How to Use Koinly for Crypto Taxes: Step-by-Step Guide

Managing crypto taxes can be confusing, especially if you trade on multiple platforms or hold a variety of digital assets. Koinly simplifies this process by automatically tracking your transactions, calculating gains and losses, and generating ready-to-file tax reports. Here’s a detailed guide on how to use Koinly effectively.

Step 1: Create Your Koinly Account

1. Go to the Koinly website and click Sign Up.

2. Register using your email or Google account.

3. Verify your email to activate your account.

The free plan allows you to explore Koinly before upgrading to a paid plan for report downloads.

Step 2: Connect Wallets and Exchanges

1. Navigate to the Wallets section.

2. Select your exchange or wallet from Koinly’s supported list.

3. Connect using API keys (for exchanges) or CSV uploads (for wallets/exchanges without API support).

4. Repeat for all wallets and exchanges you use.

Koinly automatically syncs your transactions, making it easy to track your portfolio in one place.

Step 3: Import and Verify Transactions

• Koinly will import all transactions from connected wallets.

• Review your transactions to ensure accuracy.

• Manually add any missing entries such as staking rewards, airdrops, or transfers.

Accurate transaction records are essential for precise tax calculations.

Step 4: Categorize Transactions

• Most transactions are auto-categorized by Koinly.

• Review classifications for buys, sells, transfers, and income.

• Adjust manually if needed (e.g., staking, gifts, or donations).

Correct categorization ensures compliance with local tax rules.

Step 5: Review Gains, Losses, and Income

• Go to the Capital Gains and Income sections.

• Check totals for gains, losses, and taxable income.

• Koinly provides detailed reports per asset and per transaction.

This helps you understand your tax obligations before generating official reports.

Step 6: Generate Tax Reports

1. Go to the Tax Reports tab.

2. Select your country for compliant reports (US, UK, Canada, Australia, India, etc.).

3. Download the report in your preferred format: PDF, CSV, or compatible with tax software.

Paid plans are required to download official reports; the free plan allows previewing only.

Step 7: File Your Taxes

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

• Compatible with tax software like TurboTax or TaxAct.

• Save the report for future reference or audits.

Koinly simplifies crypto tax filing, reducing errors and saving time.

Tips for Maximum Efficiency

• Sync wallets regularly to avoid missing transactions.

• Include all crypto activity: staking, airdrops, DeFi, and forks.

• Double-check transaction classifications.

• Upgrade to paid plans for full tax reporting features.

Why Koinly Is a Game-Changer

• Supports hundreds of exchanges and wallets.

• Automatically calculates gains, losses, and income.

• Generates audit-ready, country-specific tax reports.

• Saves hours of manual calculations.

Koinly is ideal for both beginners and advanced traders who want a stress-free way to manage crypto taxes while staying fully compliant.