How to do your Binance US taxes
If you have been trading, staking, or earning crypto on Binance US, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Binance US quick and easy by following these steps:
- Create a free account and connect Binance US to Coinpanda safely and securely
- Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Binance US
- Wait for Coinpanda to automatically calculate capital gains and income for your Binance US transactions
- Download your Binance US tax report
- File your Binance US taxes before the deadline
Supported transactions
To calculate your taxes accurately, you must import all transactions from Binance US to Coinpanda. Coinpanda supports the following transactions from Binance US today:
| Tx Type | API import | CSV file upload |
|---|---|---|
| Trades |  | |
| Deposits and withdrawals | | |
| Airdrops/Rewards/Distributions | | |
| Dust to BNB conversion | | |
| Fiat purchases | | |
RECOMMENDED
How to connect Binance US with API
We are only requestingview permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your Binance US account to Coinpanda with API:
- Hover over your email address in the top-right corner and click ‘Export Reports’
(https://www.binance.us/settings/reports) - Click on ‘Generate Tax API’ under Tax API
- Create a new API key and enter your 2FA code if required
- Check your email for the verification email
- Copy your API Key and Secret Key to Coinpanda
How to connect Binance US with CSV
Follow these steps to export your transactions from Binance US:
- Hover over your email address in the top-right corner and click ‘Export Reports’
(https://www.binance.us/settings/reports) - Click on ‘Generate Reports’ under History & Tax Reports
- Select ‘Tax’
- Select ‘Yearly Report’
- Select ‘Transaction Tax Report’ in the From Type dropdown
- Select a year in the Year dropdown – Remember that you must export the history of all years of trading!
- Select ‘CSV File’ and then click ‘Generate’
- Upload your CSV file(s) to Coinpanda
How are Binance US transactions taxed?
The exact tax implications on Binance US transactions depend on which country you live in and the type of transactions you have made. In general, you must pay either capital gains tax or income tax on your cryptocurrency transactions on Binance US.
- Capital gains tax: Whenever you sell a cryptocurrency for more than you purchased it for, you generate a capital gain. On the other hand, if you sell the cryptocurrency for less than you paid initially, you have a capital loss, which can offset other gains in most cases.
- Income tax: Earned cryptocurrency on Binance US, such as staking, interest, bonuses, and referral rewards, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how Binance US transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Binance US taxes?
First, you must calculate capital gains and income from all taxable transactions on Binance US. When you have this information ready, you can report capital gains and income together with other forms of income such as employment and dividends in your annual tax return.
To calculate your capital gains, you must first export a complete history of all transactions made on Binance US. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your Binance US tax statements from Coinpanda, the last step is to report the capital gains and income on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
Calculate your Binance US taxes
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How do I troubleshoot the imported Binance US transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Binance US to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
- Changes in the Binance US API
- Updated CSV file format
- Binance US does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on Binance US with the transactions imported into your Coinpanda account. See also our help article with an overview of known exchange API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
Start Live Chat!
Other options for contacting support:
01
Forum
Find answers in our community forum
02
Create a support ticket by email
Frequently asked questions
Does Binance US provide tax documents?
No, Binance US does not provide complete and ready-to-file tax documents. This is because Binance US does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Binance US tax documents?
The easiest way to get tax documents and reports is to connect your Binance US account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Binance US.
Does Binance US provide financial or end-of-year statements?
No, Binance US does not provide a complete financial or end-of-year statement for your crypto transactions. However, you can get this using a crypto tax calculator.
Do I have to pay taxes on Binance US?
Yes, all transactions on Binance US involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, interest, or referral rewards.
Is transferring to Binance US taxable?
No, transferring cryptocurrency to Binance US is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Binance US?
It is impossible to avoid paying taxes completely on Binance US legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.
Can Binance US calculate my taxes?
Binance US cannot calculate your taxes since it does not have knowledge of your transactions made on other exchanges or platforms. However, if you have only interacted with crypto on Binance US your entire life, it could technically do so.
Is Binance US safe?
Binance US is generally considered to be a safe exchange. Although Binance US follows industry best practices for safety and to prevent malicious attacks, there is always a risk associated with keeping your crypto on centralized third-party exchanges including Binance US.
