How to file your Nexo taxes with Koinly
Nexo announced its shutting down all services in the US in December 2022. Currently, it's unclear whether US users will be able to export their transaction history from Nexo once services are withdrawn. We advise our users to export their complete transaction data as a CSV file ASAP to ensure they can easily file their taxes with the IRS in case their transaction data later becomes unavailable.
How to do your Nexo taxes with KoinlyÂ
Nexo is a crypto exchange and lending platform that offers great investment opportunities - but your tax office will want their cut of any capital gains or income from your Nexo investments. Koinly can help you calculate your Nexo taxes fast. Here’s how.
Sign up to Koinly and choose your country and currency
Connect Nexo with Koinly to import all your Nexo trades safely and securely
Koinly categorizes Nexo transactions into gains, losses, and income
Download your Nexo tax report from Koinly
File your Nexo taxes online or with your crypto tax accountant
How are Nexo transactions taxed?
You’ll pay either Capital Gains Tax or Income Tax on your Nexo transactions, depending on your specific transactions and how your tax office views it. You can learn more about crypto tax in your country in our crypto tax guides, but in brief:
Capital Gains Tax: Whenever you sell or swap crypto on Nexo and make a gain, you’ll likely pay Capital Gains Tax on that gain.
Income Tax: If you earned new tokens on Nexo - for example, NEXO tokens from Earn products - this is generally viewed as additional income and subject to Income Tax upon receipt.
Does Nexo report to the IRS?
Nexo announced it would withdraw services from the US due to a lack of regulatory clarity. Part of this was due to increased pressure from the IRS to disclose transaction information. As such, it’s unlikely Nexo has or will report to the IRS.
How do I file my Nexo taxes?
There are two ways to create tax forms for Nexo. It can be done manually or with crypto tax software like Koinly.
Doing it yourself? You'll need to identify your taxable transactions, including any capital gain or loss and income, as well as your cost basis or the fair market value of any crypto tokens on the day you received them in fiat currency. Then take all of this information and submit it in the required format for your local tax office.
Alternatively, use Koinly to do this for you. Koinly calculates your tax liability and generates your crypto tax report, ready to file with your tax office. Here’s how to connect.
How to connect Nexo to Koinly automatically with API
Nexo and Koinly have single sign-on to make calculating your Nexo taxes easier than ever. You can create an account directly in Nexo if you're yet to sign up to Koinly, or if you're already a Koinly user, here's how it works.
Log in to Koinly and go to wallets
Select add new wallet: Nexo
Select set up auto-sync
Select continue to Nexo and you'll be taken to the Nexo site to grant permission to connect
How to integrate Nexo with Koinly using CSV
You'll need to start by downloading a CSV file with your full trading history from Nexo before you can upload it to Koinly - here's how. Please note, if you're using Nexo Pro, you may need to download an additional CSV file of your Nexo Pro transaction history and upload this to Koinly as well.
How to download and export your transaction history CSV file from NexoÂ
Log in to Nexo
Select transactions from the top navigation menu
In the right hand menu, select a date range - this should cover your entire trading history on Nexo
Under transaction type, select all types
Under asset, select all assets
Select export
How to upload your Nexo CSV to Koinly
Sign up or log in to Koinly and go to wallets
Select add new wallet: Nexo
Select import from file
Select secure import
Your frequently asked questions
Does Nexo have tax documents?
No, Nexo doesn't provide users with a tax report. But you can use crypto tax software to generate a Nexo tax report.
How do I get Nexo tax documents?
The easiest way to get Nexo tax documents is to upload a CSV file of your Nexo transaction history to Koinly, which will then calculate your tax liability for you and generate your tax report.
Do you get a 1099 from Nexo?
No. Nexo does not issue 1099 forms to US investors. As of December 2022, Nexo announced it was withdrawing services from the US, so it’s unlikely you’ll ever receive one in the future
Does Nexo provide financial or end of year statements?
No, Nexo doesn't issue a financial statement for users, but you can use your Nexo transaction history as your financial statement.
Do I have to pay taxes on Nexo?
Yes - you need to pay tax on your Nexo investments, including Capital Gains Tax on any gains from selling or swapping crypto on Nexo, and Income Tax on any income - like NEXO tokens from Earn products.
Is Nexo safe?
Nexo is generally considered a secure centralized crypto lending platform. But you should always follow best practices and store any crypto you’re not actively investing in a secure, offline wallet, especially in the current market conditions.
Does Nexo report to other tax authorities?
Like above, Nexo does not believe they're required to disclose any information about transactions to any tax authorities. However, this stance could quickly change if Nexo are challenged by various tax authorities.
Does Nexo have a Tax API?
Not yet - but we're working on it! We'll update this article as soon as we've implemented the Nexo API.
