Earning crypto interest on CryptoLoan and wondering about tax consequences? Did you receive a crypto loan from CoinLoan and are not sure about taxes?
CoinLoan is one the leading crypto platforms enabling crypto earning and borrowing across countries, including the US.
Today, we cover how crypto interest is taxed in the US, the possible taxation of receiving a crypto loan, how to report your CoinLoan tax, and much more!
Key Takeaways about CoinLoan taxes
- Earning crypto interest on CoinLoan is a taxable event in the US.
- You do not have to pay taxes when you receive a crypto loan in the US.
- You can download your transactions from CoinLoan and get the tax documents necessary.
- You can report your CoinLoan taxes by importing transactions into CoinTracking and generating tax reports.
Is earning crypto interest on CoinLoan taxable?
Yes, earning crypto interest, staking rewards, or any other form of rewards/interest is a taxable event in the US, subject to income taxes.
You have to determine the Fair Market Value (in USD) of every crypto interest payment you receive at the time you receive it. That income will need to be added to your total income for the year (including non-crypto income) and be reported in your income tax return.
Your crypto tax rate will depend on the income tax bracket that you fall under (total income for the tax year). Discover how crypto interest is taxed.
Do I pay taxes if I receive a crypto loan from CoinLoan?
No, receiving a crypto loan or a regular FIAT (e.g., USD) loan is not a taxable event in the US for the person who receives it.
In the US, borrowing money is usually not a taxable event, as well as lending crypto/FIAT. Moreover, paying loan interest is usually not tax deductible unless it is considered investment interest.
How do you get tax documents for CoinLoan?
You can get your transaction history from CoinLoan’s tax documents, from interest earned to deposits/withdrawals and loan payments, and download them as PDF or CSV.
After downloading that crypto information from CoinLoan, you can import it into CoinTracking, determine your total crypto income, and generate tax reports to file your crypto taxes.
How to track your CoinLoan trades?
You can import your CoinLoan transactions by uploading a CSV into CoinTracking by following these steps:
- Log in to your CoinLoan account.
- Head to “My Account” and click “Reports” in the drop-down menu or follow the link.
- You will see a page where you can set the parameters of your report: choose a type, CSV format, and period.
- Click the “Generate Report” button. Generation time can vary from a few seconds to one minute, depending on how many transactions the system needs to add to your report.
- Upload the file here.
How to report your CoinLoan taxes?
Earning crypto interest, whether in flexible or locked saving accounts, is a taxable event in the US, subject to income taxes.
If you’ve earned crypto interest on CoinLoan, you’d have to determine the Fair Market Value (in USD) of that interest at the time you received it and include it in your US Individual Income Tax Return.
All crypto interest or staking rewards should be determined by its FMV and reported on Form 1040. Gains or losses from crypto trading and other activities are reported in different crypto tax forms, including Form 8949.
Discover how to report your crypto taxes in the US.
The best CoinLoan tax software
CoinTracking is the best option for you to import transactions, from interest to loans, from CoinLoan.
With crypto tax tools, you can import your transactions from CoinLoan, determine your crypto gains/losses, generate tax reports, and more!
- Import trades from hundreds of available exchanges
- Take advantage of 20+ advanced reporting features
- Discover which coins are eligible for a tax-free rate
- Select one of the 10+ available accounting methods (e.g., FIFO, LIFO, HMRC, ACB)
- Generate complete tax reports
Crypto taxes done for you with Full-Service
CoinTracking also offers a Full Service for US crypto investors. 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.
The Best Crypto Tax Calculator!
Your Crypto Taxes, Our Responsibility
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.
