How to do your Okcoin taxes

Okcoin is a top choice for US investors to buy and sell cryptocurrencies, but do you know that those are taxable transactions requiring you to report Okcoin taxes?

More than 20 digital assets are available to trade on the Okcoin app for US citizens on spot trading, while margin trading is not available for US customers.

Have you been trading crypto on Okcoin? Let’s cover how crypto trading is taxed in the US, how to report your Okcoin taxes, and more.

Okcoin is a top choice for US investors to buy and sell cryptocurrencies, but do you know that those are taxable transactions requiring you to report Okcoin taxes?

More than 20 digital assets are available to trade on the Okcoin app for US citizens on spot trading, while margin trading is not available for US customers.

Have you been trading crypto on Okcoin? Let’s cover how crypto trading is taxed in the US, how to report your Okcoin taxes, and more.

Do you need to pay taxes trading crypto on Okcoin?

Trading cryptocurrencies on Okcoin is a taxable event in the US, subject to capital gains taxes, with a tax rate ranging from 0% to 37%, depending on its holding period.

If you buy a crypto and sell it for another crypto or FIAT (e.g., USD), you’d get taxed at the capital gains level. You’d need to determine the gain/loss on each transaction, separated by short-term and long-term trades.

Short-term applies if you hold your crypto for 12 months or less before selling it, and long-term applies when you hold your crypto for more than 12 months. 

Is earning crypto on the Okcoin app taxable?

On the Okcoin app, you can earn rewards from your crypto holdings by staking and using DeFi, both taxable events in the US.

Anytime you receive crypto income in the form of interest, you need to determine their Fair Market Value (FMV) in USD at the time you receive them and then report them when filing your tax return for the year.

Any rewards from Okcoin must be reported on your US Individual Income Tax Return.

Does Okcoin provide tax documents?

Okcoin provides tax documents like Form 1099-B and Form 1099-Misc for US customers dealing with cryptocurrencies. 

When you buy and sell crypto, you need to determine the capital gains/losses from each transaction during the tax year and report it in the right crypto tax forms.

If you used your Okcoin account to send or receive crypto, the Form 1099-B issued by Okcoin might not be correct as Okcoin doesn’t know your cost basis for the coins transferred from somewhere to your Okcoin account. 

In that case, you may need to re-calculate gains/losses for your Okcoin trades by using crypto tax software and include all your crypto transactions that occurred in all your crypto accounts. 

You can generate tax forms with your crypto information by tracking your Okcoin trades with CoinTracking.

Do you have to report crypto under $600?

Yes, you have to report any crypto income you had in the US, regardless of the amount, including when earning less than $600 in crypto income.

If you earned $600 or more from Okcoin in crypto income (e.g., rewards), you’d receive a Form 1099-Misc from its Tax Center.

How do I get a CSV file from Okcoin?

You can track your Okcoin trades by exporting them (via CSV) from Okcoin and importing them into crypto tax software like CoinTracking.

Here’s how you can get a CSV file from Okcoin with your Spot history:

• Login into Okcoin
• In your account, go to Assets -> Account History -> Spot
• Select Download and customize the period
• Create report
• Download the CSV file with your Okcoin trades
• Upload your CSV file here.

Here are the steps to get a CSV file from Okcoin with your funding account history:

• Login into Okcoin
• In your account, go to Assets -> Account History -> Funding account
• Select Download and customize the period
• Unclick “Hide internal transfers”
• Create report
• Download the CSV file with your Okcoin funding account history.
• Upload your CSV file here.

Does Okcoin report to the IRS?

Okcoin can report customer information to tax authorities like the IRS. The IRS and other tax authorities have the resources, from tools to agents, to find out if you have unreported or misreported crypto gains and income.

If you haven’t filed your crypto taxes, the IRS could find out, and you can face penalties and fines.

How to do your Okcoin taxes?

You can do your Okcoin taxes by tracking your trades, determining your gains/losses, and generating the necessary tax forms by using crypto tax software such as CoinTracking.

If you have capital gains/losses from trading crypto on Okcoin, you’d have to report them on Form 8949 and Schedule D of your Form 1040.

If you have any crypto income from earning rewards on the OKcoin app, you’d have to report them on Form 1040 (Schedule B). Discover more about how to report your crypto taxes.

The top Okcoin tax software

The best tool to track your Okcoin trades is crypto tax software like CoinTracking.

With such a crypto tax tool, Okcoin users can import their trades, calculate gains/losses and generate tax reports for crypto gains/losses and income. But, CoinTracking can do even more, including:

• Import from 110+ available exchanges, DeFi and NFTs
• analyse your portfolio 20+ advanced reporting features
• Discover which coins are eligible for a tax-free rate
• Use 10+ accounting methods (e.g., FIFO, LIFO, HMRC, ACB)
• Generate crypto tax reports

Okcoin taxes done for you with Full-Service

CoinTracking also offers a Full Service for US crypto investors using exchanges like Okcoin.

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.

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.