How to file your Stacks taxes with Koinly
Stacks is a leading Layer-2 solution for the Bitcoin blockchain, empowering smart contracts and decentralized applications to leverage Bitcoin as a secure foundation. But if you have STX transactions, you might have a tax bill. Fortunately, Koinly can help you calculate your STX taxes easily.
Follow these steps to sync your Stacks (STX) data automatically to Koinly:
- Open your Stacks (STX) wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Stacks (STX) 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!
This integration only imports the native STX coin. Support for tokens and NFTs will be added at a later time
- 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 and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is Stacks?
Stacks is a Bitcoin Layer-2 solution designed to enhance Bitcoin by adding smart contracts and decentralized applications while maintaining Bitcoin's original principles of decentralization, immutability, and security. It achieves this by creating a layered approach, with Bitcoin as the foundational layer and Stacks as an additional layer for programmability. Unlike traditional sidechains, Stacks has its own token (STX), which incentivizes miners and ensures the integrity of its blockchain. This design allows Stacks to leverage Bitcoin's security and decentralization while providing added functionality and scalability, making Bitcoin a productive asset without altering its core properties.
What are STX tokens?
STX is the native token for the Stacks network and is used to pay transaction fees. It can also be locked on the network to earn rewards, as well as bought, sold, and traded like any other cryptocurrency.
Do I have to pay tax on my Stacks transactions?
Yes. Your STX transactions are taxable. Tax varies depending on where you live, but you'll likely pay Capital Gains Tax or Income Tax on your STX transactions. Learn more in our crypto tax guides.
How do I calculate my Stacks taxes?
The easiest way to calculate your Stacks (STX) taxes is with a crypto tax calculator like Koinly. Just add your public address to Koinly, and it'll import your STX transaction history and calculate your gains, losses, income, and more.
