If you have been trading, staking, or earning crypto on Independent Reserve, you must also calculate your taxes for all transactions. Coinpanda makes calculating crypto tax for Independent Reserve quick and easy by following these steps:
Create a free account and connect Independent Reserve to Coinpanda safely and securely
Next, Coinpanda will import all your trades, deposits, withdrawals, and rewards from Independent Reserve
Wait for Coinpanda to automatically calculate capital gains and income for your Independent Reserve transactions
Download your Independent Reserve tax report
File your Independent Reserve taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Independent Reserve to Coinpanda. Coinpanda supports the following transactions from Independent Reserve today:
CSV file upload
How to connect Independent Reserve 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 Independent Reserve account to Coinpanda with API:
Give the keys a description (ex: Coinpanda) and leave the IP address field empty
Copy the API key and API secret to Coinpanda
How to connect Independent Reserve with CSV
Follow these steps to export your transactions from Independent Reserve:
Hover over ‘TAX AND REPORTS’ and select ‘Reports’
Select ‘Transaction History Report’
Select a date range covering your entire transaction history
Select CSV format and click ‘Download’
Upload the CSV file to Coinpanda
How are Independent Reserve transactions taxed?
The exact tax implications on Independent Reserve 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 Independent Reserve.
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 Independent Reserve, 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 Independent Reserve transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Independent Reserve taxes?
First, you must calculate capital gains and income from all taxable transactions on Independent Reserve. 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 Independent Reserve. 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 Independent Reserve 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 Independent Reserve taxes
Sign up free today to calculate your Independent Reserve taxes
How do I troubleshoot the imported Independent Reserve transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Independent Reserve 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 Independent Reserve API
Updated CSV file format
Independent Reserve 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 Independent Reserve 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.
No, Independent Reserve does not provide complete and ready-to-file tax documents. This is because Independent Reserve does not have knowledge of your transactions on other exchanges, platforms, or from your self-custody wallets.
How do I get Independent Reserve tax documents?
The easiest way to get tax documents and reports is to connect your Independent Reserve account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Independent Reserve.
Does Independent Reserve provide financial or end-of-year statements?
No, Independent Reserve 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 Independent Reserve?
Yes, all transactions on Independent Reserve 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 Independent Reserve taxable?
No, transferring cryptocurrency to Independent Reserve is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Independent Reserve?
It is impossible to avoid paying taxes completely on Independent Reserve 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 Independent Reserve calculate my taxes?
Independent Reserve 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 Independent Reserve your entire life, it could technically do so.
Is Independent Reserve safe?
Independent Reserve is generally considered to be a safe exchange. Although Independent Reserve 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 Independent Reserve.