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How to Report Your Binance Isolated Margin Taxes

Coinpanda integrates directly with Binance Isolated Margin to simplify your tax reporting. Learn how to calculate your taxes and generate all required tax documents for Binance Isolated Margin quickly.

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Connect to Binance Isolated Margin

How to connect Binance Isolated Margin 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 Binance Isolated Margin account to Coinpanda with API:

  1. Go to the Binance API page by hovering over the user icon in the top header and then click ‘API Management’
  2. Click on ‘Create Tax Report API’
  3. Click ‘Get code’ to receive a verification code to your email address
  4. Enter the verification code and your 2FA code if required, then click ‘Submit’
  5. Copy the API Key and Secret Key to Coinpanda

Please note that Binance does not provide accurate data for all margin transactions. We encourage you to check and verify all imported transactions carefully to ensure that your tax report is as accurate as possible. Please contact us in the live chat if you believe one or more transactions are missing and/or imported incorrectly.

Secondly, calculating taxes for margin trading on Binance is not only very complex, but it is also not clarified from a legal or tax perspective how margin trading, including borrowing coins and repaying loans, should be reported and how it affects the tracking of cost basis. Due to these reasons, we do not guarantee that our interpretation of how to handle margin trading on Binance for tax purposes is, in fact, correct. If you are in doubt, we highly encourage you to contact a tax professional in your country for advice.

How to connect Binance Isolated Margin with CSV

Follow these steps to export your transactions from Binance Isolated Margin:

  1. Go to the Transaction History page by hovering over ‘Wallet’ in the top header and clicking ‘Transaction History’
  2. Click on ‘Generate all statements’ in the top-right corner
  3. Select a custom time period (max range is 12 months)
  4. Select ‘All’ for both Account and Coin, and uncheck ‘Hide transfer record’
  5. Click ‘Generate’ and download the file when ready
  6. Repeat the previous three steps until your entire trading history is covered
  7. Upload the CSV file(s) to Coinpanda

The ‘Statements’ CSV file can be uploaded to any Binance wallet on Coinpanda. Only the relevant transactions will be imported into each wallet, so you do not need to edit any files. Duplicate transactions will not be imported.

How are Binance Isolated Margin transactions taxed?

The exact tax implications on Binance Isolated Margin 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 Isolated Margin.

  • 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 Isolated Margin, 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 Isolated Margin transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.

How do I file my Binance Isolated Margin taxes?

First, you must calculate capital gains and income from all taxable transactions on Binance Isolated Margin. 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 Isolated Margin. 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 Isolated Margin 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.

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How do I troubleshoot the imported Binance Isolated Margin transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy for importing transactions from Binance Isolated Margin 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 Isolated Margin API
  • Updated CSV file format
  • Binance Isolated Margin 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 Isolated Margin 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.

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Frequently asked questions

Does Binance Isolated Margin provide tax documents?

No, Binance Isolated Margin does not provide complete and ready-to-file tax documents. This is because Binance Isolated Margin does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.

How do I get Binance Isolated Margin tax documents?

The easiest way to get tax documents and reports is to connect your Binance Isolated Margin account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Binance Isolated Margin.

Does Binance Isolated Margin provide financial or end-of-year statements?

No, Binance Isolated Margin 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 Isolated Margin?

Yes, all transactions on Binance Isolated Margin 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 Isolated Margin taxable?

No, transferring cryptocurrency to Binance Isolated Margin is not taxed as long as you transfer between your personal wallets or exchange accounts.

How do I avoid paying taxes on Binance Isolated Margin?

It is impossible to avoid paying taxes completely on Binance Isolated Margin 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 Isolated Margin calculate my taxes?

Binance Isolated Margin 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 Isolated Margin your entire life, it could technically do so.

Is Binance Isolated Margin safe?

Binance Isolated Margin is generally considered to be a safe exchange. Although Binance Isolated Margin 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 Isolated Margin.

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