How to file your THORChain taxes with Koinly
THORChain, secured by its native token RUNE, enables seamless settlement of native assets across various chains including Bitcoin, Ethereum, BNB Chain, Avalanche, Cosmos Hub, Dogecoin, Bitcoin Cash, and Litecoin. Users can easily swap assets across supported chains or deposit assets to earn yields from swaps. Whatever your RUNE transactions, Koinly can help.
Follow these steps to sync your THORChain (RUNE) data automatically to Koinly:
- Open your THORChain (RUNE) 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 THORChain (RUNE) 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!
- LP tokens are missing and need to be added manually. The amount of LP tokens received is visible on the explorer (called "Liquidity Units")
- 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
How do I file my THORChain 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 THORChain provide tax documents?
No, THORChain doesn't provide tax documents, but you can use Koinly to calculate your RUNE taxes and generate your crypto tax reports.
How do I get tax reports and forms from THORChain?
The simplest way to do your THORChain crypto taxes is with Koinly. Just connect via API using your THORChain address. Koinly can then import your RUNE transaction history and calculate your gains, losses, income, and more.
Does THORChain provide financial or end of year statements?
No. THORChain does not provide financial or end-of-year statements.
