KuCoin Tax Reporting
TokenTax connects to KuCoin for easy crypto-currency trade tracking and tax filing.
Tax filing when you’ve traded on KuCoin
KuCoin is one of the more popular crypto exchanges. Many use it to trade a wide variety of altcoins that are often not found on other exchanges. Because crypto to crypto trades are taxable in many jurisdictions, including the United States, you will likely need to report trades made on KuCoin.
How KuCoin taxes work
Per IRS guidance, you must report the USD values of the trades that you execute, even for crypto to crypto trades. A crypto tax calculator platform can help with this, importing trades from KuCoin automatically via API connection or via your CSV / spreadsheet records.
Because many use KuCoin to trade a wide variety of altcoins, software is notably helpful in this case as it will be able to calculate the necessary fiat values for taxes for even the more obscure tokens.
The rest of your trading history will be calculated as well, so if you bought bitcoin on a fiat exchange like Coinbase, it will register the cost basis of that bitcoin if it was later transferred to KuCoin and traded for an altcoin.
The FBAR for KuCoin
KuCoin is a non-U.S. based exchange, so if you a U.S. citizen above the FBAR threshold, you will need to include it in your FBAR filing. In addition to information about your account as well as KuCoin’s country of operation, you need to include what your highest balance of crypto held on the exchange was during the year, calculated in USD. Our platform is able to calculate this value based off of your KuCoin crypto transaction history.
Uploading a KuCoin CSV with TokenTax
On the top bar, click Trade History, Deposit History, or Withdrawal History, depending on which histories you want to download (we only need deposits and withdrawals if you plan to generate a FBAR).
KuCoin only allows you to export a month's worth of history at a time. Select each month of all months that you have traded on KuCoin and click "Export to CSV."
After you have generated CSVs for all months, click Download CSV to go to the page where you can download your CSVs.
For deposits and withdrawals:
At the top right of KuCoin, click Assets. Then on the left sidebar, click Archives.
In Deposit history, click Export to CSV to export deposits after 2/18/2019. KuCoin only allows exports of 3 months at a time, so do 3 month segment exports for your whole KuCoin history back to 2/18/2019.
Now, click the link to "view the transaction history of the old version," and repeat the CSV export for trades for your history from account opening to 2/18/2019.
Repeat this process, but for the withdrawal history.
Importing a KuCoin API into TokenTax
Click Create API.
Give your key a name and a passphrase. Copy down the passphrase, as it will not show again.
Enable only the General permission.
Select No limit for IP limit.
Copy your API key, secret, and passphrase to TokenTax (https://tokentax.co/import).