How To Do Your XT.com Taxes With Koinly
XT.com was established in 2018 as the world's first social-infused exchange, with more than 3 million registered users worldwide. The platform offers investors more than 500 cryptocurrencies and 800 trading pairs, alongside a variety of transactions like leveraged transactions, OTC transactions and instant buys. Whatever your XT.com investments, Koinly can help with your XT.com taxes.
Follow these steps to sync your XT.com data automatically to Koinly:
- Log in to your XT.com account
- Go to the API settings page
- Create a new api key for Koinly
- Make sure to give it permission to read your deposits/withdrawals/trades. Koinly does NOT need access to your funds so you should disable any fund management permissions.
- Copy your API key and API secret
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find XT.com in the list
- Select API > Paste the API keys 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!
- 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 are XT.com transactions taxed?
Crypto tax varies depending on where you live (so check out our country tax guides). However, generally speaking, you'll pay two kinds of tax on crypto - Capital Gains Tax and Income Tax.
Capital Gains Tax:Â If you've sold or traded crypto on XT.com, you'll likely pay Capital Gains Tax on any gain as a result.
Income Tax:Â If you're earning crypto on XT.com - for example, through staking or hashrate mining - you'll likely need to pay Income Tax on any new coins or tokens upon receipt.
Does XT.com provide tax documents?
No, XT.com does not issue users with tax documents. Instead, you'll need to get your complete transaction history from XT.com and either calculate your XT.com taxes yourself, or save hours and use a crypto tax calculator like Koinly to do it for you.
How to get your XT.com tax documents with Koinly
It's easy to get your XT.com tax documents with Koinly - all you need is a CSV file of your XT.com transaction history. Once you have your CSV files, upload them to Koinly and Koinly will calculate your XT.com taxes based on your location and generate your crypto tax report in no time at all. All you need to do is download your tax report ahead of your tax deadline and file it with your tax office.
Does XT.com report to the IRS?
It's unclear if XT.com report to the IRS or other tax offices currently. However, to access many of the products XT.com offer, you'll need to complete KYC. Many large crypto exchanges, like XT.com, have faced pressure from the IRS and tax offices around the world to share KYC data to ensure tax compliance. So even if XT.com hasn't yet been pressured by the IRS to share customer data, they may well soon.
