How To Calculate Your BSC Taxes With Kryptos

If you are using Binance Smart Chain, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes. We help users with Defi Taxes and show their DeFi portfolio overview as well.

1. To get started – Sign up on Kryptos here and choose your country and currency.
2. Once done, link your BSC wallet to Kryptos. 
3. View and analyze all your transactions in a single dashboard and manage your portfolio.
4. Kryptos automatically categorizes all your BSC transactions into gains/losses or income.
5. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from BSC DeFi.
6. Generate the BSC tax report for free and download it once everything looks good.
7. File your BSC taxes online or leverage our crypto tax accountant network to help you out.

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How To Connect BSC With Kryptos 

On BSC :

1. Go to your browser-based BSC wallet.
2. It can be Metamask, Ledger, or any wallet that supports the Binance Smart Change. For this guide, we’ll be sticking to Metamask.
3. On your wallet, make sure that you’ve selected the Binance Smart Chain as your primary network. 
4. Copy your wallet address.

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 BSC or select it from the list below.
4. Now, click on the BSC icon.
5. Name your wallet anything you would like.
6. Paste your BSC wallet address.
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.
9. Sit back and let Kryptos generate the report for you!

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Integrating EVMs automatically with Ethereum Address

Kryptos supports a multi-integration mode which is the first of its kind in the Crypto Space. Just integrate your Ethereum wallet & Kryptos will automatically identify the EVM chains linked to your Ethereum wallet address.

While integrating your Ethereum wallet, select all the EVM chains that you want to generate your tax reports from & Kryptos will automatically import all the transactions. 

In the above example, while integrating the Ethereum wallet, Kryptos detected Arbitrum linked with the same address.

From here, you can choose to select or deselect the EVM & generate your DeFi tax reports Stress-Free!

How are BSC 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 BSC transactions.

• Income Tax- If you are earning rewards (e.g. through lending or staking) or 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, BNB, USDT, CAKE, etc.), you incur capital gains tax. 

Essential things to keep in mind while integrating BSC

• In your wallet, make sure you’ve selected the correct network.
• Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting BSC 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 a critical or urgent issue 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.

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