How to Use Koinly for Crypto Taxes (Step-by-Step Guide)

Handling crypto taxes manually can be stressful, especially if you trade on multiple exchanges. Koinly simplifies this process by automatically importing your transactions, calculating gains and losses, and generating tax-ready reports. Here’s a complete step-by-step guide to using Koinly for your crypto taxes.

Step 1: Sign Up for Koinly

1. Go to the Koinly website.

2. Click Sign Up and create an account using your email or Google account.

3. Verify your email to activate your account.

You can start with the free plan to explore features before committing to a paid plan.

Step 2: Connect Your Wallets and Exchanges

1. Navigate to the Wallets section on Koinly.

2. Select your exchange or wallet from the list (supports hundreds of exchanges and blockchains).

3. Connect via API key (for exchanges) or manual CSV upload (for wallets/exchanges without APIs).

4. Repeat this step for all wallets/exchanges you use.

Koinly automatically syncs your transactions across all connected accounts.

Step 3: Import Transactions

1. Once wallets are connected, Koinly will fetch all transactions.

2. Review imported transactions to ensure accuracy.

3. Manually add missing transactions if needed (staking rewards, airdrops, or transfers).

Accurate import is critical for precise tax calculations.

Step 4: Classify Your Transactions

1. Go to the Transactions tab.

2. Check Koinly’s auto-classification. Most trades, buys, sells, and transfers are automatically categorized.

3. Manually adjust classifications if Koinly mislabels something (e.g., staking rewards or gifts).

Correct classification ensures proper tax reporting in your country.

Step 5: Check Your Gains, Losses, and Income

1. Navigate to Capital Gains and Income sections.

2. Review totals for gains, losses, and taxable income.

3. Koinly will display detailed reports per asset and per transaction.

This helps you estimate how much tax you owe before generating official reports.

Step 6: Generate Tax Reports

1. Go to the Tax Reports tab.

2. Select your country to generate compliant tax reports (supports US, UK, Canada, Australia, India, and more).

3. Download the report in the format required for filing (PDF, CSV, or native tax software formats).

Paid plans are required to download official reports; free plans allow previews only.

Step 7: File Your Taxes

1. Use the downloaded Koinly report to file taxes with your local tax authority.

2. If you use tax software (like TurboTax or TaxAct), Koinly’s exports are compatible.

3. Keep the Koinly report for future reference or audits.

Koinly ensures your crypto activity is fully documented, making filing easier and safer.

Tips for Using Koinly Effectively

• Sync frequently: Regular imports prevent errors and make year-end reporting smoother.

• Include all transactions: Don’t forget staking, airdrops, or DeFi activity.

• Check classifications: Misclassified transactions can inflate taxes or create discrepancies.

• Upgrade if needed: Free plan is good for testing, but paid plans unlock full reports and country-specific compliance.

✅ Why Koinly Makes Crypto Taxes Easy

• Supports hundreds of exchanges, wallets, and blockchains

• Automatically calculates gains, losses, and income

• Generates audit-ready reports

• Reduces manual work and human error

• Compatible with tax filing software