Lost with KuCoin taxes? We've got all the answers you need about how to get your KuCoin tax statement using your KuCoin trade history, as well as what the IRS know about your KuCoin transactions.
How to prepare KuCoin taxes
Need to get your KuCoin taxes done? Wherever you live - your local tax office wants to know about your taxable crypto transactions. This includes your short and long-term capital gains, your capital losses and any additional income from crypto. To get started - you'll need your KuCoin trading history.
How to download & export KuCoin trading history
You can download and export your KuCoin trade history within your KuCoin account. There's two ways to do this - and one is much simpler than the other!
- Use the KuCoin tax report API with crypto tax software. If you use the KuCoin tax reporting API with a crypto tax app - all your KuCoin transaction history will be automatically imported to your chosen app. You can see the full instructions on how to connect KuCoin and Koinly here.
- Export KuCoin trading history in a CSV file. You can download a CSV file of your KuCoin transaction history when you're logged into your KuCoin account. Then you can either upload this to a crypto tax app or do your crypto taxes manually.
Here's how to get your KuCoin trade history export.
Log in to your KuCoin account and select orders from the top right corner. KuCoin separates transaction history into different CSV files - so you'll need to download a variety of CSV files to cover your complete KuCoin transaction history. This may include your trade history, margin trade history, deposits and withdrawals history and more. So for example, after selecting orders, you'd select trade history, then pick a date range then export to CSV. Repeat this for the different types of transactions you've made in your KuCoin account to get your complete KuCoin transaction history.
Does KuCoin provide a tax report?
No, KuCoin doesn't provide a tax report.
But you can use your KuCoin trading history to calculate your crypto taxes yourself or with crypto tax software.
You can do this in minutes using the KuCoin tax report API. This API fetches your KuCoin transaction data and imports it to your chosen crypto tax app. Don't worry about another app having access to your KuCoin account - the API is read-only.
If you prefer to use CSV files instead, just use the steps above to download your KuCoin transaction history files in CSV format.
Does KuCoin supply a financial statement?
No, KuCoin doesn't supply a financial statement.
But your KuCoin trading history works as a financial statement, which you can use to generate a KuCoin tax report for your regional tax authority.
Use the steps earlier to download your KuCoin transaction history. Remember - you'll need multiple CSV files to cover all your KuCoin trades. If you're using a crypto tax app - you'll also need to cover your complete KuCoin transaction history, so however long you've been using the account. This is so your crypto tax calculator can accurately calculate your short and long-term capital gains and losses, ensuring you don't pay too much or too little in tax!
Once you've got your KuCoin transaction history - calculate your crypto taxes manually or upload your KuCoin CSV files to a crypto tax app to get a KuCoin tax statement in minutes.
How to generate a KuCoin tax report
You can generate a KuCoin statement manually or by using a crypto tax app.
Calculating your crypto taxes yourself? Good luck! Your tax office wants to know about all your taxable crypto transactions including your capital gains and losses from selling, trading, spending or gifting crypto. They'll also want to know about any additional income from your crypto investments - for example through mining, staking or airdrops.
Of course, many crypto investors have hundreds, if not thousands, of individual crypto transactions throughout a single financial year - which can make calculating your crypto taxes a lot of work. You'll need a spreadsheet of your crypto transactions, to identify the type of tax applied to each different type of transaction, a tally of your capital gains and losses and the fair market value of any income in fiat currency on the day you received it.
To save yourself hours, you can use a crypto tax app to do all this on your behalf. Just use the KuCoin tax report API or upload your KuCoin transaction history CSV files to your chosen crypto tax app. Your app will calculate your KuCoin taxes for you and generate a pre-filled tax report based on your location - for example, the IRS Form 8949 and Schedule D or the ATO myTax report.
KuCoin CSV exports
Need to get your KuCoin CSV export in time for the tax deadline? Not a problem.
Log in to your KuCoin account and select orders from the top right corner. KuCoin separates transaction history into different CSV files - so you'll need to download a variety of CSV files to cover your complete KuCoin transaction history. This may include your trade history, margin trade history, deposits and withdrawals history and more. So for example, after selecting orders, you'd select trade history, then pick a date range then export to CSV. Repeat this for the different types of transactions you've made in your KuCoin account to get your complete transaction history.
