How to file your Floki taxes with Koinly
Floki (FLOKI) is a meme-themed cryptocurrency inspired by the Shiba Inu coin and Elon Musk's decision to name his dog Floki. Created by an anonymous team of developers from the Shiba Inu community, Floki has quickly become one of the leading dog-themed coins, operating on both the Ethereum blockchain and the Binance Smart Chain (BSC) network. But despite light-hearted beginnings, if you have gains or income from Floki investments, you'll have a tax bill. Don't worry, Koinly can help you calculate taxes for thousands of ERC-20 and BEP-20 tokens, including Floki. Here's how.
Sign up to Koinly and choose your country and currency
Connect Ethereum/Binance Chain with Koinly to import all your Ethereum trades safely and securely - including ERC-20 and BEP-20 tokens like Floki
Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions
Koinly calculates any capital gains, losses, and income from your taxable transactions
Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.
How are Floki transactions taxed?
Despite the fact that Floki is a memecoin, you'll still pay tax on your crypto. The tax you'll pay varies - so make sure to read our crypto tax guides for more information on where you live - but, generally speaking, two taxes may apply to your crypto transactions:
Capital Gains Tax: When you sell or swap Floki tokens and make a gain, you'll pay Capital Gains Tax on that gain.
Income Tax: When you earn Floki 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 FLOKI tokens at the time you received them.
Can the IRS track my Floki tokens?
In short, yes. Whether it's Ethereum or BNB Chain, both blockchains are public ledgers, meaning anyone, including the IRS, can view transactions. All the IRS needs to do is link you to a given wallet address - and they hired experts to do just that recently. As well as this, many centralized crypto exchanges collect KYC data and issue 1099 forms - to both users and the IRS. So if you’re trading Floki on centralized exchanges, there’s a chance the IRS is aware of your transactions.
How to get Floki tax documents
Preparing and filing your Floki taxes depends on your local tax rules, but generally, you'll report any capital gains or income from Floki investments on your annual tax return.
To do this, calculate any capital gains or losses from selling, swapping, or spending Floki, and determine the fair market value of any Floki tokens on the day you received them as income. This process can be time-consuming, so many investors use a crypto tax calculator like Koinly.
Koinly can calculate your gains, losses, and income for thousands of BEP-20 and ERC-20 tokens, including Floki. Simply connect your Ethereum and/or BNB Chain wallet to Koinly, and it will handle the rest. Here's how.
How to import Floki transactions to Koinly automatically
To import your Floki transactions into Koinly, you’ll need to connect each Ethereum wallet and BNB Chain Wallet you use to Koinly.
To do this, you just need your public address - but remember, you’ll need to do this for each wallet you use to interact with Floki 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 wallets like MetaMask and Trust Wallet to Koinly on our integration pages, but here’s an example of how it generally works.
In your wallet
Open or log in to your wallet
Select Ethereum or BNB Chain from the networks section
Copy your public address
On Koinly
Sign up or log in to your Koinly account and go to the wallets page
Search for and select Ethereum/BNB Chain
Give your wallet a name - for example - MetaMask or Trust Wallet
Paste your public address
Important
Remember, you’ll need to do this for every wallet you use to interact with Floki tokens (and any other tokens!) in order to calculate your crypto taxes correctly.
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!
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 wallet.
