How To Calculate Your Binance.US Taxes With Kryptos

Binance.US is one of the most popular exchanges in the world for crypto trading. If you are using Binance.US, follow these steps to easily connect it with Kryptos – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.

1. To get started – Sign up on Kryptos here and choose your country and currency.
2. Once done, link your Binance.US account to Kryptos. To do this, you can use any of the following methods: 
3. CSV. If you do not have API keys, don't worry! We also support CSV files to import all your transactions.
4. Manually. Import transactions manually using our custom CSV upload feature.
5. View and analyze all your transactions in a single dashboard and manage your portfolio
6. Kryptos automatically categorizes all your Binance.US transactions into gains/losses or income.
7. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Binance.US
8. Generate the Binance.US tax report for free and download it once everything looks good
9. File your Binance.US taxes online or leverage our crypto tax accountant network to help you out

How To Connect Binance.US With Kryptos Using CSV

On Binance.US :

1. Log into your Binance US account.
2. In the top right corner, you'll see your email address. Hover over it.
3. A drop-down menu will appear. From there, click on 'export reports'.
4. Now, look for the section titled 'history & tax reports', and click on 'generate reports'.
5. You'll see an option for 'tax', click on it.
6. Now, choose 'yearly report' from the options available.
7. Select the specific year you wish to export.
8. In the 'file format' drop-down menu, choose 'CSV file'.
9. Lastly, click on 'generate' to initiate the report creation.

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Note: for Kryptos, you'll need all your transaction history, so ensure you download the reports for all the years you've been using your Binance US account.

On Kryptos :

1. Go to kryptos.io & signup using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for Binance.US or select it from the list below.
4. Now, click on the Binance.US icon.
5. Choose Upload CSV.
6. Click on Import Your Transactions. All transactions are imported and tagged by default.
7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How are Binance.US transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Binance.US transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe receiving, you may need to pay income tax.
• Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Binance.US

1. When importing a CSV file, match your Binance.US account Time Zone in the Kryptos import form.
2. While creating a new key, make the API key read-only.
3. Keep your API Key and API Secret somewhere safe, preferably offline. 

Facing Issues While Connecting Binance.US To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.