Binance.US Tax | Crypto Tax Reports, Statements, and Tools (2024)

FAQs

How to get Binance.US tax report? ›

Log in and visit the Tax Statements portal to export a custom transaction history or tax report. Using a third party tax reporting platform? Create your tax API key to connect your Binance.US account to a trusted platform.

PDF balances - how to download your account statement

Login to Binance and follow these instructions to download your PDF account statement: Hover over the Wallet Icon, and select Account Statement. In the Date selector, select 30 June of the last financial year. Click the Export button.

As noted, Binance US does report to the IRS, and US taxpayers must report their crypto activity to the IRS.

Binance is a global cryptocurrency exchange that is not subject to the laws and regulations of any single country. However, Binance does collect and report some information to government entities, such as the IRS, when required to do so by law.

Blockpit is a trusted cryptocurrency tax calculator used by hundreds of thousands of crypto investors worldwide to accurately track and optimize Binance US transactions, and calculate gains, losses and income for tax purposes.

You may view your profit and loss analysis from the Margin Wallet on the Binance website and App. 1. If you're using the Binance website, log in to your Binance account and go to [Wallet] - [Margin]. Select [Cross] or [Isolated] and choose a period to view your PNL.

Yes. Binance US is required to report to the IRS under existing guidance and issues US users with more than $600 in income with a 1099 form.

If, you ever need to generate your Binance Account Statement, the first thing to do is to open Binance Exchange. Then scroll to the top of your screen, and click on the Wallet icon. Click Account Statement on the dropdown menu.

More recently crypto exchanges must issue 1099-K and 1099-B forms if you have more than $20,000 in proceeds and 200 or more transactions on an exchange the exchange needs to submit that information to the IRS.

Can the IRS see your Bitcoin wallet? ›

Cryptocurrencies are traceable, with transactions recorded on a public ledger accessible to the IRS. The IRS uses advanced methods to track crypto transactions and enforce tax compliance. Centralized exchanges provide user data to the IRS.

If you've undergone a know-your-client process with exchanges like Binance.US or Coinbase, the IRS can track and associate your crypto activity with you. To avoid potential complications, accurately report all crypto gains in your annual filings and work with a crypto tax professional to clarify your tax situation.

You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.

If you buy Bitcoin, there's nothing to report until you sell. If you earned crypto through staking, a hard fork, an airdrop or via any method other than buying it, you'll likely need to report it, even if you haven't sold it.

Koinly is a cryptocurrency tax calculation and reporting platform that can help you calculate your capital gains and losses from your cryptocurrency transactions. Use Koinly to connect your cryptocurrency wallets and exchanges and import your transaction history.

However, Binance might still report your crypto transactions to your country's tax authority, like the IRS or HMRC. We highly recommend tracking and reporting all relevant crypto transactions on and off the exchange to prevent audits and fines.