Voyager Taxes Guide
15 Dec, 2022 · 4 min read
Have you traded crypto, earned interest, or paid for products with Voyager? If you used Voyager this year as a US resident, you would have some crypto tax reporting to do.
Voyager was one of the crypto providers suffering from unfortunate events this year, which affected the market and led to its current state.
However, there are still reporting requirements to follow and taxes to pay for crypto traders who have used Voyager. Discover everything you need to do your Voyager taxes in this guide.
Do you pay taxes on Voyager?
If you traded on Voyager this year, you would have to report the gain/loss on each trade and be subject to capital gains taxes in the US.
In the US, crypto-to-crypto and crypto-to-FIAT trades are taxable events, subject to capital gains taxes, ranging from 0% to 37%, depending on your holding period and other factors.
Is earning interest from Voyager taxable?
If you earned interest rewards from Voyager’s crypto interest products, you would be taxed at an ordinary income level.
When you receive each crypto interest reward, you should report it according to its Fair Market Value (in USD) at that time.
That interest will be taxed at your ordinary income tax level, accounting for your entire income for the year, and be reported on your income tax return.
Do you pay taxes when purchasing crypto with the Voyager debit card?
Yes. In the US, if you use a crypto debit card to purchase products/services, you’ll be taxed at the capital gains levels.
In the US, purchasing services/goods with crypto is treated as a disposal of your originally bought crypto, thus triggering a taxable event (the same as selling your crypto for FIAT).
As a result, you’ll be taxed at a capital gains level, depending on the holding period for the crypto you used for the purchase.
Where do I get Voyager tax forms?
You can export your Voyager trades from the application and then easily import them into a crypto tax software like CoinTracking, where your gains will be determined, and you can also generate a tax report with all your trading information.
Here’s to download tax info from Voyager and import it into CoinTracking:
- Login into your Voyager account and navigate to the export page;
- Select: Would you like a CSV of all transactions? -> Yes;
- Fill the rest of the form;
- Upload the CSV file here.
Does Voyager work with TurboTax?
After you import your trades from Voyager into CoinTracking and generate your tax report, you can import it into TurboTax with our integration.
Here’s how to calculate your crypto gains with CoinTracking and download your data for TurboTax:
- Import your crypto trades from 100+ exchanges into CoinTracking
- We calculate your crypto gain/losses according to your desired accounting method (from 13 available)
- Generate a tax report for the year
- Click on “Load Report” and then select TurboTax from the options
- If you have less than 2251 transactions (TurboTax limit), click on “Download your capital gains data” to download the file for TurboTax
- If you have more than 2251 transactions, download the “capital gains data summarized”
Can I write off crypto losses from Voyager?
In the US, you can deduct capital losses against capital gains from crypto trades or other investments such as stock trades. Additionally, you can deduct up to $3,000 of net capital loss each year and carry over any remaining capital losses to the following years.
If you lost money by trading on Voyager, you could determine those losses and offset your other capital gains. Learn more about deducting crypto losses on taxes.
If you have crypto locked up in Voyager due to its bankruptcy, you will need to wait until the bankruptcy process has been completed and the payout for each customer has been determined before you can claim a loss deduction for the funds you cannot recover.
Does Voyager report to the IRS?
As any crypto provider in the US, Voyager may be asked by the IRS or other authorities to provide customer information for tax purposes or other motives.
How to report your Voyager taxes?
If you have crypto gains from trading on Voyager, you would have to report them on Form 8949 and Schedule D of your Form 1040.
If you earned crypto interest, you would have to report it on your individual tax return (Schedule B).
You can easily report your crypto gains and income by importing your trades to CoinTracking and generating tax reports.
The best crypto tax software: CoinTracking
The best crypto tax software in the market is CoinTracking.
You can import your trades using CSV or API, track your gains/losses, and generate tax reports according to your preferred accounting method.
CoinTracking is your full crypto tax solution for:
- Importing (API & CSV) your trades from 110+ exchanges.
- DeFi and NFT support with our ETH+DEX importer.
- Importing your Binance Chain, Binance Smart Chain, and MATIC transactions.
- 25+ advanced reports, including which coins offer you a tax-free rate.
- Automatic capital Gains, according to 12 accounting methods (e.g., FIFO, LIFO, HMRC, ACB), accepted worldwide.
- Generating complete Tax Reports in your country.
Moreover, CoinTracking can easily classify all your earnings from yield farming, liquidity pools, crypto staking, and much more.
Crypto taxes with no errors: CoinTracking Full Service in the US.
CoinTracking also offers a Full Service for US traders. A crypto reconciliation tax expert from Polygon Advisory Group, a leading US crypto tax firm, will review your CoinTracking account, help fix any errors, and ensure you submit your crypto tax reports error-free.
This post is part of the Crypto Taxes AMA series. Follow our weekly AMAs on Twitter where our expert CPA, Sharon Yip answers your crypto tax questions. You can download 35+ AMA crypto tax reports for free.
Disclaimer: All the information provided above is for informational purposes only and should not be considered as professional investment, legal, or tax advice. You should conduct your own research or consult with a professional financial advisor when investing.