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How to file your Ethereum (ETH) taxes with Koinly

How to do your Ethereum (ETH)  taxes with Koinly

Ethereum is a market-leading, open-source blockchain with smart contract functionality, and trailblazing the way for the DeFi market. Whether you're staking, liquidity mining or trading, you'll need to pay taxes on your ETH investments - but Koinly can help. Here's how.

  1. Sign up to Koinly and choose your country and currency
  2. Safely connect Koinly to the Ethereum blockchain via your public address or a CSV file
  3. Koinly categorizes ETH transactions into gains, losses and income
  4. Koinly calculates your ETH Capital Gains Tax and ETH Income Tax
  5. Download your Ethereum tax report from Koinly
  6. File your Ethereum taxes online or with your crypto tax accountant

Watch how to do your Ethereum taxes fast

How to find your Ethereum (ETH) public address

To connect to Koinly, all you need is your Ethereum public address for each wallet you use to interact with Ethereum. The exact steps on how to get your public address vary a little depending on the wallet you’re using, but we’ve got instructions on how to get your public address for all the top Ethereum wallets including:

Don't see your wallet? You'll find easy to follow steps on how to get your Ethereum public address from hundreds of wallets here.

And don't forget, in order for Koinly to calculate your crypto taxes correctly you’ll need to add your public address from every wallet you use to interact with Ethereum.

How to connect Ethereum to Koinly automatically

On Koinly

  1. Sign up or log in into Koinly and head to wallets
  2. Select add new wallet in the top right corner
  3. In the search bar, search for Ethereum
  4. Select Ethereum (ETH)
  5. Enter your Ethereum public address
  6. Select import

Important

1. You’ll need your Ethereum public address from each wallet you use to interact with the Ethereum blockchain to calculate your taxes accurately.

2. If you're an Unstoppable Domains user, you can also enter your domain instead of your public address into Koinly to fetch your transaction data!

How to integrate Ethereum with Koinly using CSV

If you prefer to use CSV files to integrate your Ethereum wallets with Koinly, you can. Here's how.

How to download and export a Ethereum CSV file

Depending on the Ethereum wallet you’re using, you may be able to export a CSV file of your transaction history from your wallet. We’ve got instructions on how to get a CSV file from a number of crypto wallets on our integration pages.

Important

1. When downloading your CSV files, check that the file covers your full trading history.

2. Remember to download and upload CSV files for all your ETH Wallets.

3. Don't forget to tag your transactions according to your country’s crypto tax rules. This will ensure that they show up correctly as income on your Ethereum tax reports.

How do I troubleshoot my Ethereum integration to Koinly?

Problems connecting Ethereum and Koinly? No worries - we're here to help:

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How is staking Ethereum taxed?

Staking rewards may be taxed differently depending on where you live, but generally speaking tax offices view staking rewards as additional income and subject them to Income Tax upon receipt.

How is being paid in Ethereum taxed?

Getting paid in Ethereum is generally viewed the same way being paid in fiat currency is. You’ll need to identify the fair market value of any ETH on the day you received it and you’ll pay Income Tax on this amount upon receipt. 

How are liquidity pool tokens taxed?

Most tax offices - excluding HMRC - haven’t released guidance on liquidity pool tokens yet. However, as you’re often trading capital in return for LP tokens, this is potentially going to be viewed as a crypto to crypto trade which is subject to Capital Gains Tax in most countries. 

Do you have to pay tax on Ethereum?

Yes. All cryptocurrencies - including Ethereum - are subject to tax. The exact tax you’ll pay depends on where you live and the specific transactions you’re making. You can learn more about ETH and crypto tax in your country in our crypto country tax guides.

Can the IRS track Ethereum?

Yes. The IRS can track Ethereum and other cryptocurrencies. If you’re trading ETH on any large centralized crypto exchange, the majority of these exchanges issue users with 1099-MISC forms. They may also share KYC data with the IRS to ensure tax compliance.

Does the IRS know about my ETH wallet?

If you’re using ETH wallets, you might think there’s no way the IRS can know about your ETH as many of these have no KYC verification. This is true - to an extent. But if you’re transferring your ETH between your non-custodial wallet(s) and exchanges, these exchanges will still have the data the IRS needs to track your ETH.