Celsius Taxes: How to Generate Your Crypto Tax Report
Celsius Network is defunct. But your tax obligations for historical Celsius transactions — interest income, deposits, withdrawals, and locked funds — remain. CoinTracking imports your Celsius transaction history via CSV, calculates gains, losses, and income, and generates a tax report ready for your tax authority or accountant.
How to Import Your Celsius Transactions into CoinTracking
Watch how to import your Celsius transaction history CSV into CoinTracking to generate your crypto tax report — including interest income and capital gains.
Start Your Free Celsius Import- Every crypto trade and disposal on Celsius is a taxable event in most jurisdictions. Capital gains tax applies when you sell, swap, or spend crypto.
- Celsius interest and yield payments are typically taxed as ordinary income at the fair market value on the date received — this applies even if funds were later frozen in the bankruptcy.
- Import type: CSV only. Export your transaction history from Celsius (if accessible) or obtain it via the bankruptcy claims portal. CoinTracking maps the Celsius CSV format automatically.
- Celsius Network is defunct. The company filed for bankruptcy in July 2022 and ceased operations. Celsius was a US-based platform and is not EU-regulated — DAC8 does not apply. However, your historical tax obligations remain. Locked or lost funds may be claimable as a theft loss or capital loss depending on your jurisdiction — consult a qualified tax advisor.
Celsius Network and Your Tax Obligations
Celsius Network was a US-based crypto lending and yield platform that allowed users to earn interest on crypto deposits and take crypto-backed loans. The platform filed for Chapter 11 bankruptcy in July 2022 and ceased all operations, with creditors receiving partial distributions through bankruptcy proceedings.
Despite the platform's closure, users who earned interest, traded, deposited, or withdrew crypto on Celsius before July 2022 still have tax reporting obligations for those transactions.
CoinTracking supports Celsius via CSV file upload:
- Celsius Transaction CSV: downloaded from your Celsius account (if accessible) or obtained via the Celsius bankruptcy data portal
- Interest income, deposits, withdrawals, and trades are all supported
- Interest payments are classified as income at the fair market value on receipt date
- CoinTracking maps Celsius CSV columns automatically
Crypto Tax Basics: What Celsius Users Need to Know
Tax rules for crypto vary across jurisdictions. These principles apply broadly to Celsius users, but the bankruptcy adds unique complexity. Always verify with your local tax authority or a qualified advisor.
Interest income is taxed when received
In most countries, crypto interest and yield payments are treated as ordinary income. The taxable amount is the fair market value of the crypto on the date you received it — not when you withdraw it or what it is worth today. Weekly CEL rewards and interest payments from Celsius should each be reported as income in the year received.
Trading crypto is a taxable disposal
In most countries, every sale, swap, or use of crypto is a taxable event. Capital gains tax applies to the difference between what you paid (cost basis) and what you received. Transfers between your own wallets do not trigger tax.
The Celsius bankruptcy and locked funds
Funds that were frozen in Celsius at the time of the bankruptcy (June 2022) may be treated as a theft loss, capital loss, or worthless asset depending on your jurisdiction and the outcome of your claims. In the US, many advisors recommend waiting until your distribution is final before claiming a loss. In other jurisdictions, the rules differ. Consult a qualified tax advisor for guidance on how to handle your specific Celsius claims.
Records are your responsibility
Celsius does not issue formal tax documents. Your CSV export is a raw transaction history — not a tax report. Accurate records of every interest payment, trade, deposit, and withdrawal remain your responsibility. CoinTracking maintains a complete, dated audit trail of every Celsius transaction you import.
Celsius Taxes by Country
Crypto tax rules differ by market. Below are the key rates, deadlines and filing forms for the countries where CoinTracking users held Celsius accounts most actively.
United States
- Capital gains tax: Short-term (held under 1 year): taxed as ordinary income (10–37%). Long-term (held 1+ year): 0%, 15%, or 20% depending on income.
