KuCoin is a major cryptocurrency exchange that allows users to buy, sell, and trade various cryptocurrencies as well as engage in margin, futures, and P2P trading. Users can stake or lend their crypto for rewards. The platform has competitive trading fees, making it a popular choice for crypto traders.
Trading on Kucoin may result in tax liabilities that can be challenging to navigate on your own. Fortunately, KoinX can help you streamline the tax reporting process and ensure compliance with ease.
KoinX is a user-friendly cryptocurrency tax management solution that automates the tax reporting process, ensuring accuracy and compliance with the latest tax regulations.
This post shows an in-depth explanation of how to generate your KuCoin tax report from KoinX.
A Step-By-Step Guide On How To Integrate Your KuCoin Account With KoinX
Let KoinX take the hassle out of KuCoin tax reporting by following these straightforward steps with our user-friendly cryptocurrency tax management solution.
Step 1: Go to the Kucoin website and enter your credentials to sign in to your account.
Step 2: Once logged in, Click here to get directed to the Spot Trade History page.
Step 3: Click on Export
Step 4: Click on Market on the screen’s right-hand side.
Step 5: Select all the options on the screen, including Others.
Step 6: Now, under the Time section, click on the dropdown.
Step 7: Select the date range from 01st April to 31st March, India’s financial year, and then click OK.
Step 8: Once you have selected the date range, click Includes Sub-Accounts.
Step 9: Ensure the downloading format is xlsx.
Step 10: Once done, press Confirm(5 Times Remaining)
Step 11: Review the details appearing in the confirmation tab. When satisfied, click on Confirm
Step 12: Once your export is confirmed, you will be redirected to a tab where you can download the file by clicking on the Download button.
Step 13: Once you have the report, log into your KoinX account.
Step 14: Click on the Integration tab in the top navigation bar and Click on Add Integration
Step 15: Locate KuCoin under the exchange section using the search bar or scrolling.
Step 16: Under Upload Data, select Click on Click or drag files to this upload
Step 17: Upload the downloaded file here and click Submit
Step 18: As soon as the Integration is over, you will receive a notification on your email.
Watch How To Generate Your KuCoin Tax Report With KoinX
Join the many satisfied KoinX users who have streamlined their crypto tax reporting – watch our tutorial on generating your KuCoin tax report now.
A Step-By-Step Guide On How To Integrate Your KuCoin Account With KoinX (Mobile View)
Step 1: Go to the Kucoin website and enter your credentials to sign in to your account.
Step 2: Once logged in, Click here to get directed to the Spot Trade History page.
Step 3: Click on Export
Step 4: Click on Market on the next page.
Step 5: Select all the options on the screen, including Others.
Step 6: Now, under the Time section, click on the dropdown.
Step 7: Select the date range as per the financial year, (example, from 01st April to 31st March for India) and then click Confirm.
Step 8: Once you have selected the date range, click on Includes Sub-Accounts.
Step 9: Ensure the File Type .xlsx is selected
Step 10: Once done, press Confirm
Step 11: Review the details appearing in the confirmation tab. When satisfied, click on Confirm
Step 12: Once your export is completed, under the Recent Exports, you will find the Download. You can download the file by clicking on the Download button.
Step 13: Once you have the report, log in to your KoinX account.
Step 14: Click on the Integrations icon at the bottom left
Step 15: On the Integrations page, click on Add Integration and locate KuCoin under the exchange section using the search bar or scrolling.
Step 16: Under Upload Data, select Click or drag file to this area to upload
Step 17: Upload the downloaded file here and click Submit
Step 18: Your work is done. As soon as the Integration is over, you will receive a notification on your email.
Important Things To Consider While Generating Your KuCoin Tax Report with KoinX
- Note that KoinX doesn’t retrieve trades from KuCoin Exchange in real-time, so it’s important to sync your transactions accurately and generate the latest “Trade Reports” to ensure seamless and error-free tax reporting.
- For the highest degree of accuracy and completeness in your calculations, it’s crucial to download your transaction reports dating back to the inception of your KuCoin account. This step is critical to identifying any missing transactions and ensuring the utmost precision. Neglecting to download all transaction reports may result in discrepancies and inaccuracies in your cryptocurrency tax reporting process. Therefore, we strongly advise that you make it a priority to download and retain all transaction reports to ensure a seamless and hassle-free experience.
- 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 KuCoin 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.
Ensure 100% accuracy and compliance with the latest tax regulations by reviewing your transactions. KoinX guarantees precision by automatically categorising all transactions and computing gains and losses. If any warnings appear in your portfolio, refer to our helpful article to resolve them.
Step 3: Generate your tax reports for the selected Financial Year
In order to generate your tax reports accurately, it’s important to categorize your trades as either Capital Gains or Business Income. If you’re trading crypto as a secondary source of income, such as passive investing for returns, please select Capital Gains. On the other hand, if you’re trading with the goal of making crypto your primary source of income, please select Business Income.
Rest assured, KoinX produces all the necessary tax reports and provides a transparent breakdown of your crypto tax obligations. With our user-friendly cryptocurrency tax management solution, you can streamline your tax reporting process and stay compliant with ease.
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.
Frequently Asked Questions
Do I need to report my KuCoin for tax purposes?
Yes, if you are based in India and you have traded on the KuCoin 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, KuCoin transactions are also subject to this regulation.
Does KuCoin provide tax reports?
KuCoin does not offer any native tax reporting functionality. However, investors can seamlessly generate their crypto tax reports for their KuCoin transactions by integrating their accounts with KoinX, facilitating tax season.
How are KuCoin transactions taxed?
KuCoin 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 or INR 10,000 (in special cases) in a financial year, you may also face a 1% TDS.
How does KuCoin tax reporting with KoinX work?
With KoinX, you can easily generate tax reports for your KuCoin 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 KuCoin to KoinX?
Even though the KoinX-KuCoin integration is seamless, there are instances where you sometimes upload the wrong file or submit the wrong report to KoinX. Try double-checking the file before uploading.
How do I troubleshoot my KuCoin 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.
