like Shiba Inu

  3. Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions

  4. Koinly calculates any capital gains, losses, and income from your taxable transactions

  5. Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.

How are Shiba Inu transactions taxed?

The taxes you pay on crypto - including SHIB tokens - depend on where you live, so make sure to read our crypto tax guides for more information. Broadly speaking, two taxes may apply to your crypto transactions:

  • Capital Gains Tax:  When you sell, swap, or spend SHIB, you’ll generally pay Capital Gains Tax on any gain you make as a result of the transaction.

  • Income Tax: When you earn SHIB tokens - like staking rewards - this could be seen as additional income and you may need to pay Income Tax based on the fair market value of your SHIB tokens at the time you received them.

Can the IRS track my Shiba Inu tokens?

The IRS has shown increasing interest in crypto investments - and SHIB is no exception. The tax office has many ways to track your crypto. For starters, many centralized crypto exchanges collect KYC data and issue 1099 forms - to both users and the IRS. So if you’re trading SHIB on centralized exchanges, there’s a chance the IRS is aware of your transactions.

As well as this, the Ethereum public ledger is just that - public. Anyone can search for a given address to look at the transactions made - including the IRS. If the IRS can link your identity to a given wallet or transaction - then they may know about your SHIB investments, even if you’ve used decentralized protocols.

As always, we recommend a conservative approach to crypto taxation to avoid provoking the ire of the IRS and potential audits or crypto tax penalties.

You can learn more about how the IRS tracks Shiba Inu and other crypto, here.

How to get Shiba Inu tax documents

How to prepare and file your Shiba Inu taxes depends on your tax office - but generally speaking, you’ll report any capital gains or income from SHIB investments as part of your annual tax return.

To do this, you’ll need to calculate any capital gain or loss from any time you sold, swapped, or spent SHIB, as well as identify the fair market value of any SHIB tokens on the day you received them for any income.

If you think that sounds time-consuming, you’re right - which is why most investors use a crypto tax calculator like Koinly. Koinly can calculate your gains, losses, and income for more than 450,000 ERC-20 tokens - including Shiba Inu!

All you need to do is connect your Ethereum wallet to Koinly and it’ll do the rest. Here’s how.

How to import Shiba Inu transactions to Koinly automatically

To import your Shiba Inu transactions into Koinly, you’ll need to connect each Ethereum wallet you use to Koinly.

This is really easy to do, you just need your public address - but remember, you’ll need to do this for each Ethereum wallet you use to interact with SHIB in order for Koinly to correctly identify your cost basis, transfers, sales, swaps, and more.

You can find steps on how to connect a variety of popular Ethereum wallets to Koinly on our integration pages, but here’s an example of how it generally works.

In your wallet

  1. Open or log in to your wallet

  2. Make sure you’re on the Ethereum section of your wallet

  3. Copy your public address

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page

  2. Search for and select Ethereum

  3. Give your wallet a name - for example - MetaMask

  4. Paste your public address


  1. Remember, you’ll need to do this for every Ethereum wallet you use to interact with Shiba Inu tokens (and any other tokens!) in order to calculate your crypto taxes correctly.

  2. It’s really helpful to name your wallets when you’re adding them to Koinly. This can help you find any transactions you believe have errors later on much more easily!

  3. You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your Ethereum wallet.

Your frequently asked questions

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