- Interest income: Celsius interest rewards taxed as ordinary income at fair market value on receipt date
- Bankruptcy losses: Consult an advisor — may be deductible as theft loss or capital loss once finalized
- Authority: IRS
- Forms: Form 8949, Schedule D, Schedule 1 (for income)
Germany
- Disposal tax: Personal income tax rate (up to 45%); gains are tax-free if held longer than 1 year (Haltefrist)
- Annual exemption: Gains up to €1,000/year are tax-free
- Interest income: Celsius interest rewards taxed as other income (Sonstige Einkünfte, § 22 Nr. 3 EStG)
- Cost basis: FIFO per wallet
- Authority: Finanzamt
- Forms: Anlage SO, Anlage KAP
Austria
- 27.5% capital gains tax: Since March 2022, crypto is taxed like shares — a flat 27.5% KESt applies to gains.
- Old coins grandfathered: Crypto acquired before 28 February 2021 is tax-free on disposal.
- Interest income: Celsius yield treated as capital income, also taxed at 27.5%.
- Authority: Finanzamt Austria. Report via Einkommensteuererklärung (E1 / E1kv).
United Kingdom
- Capital Gains Tax: 18% (basic rate) or 24% (higher rate) from October 2024
- Annual exempt amount: £3,000 (2024/25 onward)
- Interest income: Celsius yield taxed as income at marginal rate
- Cost basis: Section 104 pool (HMRC rules)
- Authority: HMRC
- Forms: Self Assessment SA100, SA108
Canada
- Capital gains inclusion: 50% of capital gains are included in taxable income (individuals); taxed at marginal rates
- Interest income: Celsius yield payments fully taxable as business or investment income
- Bankruptcy losses: May be claimable as capital loss — seek professional advice
- Authority: CRA (Canada Revenue Agency)
- Forms: Schedule 3 (Capital Gains), T1 General
Australia
- Capital gains: Included in assessable income at marginal tax rates; 50% CGT discount for assets held 12+ months
- Interest income: Celsius yield payments are ordinary income, taxable at marginal rates
- Authority: ATO (Australian Taxation Office)
- Forms: Individual tax return, CGT schedule
Switzerland
- Capital gains: Generally tax-free for private investors (no capital gains tax on crypto disposals for non-professionals)
- Wealth tax: Crypto holdings are subject to wealth tax at cantonal rates based on year-end market value
- Interest income: Celsius yield rewards are taxed as income at progressive cantonal rates
- Authority: Cantonal tax authority (varies by canton)
Portugal
- Disposal tax: 28% on gains from crypto held less than 1 year (from 2023)
- Long-term holding: Tax-free on disposal if held 1 year or longer
- Interest income: Celsius yield taxed at 35% flat rate or progressive income tax rates
- Authority: Autoridade Tributária (AT)
- Forms: Modelo 3, Anexo G or Anexo J
France
- Flat 30% tax (PFU): Gains from crypto disposals are subject to the prélèvement forfaitaire unique (PFU) — 12.8% income tax + 17.2% social charges.
- No exemption for holding period: Unlike Germany, there is no tax-free threshold after 1 year.
- Interest income: Celsius yield taxed as BNC (non-commercial income) if received regularly; otherwise as capital gains.
- Authority: Direction générale des Finances publiques (DGFiP). Declare via Formulaire 2086.
Tax rules change frequently. This overview is for general information only and does not constitute tax advice. Consult a qualified advisor for your specific situation.
Are Celsius Transactions Taxable?
In most jurisdictions, crypto is treated as an asset: disposing of it can trigger capital gains tax. Interest income is taxed separately. Use this as a starting reference — the exact rules vary by country.
Taxable Events
- Selling crypto for fiat (USD, EUR, etc.)
