Huobi Global, founded in 2013 in Beijing, is a leading cryptocurrency trading platform with deep liquidity and a wide range of cryptocurrencies. It has emerged as one of China’s top three exchanges, offering ample liquidity to Bitcoin traders.
Huobi Global offers unique yield-generating opportunities to users. However, investors must be aware of their potential tax obligations. Fortunately, Huobi Global has partnered with KoinX to simplify your cryptocurrency tax management, easing the complex process of tax calculations, and ensuring compliance with the regulations.
This article provides a concise, step-by-step guide on seamlessly integrating Huobi Global with KoinX to generate your tax report.
A step-by-step guide on how to generate your Huobi Global tax report with KoinX
Step 1: Log in to your Huobi Global Account.
Step 2: Navigate to the records page, by CLICKING HERE!
Step 3: Once the page is loaded, Click the “Please select date” field.
Step 4: In the dropdown, Click “Custom Date“.
Step 5: Select the date range of the financial year
Step 6: Next you have to fill up your E-Mail on which you will receive the report. Click “Confirm” once done.
Step 7: You will see this window, where you have to click “Click to send” for both email and phone number.
Step 8: Fill in the codes you received and the GA code, then click “Confirm“.
You will see a NOTE stating that your request has been submitted and you will receive the data within 5 working days
Step 9: After you download the report, log in to your Koinx account.
Step 10: In the Integrations page, search for Huobi and select the exchange.
Step 11: Upload your .csv file in the given row and hit the Submit button.
How To Easily Calculate & File Your Huobi Global Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX offers a wide range of support for leading cryptocurrency exchanges and wallets, making it convenient for anyone to import their transaction data into a single place effortlessly.
Step 2: Review your transactions.
KoinX will categorise every transaction automatically and calculate gains and losses with complete accuracy, guaranteeing compliance with the latest tax regulations.
Note: If you encounter any warnings in your portfolio, kindly refer to this article for instructions on resolving the issues.
Step 3: Generate your tax reports for the selected financial year
You can choose to classify your investments as Business Income or Capital Gains.
If you engage in cryptocurrency trading as a secondary source of income, such as passively investing for returns, please choose Capital Gains.
If your primary objective in trading is to generate cryptocurrency as your main source of income, please select Business Income. KoinX generates comprehensive tax reports that clearly outline your crypto tax responsibilities.
Step 4: File your taxes
Easily export tax reports from KoinX and effortlessly transfer them to your preferred tax software, or provide them to your tax professional for quick and stress-free filing.
Discover a hassle-free way to calculate and file your Huobi Global taxes with KoinX. Calculate and file your taxes with a single click, guided by our concise step-by-step integration process.
Essential Things to Consider While Generating Your Huobi Global Tax Report with KoinX
When generating your tax report for Huobi Global with KoinX, there are essential things to consider for a smooth process:
- Ensure all integrations are correctly connected.
- KoinX automatically syncs transactions from your wallet address, but you can manually synchronise them with the ‘Sync Now’ feature if necessary.
- Remember, KoinX needs your complete transaction history to calculate your tax obligations accurately.
- Pay attention to any warnings or issues flagged during the import process and follow the provided guidelines for resolution.
Frequently Asked Questions
Do I need to report my Huobi Global for tax purposes?
Yes, reporting your Huobi Global transactions for tax is essential. Cryptocurrency transactions are subject to tax regulations, regardless of the transaction size. To comply with tax laws and meet your tax responsibilities, it is crucial to precisely report your gains, losses, and other details associated with Huobi Global. Seeking guidance from a tax expert or utilising a cryptocurrency tax management tool such as KoinX can assist in simplifying the process.
Does Huobi Global report to the Income Tax Department?
Huobi Global upholds legal and regulatory norms, reporting financial transactions to the Income Tax Department. This dedication to transparency and compliance creates a secure environment, ensuring user confidence and trust.
Does Huobi Global provide tax reports?
Yes, Huobi Global provides a transaction history that can be used as an account statement. You can generate a tax report using this statement. Calculate your crypto taxes manually or easily fetch a Huobi tax report by uploading your Huobi financial statement to a cryptocurrency tax app like KoinX.
How are Huobi Global transactions taxed?
Huobi Global transactions carry varying tax obligations. In India, a 30% income tax on profits must be paid annually, and a 1% Tax Deducted at Source (TDS) applies to all crypto transactions, regardless of trade outcomes.
How does Huobi Global tax reporting with KoinX work?
Huobi Global tax reporting with KoinX works through seamless integration. Users can paste their Huobi Global address into KoinX and import transaction data, and the platform automatically organises it to generate accurate tax reports. This feature lets users easily track their Huobi Global transactions and calculate their tax liability quickly and conveniently.
What are the most common issues with importing transactions from Huobi Global to KoinX?
While integrating KoinX with Huobi Global is usually seamless, occasional issues may occur during transaction imports, such as uploading incorrect addresses or encountering missing characters. To prevent such problems, it’s recommended to double-check the file before uploading.
How do I troubleshoot my Huobi Global integration with KoinX?
In case you face any issues with the Huobi Global -KoinX integration, carefully review the steps outlined in our guide. You can also contact us via Twitter or email support@koinx.com for further assistance.
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