How to file your Poloniex taxes with Koinly

How to do your Poloniex taxes with Koinly

Poloniex is a popular global crypto exchange where investors trade millions daily. As well as spot trading, Poloniex offers margin and derivatives trading and earn products. Whatever your Poloniex investments, Koinly can help with your crypto taxes, here's how.

CSV

Follow these steps to sync your Poloniex data automatically to Koinly:

  1. Log in to Poloniex.
  2. Select your profile icon in the top right corner.
  3. Select API keys from the top navigation menu.
  4. Select create API.
  5. Select unrestricted under IP access restrictions.
  6. Complete your security verification.
  7. Copy your API key and API secret and add them to Koinly.

On Koinly:

  1. Create a free account on Koinly
  2. Complete onboarding until you get to the Wallets page and find Poloniex in the list
  3. Select API > Paste the API keys you copied above in the appropriate box
  4. Hit Import and wait for Koinly to sync your data. This can take a few minutes
  5. Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
  6. Go to the Tax Reports page to view your tax liability!
Notes / Limitations

Only trades after July 30th, 2021 are provided by this API. For older trades, please use CSV files instead.

Having trouble connecting Poloniex with Koinly?

How are Poloniex transactions taxed?

Crypto tax varies depending on where you live and the specific transactions you've made on Poloniex. Learn more about crypto tax in your country in our crypto tax guides, but generally, you’ll pay either Capital Gains Tax or Income Tax on your crypto.

  • Capital Gains Tax: Whenever you sell or swap crypto or NFTs on Poloniex make a gain, you’ll likely pay Capital Gains Tax on that gain. This includes PnL from derivatives.

  • Income Tax: If you earned new tokens on Poloniex, for example through Poloniex Earn, this is generally viewed as additional income and subject to Income Tax upon receipt.

Does Poloniex report to tax offices?

As a large centralized exchange, Poloniex has faced pressure to share data with tax offices. Notably, the IRS issued a John Doe summons to try and compel the exchange to share customer transaction data. Poloniex has since withdrawn operations from the US.

How do I file my Poloniex taxes?

You need to report any capital gains, losses, or income from your Poloniex investments to your tax office and pay any taxes due. This is generally done as part of your annual tax return.

You can calculate this yourself, by identifying each taxable transaction, the kind of tax that applies, and calculating your gains and losses (and any income) - but it's very time-consuming.

This is why most investors opt to use a crypto tax calculator like Koinly. Koinly calculates your tax liability and generates your crypto tax report, ready to file with your tax office.

Your frequently asked questions

Does Poloniex provide tax documents?
How do I get a Poloniex tax report?
Does Poloniex provide financial or end of year statements?
Do I have to pay taxes on Poloniex investments?
Can I use Poloniex in the US?
What countries can use Poloniex?
Did Poloniex shut down?
Is Poloniex safe?
Does Poloniex have proof of reserves?
Does Poloniex have KYC?

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