Have you been receiving, sending, or holding crypto on Ledger? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for Ledger by following these steps:
Create a free account and add your Ledger addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from Ledger
Wait for Coinpanda to calculate capital gains for your Ledger transactions automatically
Download your Ledger tax report
File your Ledger taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Ledger to Coinpanda. Coinpanda supports the following transactions from Ledger today:
CSV file upload
How to connect Ledger 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 Ledger account to Coinpanda with API:
Open the Ledger Live desktop app
Select ‘Accounts’ in the left side menu
Select the relevant account
For Bitcoin, Bitcoin Cash, Dash, Dogecoin, Litecoin, and Zcash wallets:
Click the wrench icon (top-right side)
Copy the HD wallet address prefixed with ‘xpub’ between the quotes
For all other coins:
View the list of transactions and addresses in the wallet
Copy each address to Coinpanda
How to connect Ledger with CSV
Follow these steps to export your transactions from Ledger:
Open the Ledger Live desktop app
Click the settings icon in the top right corner
Select the ‘Accounts’ tab
Click the ‘Save’ button for ‘Operation history’
Select the accounts you wish to export the history for
Upload the CSV file to Coinpanda
How are Ledger transactions taxed?
The exact tax implications on Ledger 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 Ledger.
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 Ledger, 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 Ledger transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Ledger taxes?
First, you must calculate capital gains and income from all taxable transactions from Ledger. 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 Ledger. 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 Ledger 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.
How do I troubleshoot the imported Ledger transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Ledger 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 Ledger API
Updated CSV file format
Ledger 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, Ledger does not provide complete and ready-to-file tax documents. This is because Ledger does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get Ledger tax documents?
The easiest way to get tax documents and reports is to connect Ledger with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Ledger.
Does Ledger provide financial or end-of-year statements?
No, Ledger 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 Ledger?
Yes, all transactions using Ledger 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 Ledger taxable?
No, transferring cryptocurrency to Ledger is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Ledger?
It is impossible to avoid paying taxes completely for Ledger 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.