No one likes doing crypto taxes, but it's a necessary evil. Fortunately, there are a few resources that can help make things easier - like our guide on how to do your Atomic taxes!
How to prepare Atomic Wallet taxes
Need help calculating your Atomic taxes? You need to know your capital gains and losses from crypto, as well as any crypto income you've made. You'll then need to file all this info with your local tax office. First up - you'll need your Atomic transaction history.
How to download and export Atomic Wallet transaction history
Atomic does offer 2 easy ways to export your transactions and trade history:
- You can use the Atomic tax report API with crypto tax software: All of your Atomic transaction history will be automatically imported to your selected app, which will do all your crypto tax calculations on your behalf. The complete instructions for integrating Atomic and Koinly can be found here.
- You can export Atomic transaction history in a CSV file: You can export your entire transaction history for each coin on your Atomic wallet. Remember, each coin you trade using Atomic will need its own CSV file. You can then upload these CSV files to a crypto tax app or use them to calculate your Atomic taxes yourself.
Does Atomic provide a tax report?
No, Atomic doesn't provide a tax report. But you can integrate the Atomic tax report API with crypto tax software to generate one.
You can also export CSV files of your transaction history and upload them to a crypto tax calculator as discussed above. Both are fast and convenient ways to calculate and create your Atomic tax report.
Does Atomic send a 1099 form to the IRS?
Atomic doesn’t have KYC so it’s very unlikely you’ll receive a 1099 form in relation to your crypto on Atomic. However, if you’re moving crypto between Atomic and large centralized crypto exchanges, many of these exchanges send out 1099-MISC forms to US users.
Does Atomic supply a financial statement?
No, Atomic does not provide financial statements.
However, your Atomic transaction history could work as a financial statement to generate a tax report for your local tax office.
Atomic Wallet CSV export
Here's how to get your Atomic CSV file:
- Go to atomicwallet.io
- In the wallet tab, select the coin you need your history for.
- Click the settings icon at the top-right corner.
- Click export transactions.
That’s it. Remember, you’ll need to download a CSV file of your transaction history for every coin/token you’ve held in your Atomic wallet. You can then upload these CSV files to a crypto tax calculator, or calculate your crypto taxes manually.
Atomic Wallet API
Atomic uses an API to connect with crypto tax software like Koinly, making it simple to report your crypto taxes.
All you need to do to connect via API is get the public address/key for each coin you use in Atomic and input those into your chosen crypto tax app. See full instructions here. Your app will then calculate your Atomic taxes based on your location and provide your EOFY tax report!
Does Atomic provide an end-of-the-year statement?
No, Atomic does not provide an EOFY statement. However, a CSV file of your Atomic transaction history could work as your Atomic end of year statement. Follow the CSV instructions above to generate this statement. Since Atomic only provides transaction history per coin, you’ll need to download multiple CSV files.
Does Atomic Wallet have KYC?
Atomic wallet is a non-custodial wallet and it does not have any KYC verification requirements. Atomic wallet do not collect personal data about their users.
Does Atomic Wallet report to the IRS?
As a non-custodial, decentralized wallet with no KYC - it’s unlikely Atomic are reporting to the IRS. However, if you’re transferring assets out of your Atomic wallet to cash out on larger crypto exchanges - many centralized exchanges do report to the IRS.
Does Atomic report to other tax authorities?
As mentioned above, as a decentralized wallet with no KYC - it’s unlikely Atomic wallet reports to any tax offices. But if you’re transferring crypto over to larger centralized exchanges, many of these exchanges share a variety of KYC data with tax offices including HMRC, the ATO and the CRA.
How to generate Atomic tax forms
You can generate your Atomic tax forms in two different ways. You can either calculate your crypto tax yourself or use a crypto tax app.
If you are calculating it yourself, your calculations must cover each time you sold, traded, spent, or (sometimes) gifted cryptocurrency and the subsequent capital gain or loss. It also covers any additional revenue generated by cryptocurrencies, like mining, staking, or airdrops. This would be a daunting task for someone that has had a lot of crypto transactions during the course of the year. This is where crypto tax apps come in.
You can connect crypto tax software to the Atomic tax report API and your crypto tax software can calculate your taxes based on your transaction history and location.
Koinly is a tool that allows users to calculate and report their cryptocurrency taxes. The tool uses an Atomic tax calculation methodology, which means that it takes into account all of the user's transactions in order to accurately calculate the taxes owed. No more wasting hours downloading CSV files, preparing data, calculating market prices, calculating taxes, and so on.
You can import your ETH, BTC, XRP, and other transactions directly from the ledger with Koinly, sync all of your exchange trading histories with a single click, and obtain a ready-to-file tax report in minutes!
To give you a brief rundown of what Koinly does, here's a basic summary:
- All of your trades, including purchases, sales, swaps, and rewards, are imported.
- Converts your transactions into the currency of your home nation at fair market value. This significantly saves your time.
- This program determines which of your Atomic transactions are taxable and which are not.
- Assists you in submitting a clean and accurate tax return to your tax office.