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How to Do Your OpenSea Taxes

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

OpenSea Tax Reporting

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

  • OpenSea exports a complete Transaction History file to all users. Simply navigate to your OpenSea 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.

OpenSea Tax Reporting

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

  • OpenSea supports importing data via read-only API. This allows automatic import capability so no manual work is required.
  • Connect CryptoTrader.Tax to your OpenSea 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.

OpenSea Tax Reporting

You can generate your gains, losses, and income tax reports from your OpenSea 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 OpenSea account with CryptoTrader.Tax via read-only API. This allows your transactions to be imported with the click of a button.
  • Upload your OpenSea Transaction History CSV file to CryptoTrader.Tax. You can download your Transaction History CSV directly from OpenSea 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.

OpenSea Tax Reporting

You can generate your gains, losses, and income tax reports from your OpenSea 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 OpenSea account with CryptoTrader.Tax by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a OpenSea 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.

OpenSea Tax Reporting

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

  • Navigate to your OpenSea 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 OpenSea Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of OpenSea. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with OpenSea's reporting is that it only extends as far as the OpenSea platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of OpenSea, OpenSea 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 OpenSea Taxes

Wondering how to report your OpenSea taxes? 

This year, OpenSea saw billions of dollars of transaction volume. While thousands of NFT creators and traders realized hefty profits while using the platform, many are unsure how to report this income on their tax returns. 

In this guide, we’ll break down what investors need to know about how NFTs on OpenSea are taxed (and share a simple step-by-step process for reporting NFT transactions on your tax return). 

What is OpenSea? 

OpenSea is the oldest and largest marketplace for NFT’s and other crypto-collectibles. OpenSea was founded in 2017 by Devin Finzer and Alex Atallah, who envisioned a future where blockchain technology would enable unique ownership of any physical or digital product. 

Today, OpenSea’s interface makes it easy to find and trade user-owned digital products. As a result, demand is growing at unprecedented rates. In August 2021, OpenSea recorded a stunning $3.4 billion in transaction volume. 

How are NFTs taxed? 

NFTs are considered property and are taxed similarly to other crypto-assets. 

When you buy an NFT with a cryptocurrency such as Ethereum, you will incur capital gains or capital losses depending on how the price of your crypto has appreciated since you originally received it. 

OpenSea tax reporting

When you sell an NFT, you will incur capital gains or capital losses depending on how the price of your NFT has fluctuated since you originally received it. 

If you mint an NFT, you will need to report proceeds from primary and secondary sales as ordinary income. 

NFT tax example

For more information, check out our guide to NFT taxes

Does OpenSea report to the IRS?

OpenSea’s privacy policy states the company reserves the right to disclose user data to stay compliant with relevant laws. In addition, it’s likely that OpenSea will be under new legal requirements to report user’s transaction activity to the IRS with the incoming passage of the U.S. infrastructure bill.

Why can’t OpenSea generate my tax forms for me?

Because of the complexities of NFT taxes, it’s difficult for any NFT marketplace to generate complete tax records. 

For example, imagine buying an NFT on OpenSea with Ethereum. How much you incur in capital gains depends on the original purchase price of your ETH. Unfortunately, NFT marketplaces like OpenSea do not have access to this information and therefore cannot help you calculate your capital gains. 

You can do all of your NFT gains and losses calculations by hand, or alternatively you can leverage crypto tax software like CryptoTrader.Tax to automate your crypto taxes

File your crypto taxes in minutes 

Trying to sort through your crypto transactions on multiple wallets and exchanges can feel stressful. CryptoTrader.Tax can help. 

With CryptoTrader.Tax, you can automatically import your crypto transactions from platforms like Coinbase and Kraken. Once your transaction data is uploaded, you can file your tax return with the click of a button. 

Get started with a free account today

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