How to file your Daedalus taxes with Koinly
Daedalus is a full node wallet for Cardano - letting investors stake ADA and earn rewards. You can connect Daedalus to Koinly using API or by importing a CSV file of your transaction history. Once you’re connected, Koinly will calculate your Daedalus taxes in no time at all.
Follow these steps to sync your Daedalus data automatically to Koinly:
- Open your Daedalus wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Daedalus in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
How are Daedalus transactions taxed?
The tax you’ll pay on your Daedalus transactions depends on where you live and the transactions you’ve made. For more information about crypto tax where you live, check out our crypto tax guides, but in brief:
Capital Gains Tax: If you’ve sold or swapped crypto using your Daedalus wallet - whether that's coins, tokens, stablecoins or NFTs - you'll likely need to pay Capital Gains Tax on any gain you make.
Income Tax: If you've received or generated new tokens on Daedalus - like through liquidity pools or ADA staking rewards for example.
How do I file my Daedalus Wallet taxes?
To file your Daedalus taxes, you'll first need to calculate and report any income or capital gains you made from Daedalus with your country's tax office. Generally, this activity is included in your annual tax return.
There are a couple of ways you can calculate your income and gains. You can either do it manually, by identifying your taxable transactions, calculating your net capital gain or loss, and the fair market value of any crypto income.
Or, you can use a crypto tax calculator like Koinly that will automatically generate a country-specific tax report for you, ready to be filed with your tax offices. All calculations will be completed by the app, no manual work is required!
Koinly works by importing your Daedalus transaction data to analyze what's taxable, and what's not.
Your frequently asked questions
Does Daedalus have tax documents?
No, Daedalus does not provide a tax report to its users, but you can use crypto tax software to create one in minutes.
How do I get Daedalus tax documents?
The easiest way to get your Daedalus tax documents is to connect to Koinly automatically using your Cardano public address. Once connected, Koinly calculates your tax liability and generates your tax report.
Does Daedalus provide financial or end of year statements?
No, but you can import your Daedalus trading and transaction history to crypto tax software to generate one.
Do I have to pay Daedalus wallet taxes?
Yes - if you have capital gains from trading or selling ADA or income from staking ADA using Daedalus, you'll need to report these to your tax office and pay taxes on them. It’s best to keep on top of your crypto taxes, penalties can be steep!
Is Daedalus wallet safe?
Yes. Daedalus wallet is generally considered a safe ADA wallet. However, your wallet is only as safe as you are, so always follow best security practices.
Can you stake on Daedalus wallet?
Yes, you can use your Daedalus wallet to delegate ADA to a staking pool. Just go to the Daedalus delegation center and find a Cardano staking pool.
Is staking ADA taxed?
Yes. Staking rewards, including ADA, are generally viewed as additional income and you’ll need to pay Income Tax upon receipt based on the fair market value of your ADA at the point you receive it.
