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Kraken taxes guide

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How to do your Kraken taxes

Last updated: Monday, 15 August 2022

Get all the answers to your questions about Kraken taxes and reporting, including transaction statements and more.

How to prepare Kraken taxes

Tax deadline looming and need to prepare your Kraken taxes? Wherever you live, your tax office wants to know about your Kraken transaction history including your gains and losses, as well as income. Kraken doesn't have a dedicated tax report, so to do your Kraken taxes, you'll need to start by exporting your complete Kraken transaction history. Don't worry - this is pretty easy and we're covering everything you need to know in this guide.

How to download & export Kraken trading & transaction history

Download your Kraken trading and transaction history in your Kraken account. There's a couple of ways to do this - so we'll cover both.

  1. Use the Kraken tax report API with crypto tax software. Using the Kraken tax reporting API alongside crypto tax software lets you import your Kraken transaction history automatically to your chosen crypto tax app. See full instructions on how to integrate Kraken & Koinly.
  2. Export Kraken transaction history in a CSV file. If you're doing your taxes manually (or just don't like APIs) don't worry, you can download a CSV file of your complete Kraken transaction history from your Kraken account.

Kraken tax reporting

Here's how to get your Kraken trade history export.

Log into your Kraken account and select history, then export. From the drop tab, select ledgers. Pick a date range for your Kraken trade history file and then submit. Done!

Does Kraken provide tax documents?

No, Kraken doesn't provide a specific Kraken tax documents for all users. But as one of the biggest crypto exchanges going, Kraken has teamed up with some awesome crypto tax apps so you can use your Kraken transaction history report to generate a tax report for Kraken.

The easiest way to do this is using the Kraken tax report API. The API will fetch your Kraken transaction data automatically and import it across to your chosen tax app. You don't need to fret about another app having access to your Kraken account - the Kraken tax report API is read only.

If you'd rather do things manually, you can download the CSV file of your Kraken trading history by following the steps above. You can then use this CSV file to manually calculate your crypto taxes or upload it to your chosen crypto tax software to let it generate your Kraken tax report for you.

Does Kraken issue 1099 forms?

If you're an American resident and you've made more than $600 in income on Kraken - Kraken will send you Form 1099-MISC. Previously, Kraken issued users with a 1099-K form for users with more than $20,000 in trading volume and 200 trades in a single financial year. However, with the changes from the U.S. Infrastructure Bill imminent, many crypto exchanges have stopped issuing these 1099 forms.

Remember, whenever you get a 1099 form, the IRS gets an identical copy.

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Does Kraken supply a financial statement?

Yes. You need your Kraken transaction history - this functions as an account statement. It has your complete Kraken trading history and you can use it to generate a Kraken tax statement.

Use the steps above to learn how to get a tax statement from Kraken. Remember, when you're setting the date range for your CSV file - you need to include all the financial years you've been trading on Kraken, not just the current financial year. This is so you can calculate your short-term and long-term gains accurately.

Once you've got your Kraken account statement - calculate your crypto taxes yourself or upload your Kraken financial statement to a crypto tax app to fetch a Kraken tax statement in a snap.

How to generate a Kraken tax form

There's two ways to generate a Kraken tax form - manually or through a crypto tax app.

If you're doing your crypto taxes manually - your tax office needs to know about all your taxable transactions on Kraken. So any time you've made a capital gain or loss by selling, trading, spending or gifting crypto (in most countries). You'll also need to include any income you've made from crypto - like through staking, mining, airdrops and more. Take all this information and tally up your net capital gains and losses and include it in your annual tax return. For those with a lot of trades on Kraken, this is a lot of work - which is why we recommend using crypto tax software.

Crypto tax software does all of the above for you and generates your Kraken tax forms. Just use the Kraken tax API or your Kraken transaction history export and upload it to your chosen tax app, which will then generate a custom Kraken tax form for you, based on where you live and your tax office.

Kraken CSV exports

Need to get your Kraken CSV export? No worries.

Log into your Kraken account and select history, then export. From the drop tab, select ledgers. Pick a date range for your Kraken trade history file and then submit. Done!

Remember - you'll need your complete transaction history in your Kraken CSV file, so make sure to set the date range to include the entire time period you've been using your Kraken account.

Kraken tax API

If you're using crypto tax software - it's much easier to use the Kraken tax API. Log in to your Kraken account and head to security (under the profile icon in the top right corner). Then select API from the drop down menu, then add key. Create your Kraken API key and make sure you check the following boxes: query funds, query ledger entries, query closed orders & trades and export data. Now just copy and paste your Kraken API key and API key secret into your crypto tax app.

Does Kraken provide an end of year statement?

No, Kraken doesn't provide users with a Kraken EOFY statement automatically. But you can use the date range function when exporting your Kraken CSV file to create your own Kraken end of year statement if you wish. Just follow the instructions above and set the dates to your country's financial year - for example 1st of January 2021 to the 31st of December 2021.

Does Kraken require KYC?

Yes - once you've created your Kraken account, you'll need to complete KYC verification. There are varying levels of verification you can complete - but as a minimum, you'll need to provide your name, email, date of birth, phone number and address.

Does Kraken report to the IRS?

Yes. Kraken report to the IRS. Kraken issue 1099 forms to both users and the IRS. As well as this, Kraken may be compelled to share customer data with the IRS beyond this to ensure tax compliance.

The best way to remain tax compliant with the IRS is to report your crypto taxes accurately.

Does Kraken report to other tax authorities?

So we know Kraken reports to the IRS, but does Kraken report to other tax authorities like HMRC, the ATO and the CRA?

In short? Almost definitely.

While no other tax offices have confirmed they have requested data from Kraken - as one of the largest crypto exchanges worldwide, it is highly likely that other tax offices are putting the pressure on Kraken to share KYC information to ensure tax compliance.

Koinly is a Kraken tax calculator & reporting tool

If you’ve been wondering is a Kraken tax calculator tool, the answer is, yes! Not only can Koinly import Kraken transaction history, but Koinly can also calculate your Kraken taxes in a format that makes sense for your country’s tax office. As a Kraken 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 Kraken trades including purchases, sales, swaps, income and more!
  • Koinly will then convert your Kraken 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 Kraken trades are taxable, and which are not - calculating your Kraken gains/losses, crypto income and more. All of this is really important for being able to submit an accurate Kraken tax return to your tax office.

Sign up to Koinly free today.

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