Does Kraken Report to the IRS?

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Kraken

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Cryptocurrency exchanges around the world are starting to report more and more information to government agencies. In this guide, we analyze Kraken’s tax reporting policies within United States. We’ll also break down a simple way to report your Kraken taxes in minutes.

Does Kraken report to the Internal Revenue Service (IRS)?

Kraken issues Form 1099-MISC and Form 1099-INT to the IRS. These forms are designed to report taxable income and are issued to customers and the IRS.

Do I have to pay taxes on my Kraken transactions?

Yes. In the United States, your transactions on Kraken and other platforms are subject to income and capital gains tax.

If you’ve earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you’ll have a tax liability to report to the IRS.

For more information, check out our complete guide to cryptocurrency taxes.

Is Kraken legal?

Yes. Kraken legally operates in the United States.

Is staking on Kraken taxable?

Yes. Earning cryptocurrency through staking on Kraken and other platforms is subject to income tax.

Where do I find Kraken tax documents?

While Kraken issues tax forms to customers and the IRS, it’s important to remember that exchanges often have trouble calculating your capital gains and losses if you’ve transferred your crypto into or out of the platform.

Luckily, there’s an easier way to calculate your crypto taxes. Crypto tax software like CoinLedger can connect to your wallets and exchanges and generate a comprehensive tax report in minutes!

Get a Kraken tax report today

Looking for a simple way to report your Kraken taxes? With CoinLedger, you can import your Kraken transactions and auto-generate a complete gains, losses, and income tax report in minutes.

CoinLedger integrates with Kraken and dozens of other wallets, blockchains, and cryptocurrency exchanges to automate the entire crypto tax reporting process.

You can get started with a free preview report today.

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