Have you been receiving, sending, or holding crypto on SafePal? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for SafePal by following these steps:
Create a free account and add your SafePal addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from SafePal
Wait for Coinpanda to calculate capital gains for your SafePal transactions automatically
Download your SafePal tax report
File your SafePal taxes before the deadline
To calculate your taxes accurately, you must import all transactions from SafePal to Coinpanda. Coinpanda supports the following transactions from SafePal today:
CSV file upload
How to connect SafePal 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 SafePal account to Coinpanda with API:
Log in to the SafePal wallet app
Select the blockchain you want to connect
Click on the copy icon next to your public address at the top of the screen
Add the public address to Coinpanda
Repeat the previous steps for all blockchains you want to connect
How to connect SafePal with CSV
Follow these steps to export your transactions from SafePal:
Log in to your account on SafePal
Look for a page or button on SafePal to export a CSV file containing your transaction data
Remember to export files for all your transactions:
Upload the CSV file(s) to Coinpanda
Unfortunately, SafePal does not allow exporting your transaction history as a CSV file. Because of this, the best solution is to import using API in most cases. If you still want to use file upload, you can try exporting a CSV file from any block explorer.
How are SafePal transactions taxed?
The exact tax implications on SafePal 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 SafePal.
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 SafePal, 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 SafePal transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my SafePal taxes?
First, you must calculate capital gains and income from all taxable transactions from SafePal. 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 SafePal. 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 SafePal 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 SafePal taxes
Sign up free today to calculate your SafePal taxes
How do I troubleshoot the imported SafePal transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from SafePal 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 SafePal API
Updated CSV file format
SafePal 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, SafePal does not provide complete and ready-to-file tax documents. This is because SafePal does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get SafePal tax documents?
The easiest way to get tax documents and reports is to connect SafePal with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for SafePal.
Does SafePal provide financial or end-of-year statements?
No, SafePal 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 SafePal?
Yes, all transactions using SafePal 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 SafePal taxable?
No, transferring cryptocurrency to SafePal is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on SafePal?
It is impossible to avoid paying taxes completely for SafePal 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.