How to file your Huobi Token (HT) taxes with Koinly

How to do your Huobi Token (HT) taxes with Koinly 

Huobi Token (HT) is the native token of the popular crypto exchange, Huobi. HT is an ERC-20 token issued on Ethereum, that gives holders exclusive benefits when trading on Huobi exchange, including fee discounts, sub-token rewards, and exclusive invitations and rebates. But if you’re trading or staking HT, you may need to pay tax. Don't worry, Koinly can help you calculate taxes for 400,000+ ERC-20 tokens, including HT. Here's how.

1. Sign up to Koinly and choose your country and currency
2. Connect with Koinly to import all your Huobi Token trades safely and securely.
3. Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions.
4. Koinly calculates any capital gains, losses, and income from your taxable transactions
5. Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.

How are Huobi Token transactions taxed?

The tax you’ll pay on your HT transactions all depends on the transactions you’ve made and where you live, so be sure to check out the rules in your country in our crypto tax guides. But generally speaking, two taxes may apply to your Huobi Token transactions:

• Capital Gains Tax:  When you sell or swap Huobi Tokens and make a gain, you may need to pay Capital Gains Tax on that gain.
• Income Tax: When you earn new Huobi Tokens - for example, through Huobi Earn - this may be viewed as additional income and subject to Income Tax upon receipt.

Can the IRS track HT?

Huobi no longer operates in the US, so it’s very unlikely Huobi themselves will be reporting any HT transactions to the IRS. 

Of course, you can use your Huboi Tokens on other exchanges and hold them in other wallets and in these instances, the IRS may well take an interest in what’s in your wallet.

There are a couple of methods the IRS uses to do this including collecting information from exchanges via John Doe Summons, as well as through 1099 forms. If your exchange has been issued a John Doe Summons by the IRS or issued you with a 1099 form - the IRS may already know about your HT or other crypto. 

As well as this, the IRS has dedicated agents focused on tracking cryptocurrency transactions in order to ensure tax compliance. While crypto is often thought of as anonymous, most blockchains -including the Ethereum blockchain HT is issued on - are public ledgers. All you need is an address and anyone can search through the transactions made relating to that address - including the IRS.

Learn more about how the IRS tracks crypto.

How to get Huobi Token tax documents

Your crypto tax reporting requirements will depend on where you live, but usually, investors will need to report gains, losses, or income as part of their annual tax returns.

You’ll need to start by identifying all your taxable transactions with HT - including any time you sold or swapped HT and anytime you earned new HT. From here, you’ll need to calculate any gains or losses from each time you sold, swapped, or spent HT, as well as the fair market value of any income from in your fiat currency on the day you received your HT.

Not only do you need to do this for your HT - but for all your transactions on Huobi, as well as for any other exchange or wallets you're using. This is why most investors opt to use a crypto tax calculator like Koinly to save hours. Koinly can calculate your gains, losses, and income for more than 450,000 ERC-20 tokens - including Huobi Token.

All you need to do is connect to Koinly and it’ll do the rest. Here’s how.

How to import Huobi Token transactions to Koinly automatically

To import your Huobi Token transactions to Koinly, you’ll need to connect any blockchain, exchange, or wallet with Koinly where you have HT transactions. 

There are a couple of options here and it will all depend on where you’ve traded Huobi Tokens. For example, if you’ve only traded Houbi Tokens on Huobi, you’d be able to sync your Huobi account with Koinly and all your HT transactions will be imported. Find out how to connect Huobi with Koinly.

But, if you’ve traded Huobi Tokens on other exchanges, you’ll need to connect these exchanges too. Or if you’ve held HT tokens in a non-custodial Ethereum wallet, you’ll need to connect to Koinly using your public address.

You can find steps on how to connect a variety of popular wallets and exchanges to Koinly on our integration pages, but here’s an example of how it generally works.

In your wallet

1. Open or log in to your wallet
2. Select the blockchain you’d like to connect to Koinly - in this example, Ethereum
3. Copy your public address

On Koinly

1. Sign up or log in to your Koinly account and go to the wallets page
2. Search for and select the blockchain you’d like to connect - in this example, Ethereum
3. Give your wallet a name - for example - MetaMask or MyEtherWallet
4. Paste your public address
5. Select import

How do I troubleshoot my Huobi Token integration to Koinly?

If you have any issues setting up Koinly or importing data, there’s plenty of help at hand:

• 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