How To Calculate Your Kraken Taxes With Kryptoskatt

Kraken is one of the most popular exchanges in the world for crypto trading. If you are using Kraken, 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 Kraken 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 Kraken 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 Kraken
9. Generate the Kraken tax report for free and download it once everything looks good
10. File your Kraken taxes online or leverage our crypto tax accountant network to help you out

How To Connect Kraken With Kryptoskatt Using API

On Kraken :

1. Log in to your Kraken account and navigate to the "API" tab in the top navigation bar.
2. Click on the "Generate New Key" button.
3. Choose a name for your API key and select the permissions you want to grant to this key. To make the key read-only, make sure to deselect the "Trading" and "Funding" checkboxes, leaving only the "Query Funds" and "Query Open Orders/Trades" checkboxes selected.
4. Set the other parameters as per your preferences. For example, you can choose the duration of the key's validity and set IP restrictions.
5. Click on the "Generate Key" button to create the key.
6. Once the key is generated, you will be able to view the "API Key" and "API Secret" values. Make sure to copy and save them in a secure location, as you won't be able to view the API secret again.

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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 Kraken or select it from the list below.
4. Now, click on the Kraken 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 Kraken With Kryptoskatt Using CSV

On Kraken :

1. Sign into your Kraken account and click on the History tab.
2. Click on the Export tab.
3. Select Ledgers, specify the time range you have traded in Kraken, then click Submit.
4. Once the CSV file is generated, click on the dot icon on the right and choose Download.

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 Kraken or select it from the list below.
4. Now, click on the Kraken 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 Kraken 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 Kraken 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 Kraken

1. When importing a CSV file, match your Kraken 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 Kraken 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.