Binance Tax is a new and free product that allows you to calculate your cryptocurrency tax liabilities. You can view and edit your transactions and generate your tax report for the AY 2022 on the Binance Tax tool.
Binance Tax is not an obligation for users. It is simply a tool you can use to unlock the freedom of money. You can use Binance Tax to calculate your tax obligations on trades performed on the Binance platform. Binance Tax will cover other blockchains, exchanges, and wallets soon.
Please note that Binance Tax is currently only available to French and Canadian Binance users. We are working hard to make this product available to additional countries.
How to set up Binance Tax?
Visit the Binance Tax Tool. Click [Get Started] and log in to your Binance account.
If this is your first time logging in to the tool, you will be prompted to select your tax jurisdiction and cost basis method. The information required might differ by country. Click [Confirm] to save.
You may edit them later from [Profile] - [Account setting].
Once logged in, you will see all your Binance transactions. You can filter the transactions by transaction status, type, currency, and date.
How to make the most of Binance Tax to ensure the accuracy of tax transactions?
Editing a Transaction
1. Click [Edit] next to the transaction you want to edit.
2. You can only edit certain details of the transaction. For example, for a buy transaction, you can only edit the fee amount, fee net worth, and comment.
Click [Confirm] to save your changes.
3. You will be notified once the transaction is edited. Please note that your taxes may be recalculated after editing a transaction.
Ignoring a Transaction
If you don’t want to include a transaction in the tax report calculation, you may ignore it. Please note that your taxes will be recalculated after ignoring a transaction.
1. Click [...] next to the transaction and click [Ignore transaction].
2. Click [Confirm] on the pop-up.
3. The ignored transaction will be crossed and grayed out. Please note that you cannot edit the ignored transaction.
If you want to include the transaction again, click [...] - [Include transaction].
Adding a transaction
You may also add transactions conducted outside of Binance to Binance Tax.
1. Click [+ Add Transaction].
2. Select the transaction type (buy, sell, trade, send, convert, transfer, cost, deposit, withdraw). Then, choose the date and time of the transaction and enter the details. You may also add a comment for your own reference. Click [Confirm].
3. You will be notified once the transaction is successfully added.
How to generate and download my tax report?
1. Click [Tax Reports] at the top.
2. You will see an overview of your tax reports, and a summary of your capital gains and income gains below. Click [Generate] under [Transactions Report].
3. Read and agree to the disclaimer and click [Generate].
4. Your request will be processed, and you will be notified once it’s ready.
5. To download your report, click [Export History].
6. You will see a list of the available reports. Click [Download] next to the one you want to download, and a CSV file will be saved to your computer.