How to file your OKB Coin taxes with Koinly

How to do your OKB Coin taxes with Koinly 

OKB Coin (OKB) is an ERC-20 utility token issued by OKX Blockchain Foundation on the Ethereum blockchain. It gives holders exclusive benefits when trading on the OKX exchange like, trading fee discounts, early access to new token listings, and more. But if you’re trading or staking OKB Coin, you may need to pay tax. Don't worry, Koinly can help you calculate taxes for 400,000+ ERC-20 tokens, including OKB. Here's how.

1. Sign up to Koinly and choose your country and currency
2. Connect with Koinly to import all your OKB 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 OKB Coin transactions taxed?

The tax you’ll pay on your OKB Coin transactions all depends on where you live and the transactions you’ve made, so make sure you check out the rules in your country in our crypto tax guides,. Generally speaking, two taxes may apply to your OKB transactions:

• Capital Gains Tax:  When you sell, swap, or spend OKB Coin, you may need to pay Capital Gains Tax on any gain.
• Income Tax: When you earn OKB tokens - for example, through OKX Earn - this may be viewed as additional income and subject to Income Tax upon receipt.

Can the IRS or other tax offices track my OKB tokens?

OKX does not operate in the US, so it’s unlikely OKX themselves will be reporting any OKB Coin transactions to the IRS. 

Of course, you can use your OKB tokens on other exchanges and hold them in other wallets… and if that’s the case - the IRS may well take an interest in what’s in your wallet. There are a few 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 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, the reality is more like pseudonymous. Most blockchains -including the Ethereum blockchain OKB tokens are 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. All the IRS then needs to do is link you to a given address.

You can learn more about how the IRS tracks crypto, here.

How to get OKB Coin tax documents

Your crypto tax reporting requirements will depend on where you live, but most often, you report your gains, losses, or income as part of your annual tax return.

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

Not only do you need to do this for your OKB tokens - but for every crypto asset you own! 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 OKB.

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

How to import OKB Coin transactions to Koinly automatically

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

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

But, if you’ve traded OKB tokens on other exchanges, you’ll need to connect these exchanges too. Or if you’ve held OKB 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 - for 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 - for 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 OKB 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