KuCoin CSV exports are limited to a maximum period of 100 days. Remember - if you're using a crypto tax calculator, you'll need your complete KuCoin transaction history of all transactions for as long as you've been using your KuCoin account. This can mean a lot of CSV files. Fortunately, there's a way around this. You can contact KuCoin customer support who can provide you with a CSV file of your complete transaction history instead in one easy CSV file.
KuCoin tax API
If you want to save time, the easier option is just to use the KuCoin tax API. There's no fiddling around with multiple CSV files and it's easy to do.
Log in to your KuCoin account and head to your account in the top right corner. From the drop down menu, select API management then create API. Give your API key a name and a create an API passphrase. Under API restrictions, select general for read-only access. Under IP restriction, select no. You'll then need to enter your KuCoin trading password and complete two-factor verification. Once you've done this, copy your API Key and API secret and paste them into your chosen crypto tax app.
If you're using KuCoin futures - this has a separate API which you'll need to sync with your crypto tax app. You can see how to connect KuCoin futures with crypto tax software here.
Does KuCoin provide an end of year statement?
No, KuCoin does not provide an EOFY statement.
But you can use your KuCoin transaction history export to create an end of year statement. Just download enough CSV files to cover the financial year you're reporting on. Remember - KuCoin CSV exports are limited to a maximum 100 days and split into the different kinds of transactions, so you'll need several files to do this. Alternatively, contact KuCoin customer support to request a single CSV file of your KuCoin transaction history.
Does KuCoin require KYC?
KYC is not mandatory on KuCoin. However, KuCoin does impose trading limits on those without KYC. With no KYC verification on your account - you'll be limited to 5 BTC as your daily withdrawal limit (not a problem for most traders!). If you complete level 1 KYC verification on KuCoin, you'll be able to withdrawal up to 200 BTC a day, or 3000 BTC a day for level 2 KYC verification.
Is KuCoin legal in the US?
KuCoin is not licensed to operate in the US due to the strict regulations for US crypto exchanges. However, as KuCoin is one of the very few centralized crypto exchanges that does not require KYC verification, many US residents do still use the exchange.
Does KuCoin report to the IRS?
As we said above, KuCoin isn't licensed in the US - so it's unlikely KuCoin is reporting directly to the IRS.
Much of the controversy around crypto exchanges operating in the US revolves around regulation of prediction contracts and securities. As KuCoin offers futures, leveraged tokens and other derivative products - it's quite possible they'll be forced to pull from the US abruptly like Binance and other major exchanges have done. Though the IRS has not yet mentioned KuCoin by name - they've been using John Doe summons to put pressure on crypto exchanges to share customer data, while the SEC has been forcing crypto exchanges to meet US trading standards.
All this to say, it's unlikely KuCoin report to the IRS as they're not licensed to operate in the US - but it doesn't mean they won't in the future. It also means KuCoin may be forced to pull operations from the US through improved KYC verification processes.
Does KuCoin report to other tax offices?
Most cryptocurrency exchanges report to a variety of tax authorities, especially larger exchanges like KuCoin. This is due to increased pressure from tax authorities to share user data to identify anyone incorrectly reporting their tax returns. KuCoin is a major crypto exchange worldwide - as such it is highly likely they have faced pressure from tax offices around the world to share data and improve KYC verification processes in order to continue operations.
The best way to ensure you're tax compliant is to report your crypto taxes accurately.
If you’ve been wondering is Koinly a KuCoin tax calculator tool, the answer is, yes! Not only can Koinly import KuCoin transaction history, but Koinly can also calculate your KuCoin taxes in a format that makes sense for your country’s tax office. As a KuCoin tax calculator, Koinly is able to do a bunch of impressive tasks that save you time and can even save you from paying too much taxes.
- Koinly will import all your KuCoin trades including purchases, sales, swaps, income and more!
- Koinly will then convert your KuCoin transactions into your country’s currency, at fair market value. This in itself is a massive time saver.
- Finally, Koinly works out which of your KuCoin trades are taxable, and which are not - calculating your KuCoin gains/losses, crypto income and more. All of this is really important for being able to submit an accurate KuCoin tax return to your tax office.
Sign up free and try our KuCoin tax software today.