Binance.US Introduces Updated Tax Reporting Tool to Help Users File Taxes

Binance.US is making it easier for users to complete their tax returns by upgrading our tax reporting tool. In this article, we’ll show you how you can prepare for the tax season and export your transaction history.

Filing cryptocurrency taxes can be complicated, especially for those who are new to crypto. As part of our ongoing efforts to improve your crypto experience, we’re now making it easier for U.S. taxpayers to prepare for the tax filing season. Starting today, Binance.US users can use the Export Statement tool to access their full annual or quarterly transaction history, including all trades (incl. buys and sells), deposits and withdrawals, over-the-counter (OTC) trades, and distribution statements.

If you’ve sold cryptocurrency at a profit, used it to buy goods or services, traded one cryptocurrency for another, or generated other taxable events, you may owe taxes on your cryptocurrency transactions. Learn whether or not your cryptocurrency transactions qualify as a taxable event by reading our Cryptocurrency Tax Reporting 101 guide.

When preparing for the tax filing season, it’s important for users to maintain records of all cryptocurrency transactions they’ve made. That’s where the new Export Statement tool comes in.

How do I export my transaction history?

Export your transaction history in three easy steps:

  1. Log in to your account and click on Wallet, located on the navigation bar at the top of the screen.
  2. Next, click on Export Statement and complete the steps that appear on-screen to retrieve your annual or quarterly statement. Alternatively, you can access the Basic Info page, located in your User Profile, to export your statements.
  3. Save to your files or print.

We’ve also prepared a step-by-step guide on how to export your transaction history.

Annual or quarterly statements will be available once the reporting period ends, meaning your Q4 2021 statement and 2021 annual statement will be available from January 1, 2022. You can only access statements from after your Binance.US registration date. For example, if you registered for an account in 2021, you won’t be able to export statements from 2020. Please note, the Export Statement tool differs from the Trade History page, which only displays cryptocurrency orders within a user-selected period of up to 90 days.

At this time, the Export Statement tool is only available on the web, with Binance.US app support coming at a later date.

Do I owe taxes on my cryptocurrencies?

If you’re a U.S. resident who trades cryptocurrency, you may have tax filing obligations. Learn the basics when it comes to cryptocurrency tax reporting.

We’re always looking for new ways to improve your crypto experience. As the tax filing season approaches, we hope the Export Statement tool can help you organize your transaction records.

Disclaimer: BAM Trading Services Inc. (“Binance.US”) does not provide tax advice. We recommend contacting a tax professional for your specific tax situation. This article is for educational purposes only.

Share this article: Link copied to clipboard!

You might also like...

Carol MacKinlay Joins Binance.US as Chief People Officer

All About yearn.finance (YFI)

Binance.US Names Brian Shroder CEO