How to do your Sorare taxes with Koinly
Blockchain technology meets fantasy sports in the form of Sorare. Sorare lets you buy, sell, trade, collect, and win official MLB NFTs, which you can use to play and compete with in their fantasy tournaments, with some big prizes up for grabs - but your Sorare trades might just come with a surprise tax bill. Don't worry, you can connect to Koinly to calculate any tax liability. Here's how.
- Sign up or log in to Koinly and set up your account
- Connect to Sorare automatically using API
- Koinly fetches your transaction data and identifies any taxable transactions
- Koinly calculates your gains, losses, and income
- Download your crypto tax report and file it your preferred way
Watch how to do your Sorare taxes fast
How to connect Sorare to Koinly automatically using API
On Sorare
- Log in to Sorare
- Select the settings icon in the bottom right corner
- Under API keys, select generate an API key
- Copy your API key
On Koinly
- Sign up or log in to your Koinly account and go to the wallets page
- Select add new wallet:Â Sorare (SorareTools)
- Select set up auto-sync
- Paste the API key into Koinly
- Select secure import
Important
Please note API keys are only available to paid Sorare users.
How do I troubleshoot my Sorare integration to Koinly?
Having trouble with your Sorare import? No worries - here's where you can find help:
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter or Reddit
- Contact us by email or live chat
- Got a feature request? Give us feedback on Canny
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What is Sorare?
Sorare is a fantasy sports game where players use digital player cards (NFTs) to buy, sell, trade, and manage a virtual team. Players can pick between football, basketball, and baseball and participate in tournaments and win rewards like player cards, merch, match tickets, ETH, and more.
Is Sorare legit?
Yes. Sorare is a popular crypto game played by users across the world and has a good reputation for paying out rewards. Of course, as with all crypto assets, you should make sure your assets are secure by following best security practices.
Can you make money with Sorare?
Yes. You can win cards in Sorare and sell them on the secondhand market, as well as win rewards for participating in tournaments.
Do I have to pay taxes on Sorare?
Yes, in most countries in the world crypto - and NFTs - are taxable. You can check out the rules for your country in our crypto tax guides, but generally speaking, you'll pay Capital Gains Tax on any gain when you sell or trade and NFT and you may need to pay Income Tax on rewards.
Does Sorare provide tax reports?
No, Sorare does not provide users with tax reports - but you can connect to crypto tax software like Koinly to help you calculate your Sorare taxes and generate a tax report.
What is the most expensive Sorare card sold?
The most expensive Sorare card sold was Erling Haaland. It sold for 265.10 ETH, worth $678,680 at the time of the sale!