How to do your KuCoin taxes in 2022
Introduction to KuCoin
KuCoin is a cryptocurrency exchange that allows for users to buy, sell, and trade cryptocurrencies. It also offers margin, futures, and peer-to-peer (P2P) trading. Users can also choose to stake or lend crypto to earn income. KuCoin offers over 600 cryptocurrencies including but not limited to Bitcoin, Ethereum, Tether, and Dogecoin.
KuCoin has been headquartered in Seychelles since its founding in 2017. It has grown into one of the largest global exchanges by trade volume, and has 10 million users.
Do I need to pay taxes when using KuCoin?
Depending on the country you pay taxes in and the type of transactions you have made, you may need to pay taxes on your KuCoin crypto transactions. If you are unsure, you can try Divly's Crypto Tax Widget which can give you a better indication based on your country's tax rules.
For more information regarding your country-specific crypto tax guidelines, please see Divly's crypto tax guides. These guides are regularly updated with input from our knowledgeable staff and local experts.
How to export your KuCoin transaction history
You can import transactions from KuCoin into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions. Programmers can also use their API to retrieve historic transaction information.
You can import your transactions by using the KuCoin API.
KuCoin API only fetches limited historical trade data for the past 6 months. If you are using the API, you may need to complement the transaction history with CSV files using the File Import.
Step by step guide:
Sign in to KuCoin.
Click on your account and navigate to the ‘API Management’
Once there, click on ‘Create API’. You will create a ‘API Name’ and an ‘API Passphrase’
Leave the ‘API Restriction’ on General and the ‘IP RestrictionCurrent IP’ to No limit.
Create the API, and fill in your trading password, email code, and verification code.
Once all that is completed, a confirmation email will be sent. Click generate the API key.
You can import transactions from KuCoin into Divly by downloading and importing a CSV file. Make sure to download the CSV file every time you want to include the latest transactions.
If any of your KuCoin files fail to import, please contact Divly support. We will solve it for you quickly.
KuCoin has multiple types of files. We recommend downloading and importing all of them into Divly. This will ensure that all your transactions are included.
You can only export history for up to 100 days at a time. You may need to export several versions of each file in order to import all of your transactions. There potentially exists different file formats provided prior to 2019-02-18.
Step by step guide:
Sign in to KuCoin.
Deposits: In the top right click Assets Navigate to the Deposit & Withdrawal History tab. Set the date range and click the green button Export to CSV. You can also refer to KuCoin's official guide.
Withdrawals: Same as above, but select Withdrawal history before downloading the file.
Trades: In the top right hover over Orders and click Spot Trade History. Navigate to the Trade History tab. Set the date range and click the button Export to CSV. You can also refer to KuCoin's official guide.
Futures: In the top right hover over Orders and click Futures Trade History. In the left menu, click on PNL History. Set the time-frame and click the button Save as CSV. The file should include the words "PNL History".
Isolated Margin / Cross Margin: In the top right hover over Orders and click Margin Trade History. Select either Cross Margin Account or Isolated Margin Account in the header tab. Navigate to the Trade History tab and click the button Export to CSV.
Drag and drop the CSV files to where it says Upload CSV. Divly will import the transactions.
KuCoin transaction types
We have categorized KuCoin transactions and their available export method in the below table. We have also provided information about how these transactions are handled when imported into Divly for relevant users.
Withdrawals refer to crypto transactions sent out of a KuCoin account. If you sent your crypto to another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a sale. If the withdrawal refers to a P2P trade, gift, buying goods/services, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Deposits refer to crypto transactions being sent to your KuCoin account. If you received crypto from another crypto wallet you own, make sure it is matched as a Transfer to avoid it being treated as a purchase. If the deposit refers to a received gift, mining income, or another transaction type, please label it accordingly when using Divly. The transaction type applied can affect your taxes.
Crypto trades refer to crypto being purchased for fiat, crypto being sold for fiat, or trading one cryptocurrency for another. These transactions are all taxable in most countries.
Fees are included in the trade and will be paid in either fiat or a cryptocurrency, depending on the trade. Make sure to apply the fee in your tax calculations, as it can help reduce your taxes. If you use Divly, this will be handled automatically for you.
Realized PNL refers to profit to agreements to buy or sell an amount of an underlying crypto between two counterparties at a specific price at a specific date and time at some point in the future. Future trading allows for you to gain exposure to a wide range of cryptocurrencies without ever having to purchase them. It can also be used to hedge exposure against market movements.
Common issues when calculating your KuCoin taxes
People find it tricky to find and download the right files. If you are unsure that you are uploading the correct files free to reach out to our support team. If any of the files don't work, please reach out to us and we will get it sorted.
Any tax-related information provided by us is not tax advice, financial advice, accounting advice, or legal advice and cannot be used by you or any other party for the purpose of avoiding tax penalties. You should seek the advice of a tax professional regarding your particular circumstances. We make no claims, promises, or warranties about the accuracy of the information provided herein. Everything included herein is our opinion and not a statement of fact. This article may contain affiliate links.