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How to Report Your Kraken Taxes

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

API Import
CSV File Upload
Connect to Kraken

Supported transactions

To calculate your taxes accurately, you must import all transactions from Kraken to Coinpanda. Coinpanda supports the following transactions from Kraken today:

Tx TypeAPI importCSV file upload
DepositsCheck solid greenCheck solid green
WithdrawalsCheck solid greenCheck solid green
TradesCheck solid greenCheck solid green
Staking rewardsCheck solid greenCheck solid green
Realized PnL (Margin)Check solid greenCheck solid green
Trading fees (Margin)Check solid greenCheck solid green
Funding payments (Margin)Check solid greenCheck solid green

How to connect Kraken 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 Kraken account to Coinpanda with API:

  1. Go to Kraken Pro, click the user icon in the top-right corner, and click ‘Settings’
  2. Select the ‘API’ tab
  3. Click ‘Create API key’
  4. Give the keys a name (ex: Coinpanda)
  5. Enable permissions for the following:
    • Query Funds
    • Query open orders & trades
    • Query closed orders & trades
    • Query ledger entries
    • Export data
  6. Leave the options below unchecked and click ‘Generate key’
  7. Enter the 2FA code and click ‘Authorize’
  8. Copy the API Key and Private Key to Coinpanda

Please ensure you have given the permissions listed above while creating the API keys. You can also change the permissions for keys created earlier. Your transaction history cannot be imported unless the correct permissions are granted.

How to connect Kraken with CSV

Follow these steps to export your transactions from Kraken:

  1. Log in to your Kraken account and click ‘Transactions’ in the left-side menu
  2. Select a date range covering your entire transaction history
  3. Click ‘Export’
  4. Select ‘Generate’ for CSV file
  5. Download the file when ready
  6. Upload the CSV file to Coinpanda

Trades CSV

  1. Go to Kraken Pro and select ‘History’ in the top menu
  2. Select ‘Trades’ in the ‘Export type’ dropdown
  3. Keep all fields selected (10) and CSV as file format
  4. Select a date range covering your entire transaction history
  5. Click ‘Submit’ and download the CSV file when ready
  6. Upload the CSV file to Coinpanda

How are Kraken transactions taxed?

The exact tax implications on Kraken 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 Kraken.

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

How do I file my Kraken taxes?

First, you must calculate capital gains and income from all taxable transactions on Kraken. 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 Kraken. 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 Kraken 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 Kraken transactions to Coinpanda?

While we strive every day to ensure the highest possible accuracy for importing transactions from Kraken 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 Kraken API
  • Updated CSV file format
  • Kraken 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 Kraken 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 Kraken provide tax documents?

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

How do I get Kraken tax documents?

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

Does Kraken provide financial or end-of-year statements?

No, Kraken 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 Kraken?

Yes, all transactions on Kraken 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 Kraken taxable?

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

How do I avoid paying taxes on Kraken?

It is impossible to avoid paying taxes completely on Kraken 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 Kraken calculate my taxes?

Kraken 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 Kraken your entire life, it could technically do so.

Is Kraken safe?

Kraken is generally considered to be a safe exchange. Although Kraken 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 Kraken.

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