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How to Report Your Binance US Taxes
Coinpanda has direct integration with Binance US to simplify tracking your trades and tax reporting. Calculate your taxes and generate all required tax reports and forms easily.
Prepare your tax forms for Binance US
There are a few ways you can import your transactions to Coinpanda:
- API import: Connect your account directly using API keys. This is the simplest way to synchronize all your trades and transactions automatically. Simply follow the steps below to get your API keys (key + secret) and your tax forms will be ready shortly.
- File upload: You can also upload a CSV/Excel file instead of connecting your account with API keys by following the steps explained below.
- Add manual: The last option is to manually add transactions one by one from the Transactions page. This is only recommended if you have very few transactions.
Remember also to tag your transactions if you have received airdrops, forks or staking rewards!
Supported transaction types
It is important that you import all transactions from Binance US to Coinpanda to calculate your taxes accurately. Coinpanda supports the following transaction types from Binance US today:
|Tx Type||API import||CSV file upload|
|Deposits and withdrawals|
|Dust to BNB conversion|
December 16th, 2021 – Important message
We have focused a lot on this integration and made several major changes and updates during the past 6 months. To make sure that our integration is as accurate as possible, *and* to avoid possible issues in the future, we have been forced to deploy changes that might not be backward compatible for all users if you have synced your wallet prior to December 16.
We recommend therefore deleting all transactions previously imported to Binance US and importing from API again to have all updates reflected. Doing this will most likely increase the accuracy of your tax reports and minimize the time you need to troubleshoot balance discrepancies, missing transactions, etc.
Import trades automatically with API
We are only requesting view permissions. This does not give us access to your private keys nor the ability to move your funds.
To add your Binance US account to Coinpanda, follow these steps:
- Go to the ‘API Management’ page by hovering over the user icon in the top header.
- Create a new API key by entering a label and clicking the ‘Create’ button.
- Enter your 2FA code if required, then check your email for the verification email sent.
- Click ‘Confirm API Key Creation’ in the email you received.
- Click ‘Edit restrictions’ and uncheck both ‘Enable Spot & Margin Trading’ and ‘Enable Withdrawals’ (only ‘Can Read’ should be checked).
- Remember to also check ‘Unrestricted’ for the IP access restrictions. Then click ‘Save’ to save the changes
- Copy your API Key and Secret Key to Coinpanda.
The Binance US API has several limitations that are important to be aware of. Please see this list for more information and how to get around this.
Upload a CSV/XLSX file to Coinpanda
- Go to the Trade History page by hovering over ‘Orders’ in the top header and click ‘Trade History’.
- Click on ‘Export Trade History’ in the top-right corner.
- Select ‘Custom’. You can export a maximum of 3 months of trade history for each file. Make sure to export files that include trades for ALL years and months you have traded on Binance US.
- Click ‘Ok’ to download the XLSX file.
- Upload your XLSX file(s) to Coinpanda.
Deposits and Withdrawals:
- Go to the Deposit & Withdrawal page by clicking on ‘Wallet’ in the top header and then select the ‘Deposits & Withdrawals’ tab.
- Click on ‘Export History’ to download the XLSX file.
- Upload your XLSX file to Coinpanda.
Binance US has currently deactivated the option for exporting the deposit and withdrawal history. We do not if they will activate this again in the future.
Binance Statements CSV:
- Go to the Wallets page by clicking on ‘Wallet’ in the top header.
- Click on ‘Export Statement’.
- Select your desired year and click ‘Generate’. Download the file when it is ready.
- Upload your CSV file(s) to Coinpanda.
The Statements CSV file is an alternative to the other files explained above. Uploading other files types in addition to the Statements CSV will result in duplicate transactions.
Binance US limitations
Both the Binance US API and file export functionality (web interface) have several limitations which are very important to be aware of.
- Trades made with delisted coins cannot be synced from API. You have basically two options to get around this if you have traded any delisted coins:
- Select the Start import from: Now option in the modal where you add API keys and upload your historical transactions with CSV/XLSX files instead.
- Add trades with delisted coins either manually, by using the Coinpanda generic file, or by uploading a CSV/XLSX file from Binance US that ONLY contains trades for delisted coins.
- For some users, the API provides data for dust to BNB conversions from the past 15 days only. You will need to check if all transactions have been imported or not after the API sync has completed. Missing transactions must be imported manually since Binance US does not allow exporting the completely history as XLSX/CSV file.
- Not all reward transactions (distributions, airdrops, bonuses, interest payments, etc) are made available from the API. You will need to verify if all transactions are imported or not.
- Crypto bought directly with fiat are not returned by the Binance US API. You will need to add these transactions manually for now.
Should you have any further questions, please contact support:
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