📢 We're launching a brand new crypto tax app—DeFi & NFTs included. Join the waitlist for early access 🔥
KrakenKraken

How to Do Your Kraken Taxes

CryptoTrader.Tax imports Kraken data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

Kraken Tax Reporting

You can generate your gains, losses, and income tax reports from your Kraken investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • Kraken exports a complete Transaction History file to all users. Simply navigate to your Kraken account and download your transaction history from the platform.
  • Import your transaction history directly into CryptoTrader.Tax. Import the file as is. No manual work is required!
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Kraken Tax Reporting

You can generate your gains, losses, and income tax reports from your Kraken investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below.

  • Kraken supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CryptoTrader.Tax to your Kraken account with the read-only API.
  • Let CryptoTrader.Tax import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Kraken Tax Reporting

You can generate your gains, losses, and income tax reports from your Kraken investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Kraken account with CryptoTrader.Tax via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your Kraken Transaction History CSV file to CryptoTrader.Tax. You can download your Transaction History CSV directly from Kraken and import it into CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Kraken Tax Reporting

You can generate your gains, losses, and income tax reports from your Kraken investing activity by connecting your account with CryptoTrader.Tax. There are a couple different ways to connect your account and import your data:

  • Automatically sync your Kraken account with CryptoTrader.Tax by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Kraken Transaction History CSV file to CryptoTrader.Tax

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Kraken Tax Reporting

You can generate your gains, losses, and income tax reports from your Kraken investing activity by connecting your account with CryptoTrader.Tax. Connect your account by importing your data through the method discussed below:

  • Navigate to your Kraken account and find the option for downloading your complete transaction history.
  • Import your transaction history directly into CryptoTrader.Tax by mapping the data into the preferred CSV file format.
  • CryptoTrader.Tax automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Kraken Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Kraken. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Kraken's reporting is that it only extends as far as the Kraken platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Kraken, Kraken can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CryptoTrader.Tax is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CryptoTrader.Tax works here.

How to Do Your Kraken Taxes

If you’re using Kraken to trade cryptocurrency, you need to report that activity on your taxes.

Unfortunately, this can be challenging due to the transferable nature of cryptocurrencies. 

Luckily, Kraken customers can still stay compliant with IRS guidelines — provided they take the right steps to stay on top of their transactions. Let’s break down how you can accurately report all of your Kraken transactions to the IRS. 

What is Kraken? 

Originally founded in 2011, Kraken is one of the largest US-based cryptocurrency exchanges. In 2021, it was estimated that Kraken had more than 6 million users and was the fifth-largest exchange in the world by transaction volume. 

How do I calculate my cryptocurrency taxes on Kraken? 

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

To do this, you’ll need data on all of the cryptocurrency transactions you’ve been involved with on Kraken and on any other exchange you’ve interacted with. 

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you’re based in the United States, you can learn which forms you need to fill out in our blog post: How to Report Cryptocurrency On Your Taxes.

Does Kraken report to the IRS? 

Yes. Kraken sends data on users with more than $20,000 in transaction volume to the IRS. In the future, Kraken will also be sending out 1099’s that report on your cryptocurrency transactions to the IRS as a result of the U.S. infrastructure bill.

Why doesn’t Kraken generate my tax forms for me? 

There’s a reason why Kraken and other cryptocurrency exchanges struggle to provide full tax reporting for their customers. 

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Kraken. In addition to trading on Kraken, they may conduct additional trades on other exchanges or use self-custodied wallets. 

Kraken’s reporting can only extend as far as the Kraken platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms, Kraken can't provide complete gains, losses, and income tax information.

That’s why we recommend using CryptoTrader.Tax. The software can integrate with all of your exchanges and wallet providers to track your crypto transactions across Kraken and any other platform you may be using.

Reporting your Kraken Taxes

There are two methods you can use to connect your Kraken account with CryptoTrader.Tax: manual and automatic. Let’s go through both methods. 

Method #1: Manual integration

You can manually upload your transactions to CryptoTrader.Tax with your Kraken transaction history csv file. 

1. Sign in to Kraken. 

2. Click History on the top navigation, then click Export. 

Kraken Taxes History File

3. Select Ledgers in the dropdown under “Export Data”. 

Kraken Ledgers File

4. In the time period, select when you first opened your Kraken account to the present

5. Click submit, then download the file. 

6. Kraken will give you a ledgers.zip file by default. Unzip that file so you have the .csv that is inside.

7. Upload the csv file into CryptoTrader.Tax. 

Method #2: Automatic integration

Alternatively, you can integrate your Kraken account directly with CryptoTrader.Tax to ensure that new trades are recorded automatically. First, you’ll need to create an API key to your Kraken account. 

1. Log in to your Kraken account. 

2. Click on your username on the top right corner. 

3. Click on “Security”, then API.

Kraken API tax option

4. Click “Add key”. 

Kraken API no key connected

5. Enable the following permissions. 

  • Query Funds
  • Query Closed Orders & Trades
  • Query Ledger Entries

6. Click Save. Remember to save your API key in a secure location! 

7. Navigate to the Kraken tab inside CryptoTrader.Tax and enter your API Key and API Secret. 

CryptoTrader.Tax and Kraken Tax Reporting

With these permissions, CryptoTrader.Tax won’t be able to make any changes to your account. It will only pull the information needed to properly report your taxes. 

You’ll need to follow this same process with any other exchange or wallet you’re using. Check out our full list of integrations to find out how to connect your other platforms. 

Once you’ve recorded all of your relevant transactions, your crypto tax forms will be ready for download. You can file them yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How does cryptocurrency tax software help?

By integrating with your crypto exchanges and wallets and consolidating your data, CryptoTrader.Tax is able to track your profits, losses, and income and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free! 

Calculate Your
Crypto Taxes

  • No obligations.
  • No credit card needed.
  • Instant tax forms.
Get Started For Free
Tax Calculator