How to File Your Voyager Taxes With Koinly
Even though Voyager suspended trading, deposits, withdrawals, and loyalty rewards on the 1st of July 2022 and filed for Chapter 11 bankruptcy on the 6th of July 2022, you still need to do your Voyager taxes. Koinly can help you do your Voyager taxes safely, quickly, and accurately.
Follow these steps to download your Voyager data:
Voyager suspended trading, deposits, withdrawals, and loyalty rewards on the 1st of July 2022 and filed for Chapter 11 bankruptcy on the 6th of July 2022. Previously FTX Group had agreed to a buyout, but it is unclear where the recent FTX Group bankruptcy filing leaves Voyager users. We recommend users export CSV files of all their Voyager investment activity as soon as possible to ensure you can easily report any previous taxable transactions. These records may also assist you in claiming a loss in the future should Voyager be unable to resume operations.
Voyager doesn't give users an option to export a CSV file of their transaction history within the platform. But, you can contact Voyager and submit a new request to get your CSV file. Once you have it, here's how to upload to Koinly.
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Voyager in the list
- Click on it and select "File import" in the import options screen
- Upload the files you downloaded from Voyager (one at a time) and click on Import
- 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!
Does Voyager report to the IRS?
How to get your Voyager tax forms
You have a couple of options to get your Voyager tax forms. Voyager issues 1099-MISC forms to some users (with earnings over $600 throughout the previous financial year), however, this won't include any capital gains or losses you've made from selling or trading crypto on the Voyager platform, it only reports your income.
As such, for many crypto investors, the 1099 form you get from Voyager isn't suitable for accurately reporting your taxes. Instead, you'll need to download your Voyager transaction history as a CSV file. You can then either calculate your taxes yourself or use a Voyager tax calculator like Koinly to do it for you.
If you're doing it yourself, you'll need to identify each taxable transaction from any time you sold or traded crypto on Voyager and calculate your subsequent capital gains and losses and then report these to the IRS. You'll need to report each taxable transaction in detail in Form 8949 and your net gains or losses in Schedule D. As well as this, if you have income from Voyager investments and didn't receive a 1099-MISC as you earned less than $600, you'll need to identify the fair market value of any income on the day you received it and report this to the IRS too.
It's a lot of work, which is why most investors opt to use a crypto tax calculator like Koinly instead. With Koinly, all you need to do is upload a CSV file of your Voyager transaction history and Koinly does all of the above for you and generates the Voyager tax forms you need to file with the IRS.
Your frequently asked questions
Does Voyager have tax documents?
No, Voyager does not provide tax documents or reports. Instead, Voyager provides a downloadable transaction history that you can import into crypto tax software.
How do I get Voyager tax documents?
The easiest way to get your Voyager crypto tax forms is to connect to crypto tax software by uploading a CSV file of your Voyager transaction history. Your crypto tax calculator will then calculate your Voyager taxes for you and generate your Voyager tax documents.
Do you get a 1099 from Voyager?
Yes. If you've made more than $600 on Voyager, you may receive a 1099-MISC form from Voyager. Remember, whenever you get a 1099 form from Voyager or any other crypto exchange - the IRS gets an identical copy.
Does Voyager provide financial or end of year statements?
The simple answer is yes. Voyager provides an account statement that will show your transaction history on Voyager. If you notice an error in your Voyager transaction history - contact the Voyager team within 60 days of receiving your account statement to get this amended.
Do I have to pay taxes on Voyager?
Yes - if your Voyager crypto trading activity has resulted in any capital gains or income you'll need to report these to your tax office as part of your annual tax return. How much tax you have to pay depends on the amount of income or gains you’ve made.
Do I have to pay tax on my Voyager investments even if my account is frozen?
The IRS has not released any official comment on whether investors must pay tax on any income or capital gains from 2022, given that many investors have assets frozen on the platform and have not been able to benefit from their gains or income.
However, Voyager is issuing 1099 forms for income over $600 from the 2022 financial year, so the IRS will already be aware of this income for many users. You should seek advice from an experienced accountant about how to report your Voyager income, gains, and losses from the 2022 financial year. But the conservative approach is that for the time being, investors should report any gains or income from Voyager in 2022 as they usually would, regardless of the bankruptcy proceedings.
Voyager themselves state, "While we cannot be entirely certain, we believe that (a) the company’s Chapter 11 Bankruptcy filing should not affect your tax obligations in 2022."
Can I report my Voyager crypto as a loss due to bankruptcy?
No. The Voyager bankruptcy proceedings are ongoing. Investors may still see all or a portion of their funds returned back to them from the platform as bankruptcy proceedings unfold. As such, you cannot report any crypto you have frozen on the Voyager platform as a loss.
What will happen to Voyager customers?
Voyager bankruptcy proceedings are ongoing, so nobody knows yet what portion, if any, of funds customers may receive back from Voyager. However, Binance has recently agreed to a deal to acquire Voyager assets and customers, so Voyager investors may see some of their funds returned to them if the sale goes through.
Will I get my Voyager crypto back?
Yes, investors may see some or all of their crypto returned that is currently frozen on the Voyager platform. As of March 2023, Voyager received court approval to sell its assets and transfer its customers to Binance.US in a $1.3 billion deal - although there are still some steps involved before the sale is final. For the time being, all Voyager investors can do is sit and wait it out.