Have you been receiving, sending, or holding crypto on Yoroi? If yes, you may also need to calculate and report taxes for the transactions. Coinpanda can help you with calculating crypto tax for Yoroi by following these steps:
Create a free account and add your Yoroi addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from Yoroi
Wait for Coinpanda to calculate capital gains for your Yoroi transactions automatically
Download your Yoroi tax report
File your Yoroi taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Yoroi to Coinpanda. Coinpanda supports the following transactions from Yoroi today:
CSV file upload
Deposits and withdrawals
Trades and swaps
Cardano tokens incl. NFTs
All public key formats
How to connect Yoroi 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 Yoroi account to Coinpanda with API:
Log in to your Yoroi wallet
Click the settings icon on the left side
Select the ‘Wallet’ tab
Click the ‘Export’ button below Export Wallet
Copy your public key
Add your public key to Coinpanda
December 23, 2022 We have just released a brand new Cardano API integration with support for staking rewards, NFTs, and tokens to mention a few. This means you will need to reimport all transactions if you have synced your wallet with API before this date.
We strongly recommend reading the blog article about Cardano taxes explaining everything you need to know about getting your Cardano taxes as accurately as possible: https://coinpanda.io/blog/cardano-taxes/
How to connect Yoroi with CSV
Follow these steps to export your transactions from Yoroi:
Log in to your Yoroi wallet
Select ‘Transactions’ in the top menu
Click the export icon in the right corner
Leave the box unchecked and click ‘Export’
Upload the CSV file to Coinpanda
How are Yoroi transactions taxed?
The exact tax implications on Yoroi 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 Yoroi.
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 Yoroi, 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 Yoroi transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Yoroi taxes?
First, you must calculate capital gains and income from all taxable transactions from Yoroi. 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 Yoroi. 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 Yoroi 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 Yoroi transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Yoroi 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 Yoroi API
Updated CSV file format
Yoroi 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, Yoroi does not provide complete and ready-to-file tax documents. This is because Yoroi does not have knowledge of your transactions on other exchanges, platforms, or self-custody wallets.
How do I get Yoroi tax documents?
The easiest way to get tax documents and reports is to connect Yoroi with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Yoroi.
Does Yoroi provide financial or end-of-year statements?
No, Yoroi 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 Yoroi?
Yes, all transactions using Yoroi 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 Yoroi taxable?
No, transferring cryptocurrency to Yoroi is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes on Yoroi?
It is impossible to avoid paying taxes completely for Yoroi 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.