How to do your Poloniex taxes in 2022
Introduction to Poloniex
Poloniex was founded in 2013 and quickly became one of the leading American crypto exchange websites. Poloniex was famous for its trollbox back in the day. Poloniex was then acquired by Circle in 2018 and spun out into a new company, Polo Digital Assets. Looking at its past performance and years of experience, Poloniex has put itself in a position to act as a leader in the industry as well as a functioning exchange.
At the time of writing, Poloniex offers 457 separate currencies on their site ranging from Bitcoin and Etherium to smaller ones such as Kishu Inu and Saitama. In May 2022, Poloniex announced a partnership with APENFT, a popular NFT marketplace. This shows Poloniex has a positive outlook on the future, which is to be a driving force behind the metaverse, cryptocurrency, GameFi, and NFTs. Poloniex began publishing its Polopedia, a "knowledge base for the crypto-verse" that is meant to inform users and interested parties about everything from cryptocurrency basics to trading crypto using a candlestick chart.
How to export your Poloniex transaction history
When doing your taxes you can export your transaction history either via downloading CSV files or by using their API. Below we will guide you through the API use.
You can import transactions from Poloniex into Divly by using our API integration. After you have provided the API keys, Divly will be able to fetch your latest transactions anytime you click "Import Transactions" in the wallet page.
Step by step guide:
-
Sign in to Poloniex.
-
Click on Settings in the top right and then API Keys in the submenu (https://poloniex.com/apiKeys).
-
Uncheck Enable Trading and Enable Withdrawals. Divly only needs read access.
-
Click the button Create New Key. Enter your 2FA if necessary. This will send you a verification email that you will need to confirm the creation of a new key.
-
After confirming the new key by email, a new API key and secret will be generated.
-
Copy the API Key and API Secret into Divly.
Common issues when calculating your Poloniex taxes
If you have any issues with calculating your Poloniex taxes, feel free to contact our support team which is available via the online chat on the bottom right hand corner of our website. Good luck!
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.