Have you been receiving, sending, or holding crypto on 1inch Wallet? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for 1inch Wallet by following these steps:
Create a free account and add your 1inch Wallet addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from 1inch Wallet
Wait for Coinpanda to calculate capital gains for your 1inch Wallet transactions automatically
Download your 1inch Wallet tax report
File your 1inch Wallet taxes before the deadline
To calculate your taxes accurately, you must import all transactions from 1inch Wallet to Coinpanda. Coinpanda supports the following transactions from 1inch Wallet today:
CSV file upload
How to connect 1inch Wallet with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Follow these steps to add your 1inch Wallet account to Coinpanda with API:
Select the relevant cryptocurrency.
Paste your xPub address or public address.
How to connect 1inch Wallet with CSV
Follow these steps to export your transactions from 1inch Wallet:
Log in to your account on 1inch Wallet
Look for a page or button on 1inch Wallet to export a CSV file containing your transaction data
Remember to export files for all your transactions:
Upload the CSV file(s) to Coinpanda
How are 1inch Wallet transactions taxed?
The exact tax implications on 1inch Wallet 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 using 1inch Wallet.
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 using 1inch Wallet, such as staking, interest, and airdrops, is typically seen as taxable income from a tax perspective and must be reported in your tax return.
To learn more about how 1inch Wallet transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my 1inch Wallet taxes?
First, you must calculate capital gains and income from all taxable transactions from 1inch Wallet. 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 using 1inch Wallet. 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 1inch Wallet 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 1inch Wallet taxes
Sign up free today to calculate your 1inch Wallet taxes
How do I troubleshoot the imported 1inch Wallet transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from 1inch Wallet 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 1inch Wallet API
Updated CSV file format
1inch Wallet 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 any block explorer with the transactions imported into your Coinpanda account. See also our help article with an overview of known wallet API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
No, 1inch Wallet does not provide complete and ready-to-file tax documents. This is because 1inch Wallet does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get 1inch Wallet tax documents?
The easiest way to get tax documents and reports is to connect 1inch Wallet with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for 1inch Wallet.
Does 1inch Wallet provide financial or end-of-year statements?
No, 1inch Wallet 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 for using 1inch Wallet?
Yes, all transactions using 1inch Wallet involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, airdrops, or interest.
Is transferring to 1inch Wallet taxable?
No, transferring cryptocurrency to 1inch Wallet is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on 1inch Wallet?
It is impossible to avoid paying taxes completely for 1inch Wallet 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.