How To Calculate Your Binance.US Taxes With Kryptoskatt

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 Kryptoskatt – auto-sync all your transactions, analyze your portfolio and calculate your crypto taxes in minutes.

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

How To Connect Binance.US With Kryptoskatt Using API

On Binance.US :

1. Log in to your Binance.US account and navigate to the "API Management" page. You can find this by clicking on your profile icon in the top right corner of the screen, and then selecting "API Management" from the dropdown menu.
2. On the "API Management" page, click on the "Create New API Key" button located in the top right corner of the page.
3. On the "Create New API Key" page, you will need to configure your API key settings. First, give your API key a name in the "Label" field. This can be anything you want, but it's best to choose a name that will help you identify the key later.
4. Under the "Restrictions" section, select "Read Only" for all the permissions you want to grant to this key. This will enable read-only access to the specified features of your Binance.US account.
5. After configuring your settings, click the "Create" button at the bottom of the page.
6. Your new API key will now be displayed on the screen. Make sure to copy both the API key and the secret somewhere safe, as you will not be able to view them again after leaving this page.

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On Kryptoskatt :

1. Go to kryptoskatt.com & 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 Import using API Keys.
6. Paste your API Key & API Secret.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

How To Connect Binance.US With Kryptoskatt Using CSV

On Binance.US :

1. Log in to your Binance.US account and navigate to the "Trade History" page. You can find this by clicking on "Trade History" in the top menu bar, or by clicking on your profile icon in the top right corner of the screen and selecting "Transaction History" from the dropdown menu.
2. On the "Trade History" page, select the trading pair for which you want to generate the trade history. You can do this by selecting the corresponding trading pair from the dropdown menu.
3. Use the date filter at the top of the page to select the date range for which you want to generate the trade history.
4. Click on the "Export Complete Trade History" button located at the bottom right corner of the page.
5. A popup window will appear, asking you to confirm that you want to generate the CSV file. Click "Export" to proceed.
6. Your trade history CSV file will now be generated and downloaded to your computer.

On Kryptoskatt :

1. Go to kryptoskatt.com & 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.

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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 Kryptoskatt 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 Kryptoskatt?

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@kryptoskatt.com.