How to Do Your KuCoin Taxes?
Since its launch in August 2017, KuCoin has grown to include over 200 cryptocurrencies making it one of the most vibrant crypto centers online. Kucoin intends to provide consumers with secure and simple digital asset trading and exchange solutions by combining assets from across the world and building a state-of-the-art transaction network.
KuCoin Tax Reporting
Cryptocurrency is classified as a digital asset in the United States, and it is governed by the Internal Revenue Service in the very same way as equities, bonds, and other financial assets are.
Cryptocurrency profits are taxed, but not in the same way as traditional asset gains. Your crypto taxes are influenced by how you received them (capital gain or income) and the duration of your holding. Crypto asset profits, losses, and earnings must all be declared on your tax documents.
KuCoin Tax Documents: Will KuCoin Provide me with Tax Documents?
Many bitcoin investors utilize various exchanges, wallets, and platforms in addition to KuCoin. In addition to trading on KuCoin, they may make further trades on other exchanges or use self-custodial wallets.
KuCoin's tax filings are limited to the KuCoin platform, meaning that KuCoin does not declare transactions from other exchanges. If you utilize any other crypto exchanges, wallets, DeFi protocols, or other platforms, KuCoin does not provide detailed information.
Fortunately, there is another option for investors to appropriately submit their taxes. ZenLedger easily calculates your KuCoin taxes and also finds opportunities for you to save money and trade smarter. Let’s find out how to do your KuCoin taxes with the help of ZenLedger.
Connecting Your KuCoin To ZenLedger For Your Crypto Taxes
Within ZenLedger, on the Import Transactions page and Exchanges tab, select the Exchange you want to import. Then you'll see a table that outlines the possible methods. For many centralized exchanges, we support a direct API code import, while others may require a CSV import. Decentralized exchanges may require a wallet address.
To import your transactions from an exchange, simply navigate to the [Exchanges] tab of the [Imports] page. Select the exchange that you are looking to import, (KuCoin, in this case) and instructions will be provided for that specific exchange!
The Bottom Line
KuCoin is an international exchange with a number of features and tools that may appeal to more experienced traders. It offers:
- Low trading fees
- Easy-to-use interface
- Earning interest in crypto
- No forced KYC verification
- 24/7 customer service
In conclusion, KuCoin is a fantastic cryptocurrency exchange for customers. It has a high level of liquidity, a large number of users, a diverse range of approved assets and services, and minimal trading costs. Furthermore, it does not require all of its customers to undergo KYC verification, which is a useful feature for those concerned about their confidentiality. But, do your homework before signing up to be sure it's the correct platform for you.