- Swapping crypto for crypto
- Using crypto to pay for goods or services
- Receiving Celsius interest and yield rewards
Not Taxable
- Buying and holding crypto
- Depositing crypto into Celsius
- Transferring crypto between your own wallets
- Receiving crypto as a personal gift
Tax treatment varies by country. CoinTracking applies the rules for your selected jurisdiction automatically.
How to Calculate Your Celsius Taxes
Your Celsius CSV contains raw transaction data — but converting that into an accurate tax report requires calculating cost basis, holding periods, gains, and income for every transaction.
For interest income: each reward payment must be valued at the fair market price on the date received and reported as income. For disposals: the core calculation is proceeds minus cost basis (FIFO), resulting in your taxable gain or loss.
CoinTracking automates this across your full Celsius history — including interest income classification, cost basis tracking, and gains calculation. Transactions received during the bankruptcy proceedings can also be recorded to give a complete picture.
How to Import Celsius into CoinTracking
Three steps to upload your Celsius transaction history and generate your tax report.
- 1
Log into CoinTracking and open Imports
After logging in, click the Import icon in the left navigation. This is where you connect all your exchanges, wallets and blockchains.
- 2
Search for Celsius in the import list
Type "Celsius" in the search field. CoinTracking will show the Celsius import option for CSV upload.
- 3
Upload your Celsius transaction history
Export your Celsius transaction CSV from your account portal or bankruptcy data portal, then upload the file to CoinTracking. CoinTracking will automatically classify interest payments as income and calculate your gains and losses.
"CoinTracking can handle just about any complex transaction you can throw at it and the automation is a real lifesaver. Of all the tax software tools we've reviewed, CoinTracking is the most detail-oriented and has more accuracy checks in place than the competition."
How to Create Your Celsius
Tax Report with CoinTracking
Three steps from CSV export to a tax report your accountant will accept.
Export your Celsius transaction history
Download your Celsius transaction CSV from your account portal or bankruptcy claims data portal. CoinTracking maps the Celsius CSV format automatically.
Review your transactions
Open Reports → Validate Transactions. CoinTracking flags missing cost basis entries, duplicate imports and price gaps so your final report is accurate.
Generate and export your tax report
Select your country and tax year. CoinTracking generates a report formatted for your jurisdiction — including interest income and capital gains — as PDF or Excel, ready to file or hand to your accountant.
No. Celsius Network filed for bankruptcy in July 2022 and ceased operations. The platform did not generate tax reports for users. You can export your transaction history as a CSV file from the Celsius app or account portal (if still accessible), or obtain it through the bankruptcy claims process. CoinTracking imports your Celsius CSV and generates a complete tax report for your jurisdiction.
If you still have access to the Celsius platform or data portal, navigate to your account history and download your transaction CSV. Many users have also obtained their transaction history through the Celsius bankruptcy proceedings. Upload the CSV file directly into CoinTracking to generate your tax report.
Yes. In most jurisdictions, interest and yield payments received from Celsius — including weekly CEL or crypto rewards — are treated as ordinary income, taxable at the fair market value on the date received. This applies even if the funds were later locked or lost in the bankruptcy. You should report all interest income you actually received, not what was later withheld.
The Celsius bankruptcy creates complex tax situations. Funds locked in Celsius at the time of the bankruptcy freeze (June 2022) may be treated as a theft loss or capital loss depending on your jurisdiction. In the US, the IRS has issued limited guidance — many tax advisors recommend reporting the loss in the year it becomes certain (i.e., when you receive a final distribution or the claim is settled). Consult a qualified tax advisor for your specific situation.
No. Celsius Network is defunct. The only way to import Celsius data into tax software is via a CSV export of your transaction history. CoinTracking fully supports the Celsius CSV format and can calculate gains, losses, and income from all Celsius transactions.
CoinTracking classifies Celsius interest and reward payments as income transactions. Each payment is valued at the fair market price on the date received and added to your income report. Capital gains are calculated separately when you later sell or swap the crypto received. This gives you a complete picture of both income tax and capital gains tax obligations from your Celsius history.
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