How To Calculate Your Poloniex Taxes With Kryptos

Poloniex is one of the most popular exchanges in the world for crypto trading. If you are using Poloniex, 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 Poloniex account to Kryptos. To do this, you can use any of the following three methods: 
3. API. Add API Keys to Kryptos 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. Kryptos automatically categorizes all your Poloniex 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 Poloniex
9. Generate the Poloniex tax report for free and download it once everything looks good
10. File your Poloniex taxes online or leverage our crypto tax accountant network to help you out

How To Connect Poloniex With Kryptos Using API

On Poloniex :

1. Log in to your Poloniex account on the Poloniex website.
2. Click on Profile Icon from the top menu.
3. From the dropdown, click on "Security".
4. Select the "API Keys" menu for Spot Trading, Margin Trading & wallet history.
5. Click on "Create API"
6. In the pop-up screen, under Permissions, make sure Trade & Withdrawal is Unchecked.
7. You can choose to restrict IP addresses for additional security, however you can choose Unrestricted under IP Address Restrictions.
8. Click on "NEXT" button.
9. You will be asked to enter your 2-Factor Authentication (2FA) code.
10. Once you have entered the code, you will be provided with your API key and API secret. 
11. Alternatively, select "Futures API Keys" tab if you only want your Futures History.
12. Under API Label, name the key anything & add a passphrase that works like a password to access the API Key.
13. Click on Create to make a Futures-Only API Key.
14. Make sure to copy these down and store them in a secure location.

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

On Poloniex :

On Poloniex, you have to include various types of CSV files in order to generate an error-free tax report. Deposit History, Withdraw History, Spot Trade History, Futures History, Borrowing History, and Repayments History CSV files are included. To download all of the relevant CSV files, follow these steps:

1. Log in to your Poloniex account.
2. Click on Activity from the top menu.
3. On the Wallet tab, under Withdrawals, click on Export.
4. Choose Withdrawal under Activity & select your date range. Click Download.
5. Repeat this for Deposits under Activity.
6. Next, select Spot Orders from the tab above, navigate to Trade History.
7. Click on Export, select a time range & click Download.
8. Repeat the steps for Borrowing & Repayments.
9. Now, go to Futures tab, click on PnL History, select your time range & click on Export CSV.
10. All the downloaded files will be located on your Downloads folder by default.

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 Poloniex or select it from the list below.
4. Now, click on the Poloniex icon.
5. Choose Upload CSV.
6. Name your wallet anything you would like.
   
7. Drag and Drop all the downloaded files.
   
8. Select your Time Zone.
9. Click on Import Your Transactions. All transactions are imported and tagged by default.
10. 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 Poloniex 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 Poloniex 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 Poloniex

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