Kraken, one of the largest and oldest exchanges in the world, is known for its excellent customer service, low fees, flexible funding options, and strict security standards.
However, buying and selling crypto on Kraken comes with tax obligations. KoinX simplifies managing crypto taxes, portfolios, and accounting with its easy-to-use automated systems. This enables you, as investors, to become more responsible and compliant. KoinX is now the number one tax-calculating platform for crypto users in India.
You can find an in-depth explanation of how to generate your Kraken tax report from KoinX in this post.
A step-by-step guide on how to integrate your Kraken account with KoinX
Follow these steps to swiftly and effortlessly generate your Kraken tax report using KoinX’s user-friendly cryptocurrency tax management solution:
Step 1: Log in to your Kraken account.
Step 2: After logging in, click on the “History” section in the navigation bar.
Step 3: In the History category, select the “Export” option.
Step 4: Select the export type as “Ledgers.”
Step 5: Select the start and end dates in the Export section.
Step 6: After selecting the start and end dates, hit the “Submit” button.
Step 7: When the status shows “Processed,” hit on the three dots and download your CSV.
Step 8: Log in to your KoinX account.
Step 9: Click on the “Integrations” section in the navigation bar.
Step 10: Select the Kraken exchange icon in the Exchanges category.
Step 11: Upload your downloaded CSV under “Ledgers History.”
Step 12: Click on “Submit” and you are done!
Watch how to generate your Kraken tax report with KoinX
Are you a Kraken user looking for a streamlined way to manage your crypto taxes? Look no further than KoinX. Our tutorial on generating your Kraken tax report will make tax season a breeze.
Important Things to Consider While Generating Your Kraken Tax Report with KoinX
- Please note KoinX’s system does not currently retrieve trades from Kraken Exchange in real-time. It is important to keep this in mind to ensure that your transactions are accurately synced and your tax reports are generated correctly. We request that you generate and upload the latest “Trade Reports” by following the steps mentioned above.
- To ensure accurate and complete calculations, it is imperative that you download your transaction reports since the creation of your Kraken account. This will allow for the identification of any missing transactions and ensure the utmost precision.
- To avoid any irregularities in calculation of profits, we recommend you to review your imported transactions on our transactions page.
How To Easily Calculate & File Your Kraken Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account.
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data, in one place.
Step 2: Review your transactions.
KoinX guarantees 100% accuracy and adherence to the latest tax regulations by automatically categorizing all transactions and computing gains and losses accordingly. In case you come across warnings in your portfolio, you may refer to this article to resolve the issues.
Step 3: Generate your tax reports for the selected Financial Year
For your tax reports to be generated, you have to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like just passively investing for returns) then please select Capital Gains.
If you are trading with the intent of making crypto as your primary source of income, then please select Business Income.
KoinX produces all the essential tax reports while providing a clear breakdown of your crypto tax obligations.
Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.
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Using API and Secret Key
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Using CSV Upload
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Frequently Asked Questions
Do I need to report my Kraken for tax purposes?
Yes, if you are based in India and you have traded on the Kraken Exchange, it’s important to note that the 2022 Budget by the Indian government mandates that all cryptocurrency transactions are taxable. According to the Indian government’s 2022 budget, trading, selling, or spending cryptocurrencies is subject to a 30% tax on profits. As a result, Kraken transactions are also subject to this regulation.
Does Kraken provide tax reports?
Kraken does not offer any native tax reporting functionality. However, investors can seamlessly generate their crypto tax reports for their Kraken transactions by integrating their accounts with KoinX, facilitating tax season.
How are Kraken transactions taxed in India?
Kraken transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. If you are an investor selling crypto assets for more than INR 50,000 (in case of specified person) or INR 10,000 in a financial year, you may also face a 1% TDS.
How does Kraken tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your Kraken investments. Once integrated, KoinX will automatically sync all your transactions, calculate your realised and unrealised gains, and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.
What are the most common issues with importing transactions from Kraken to KoinX?
In India, BitTorrent transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How do I troubleshoot my integration with KoinX?
For any troubles related to integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on Twitter or write to us at support@koinx.com.
