In July 2023, KuCoin started requiring KYC (Know Your Customer) information from users. It’s likely that KuCoin, like other exchanges, will hand this data over to the IRS and other tax authorities upon request.
At this time, KuCoin does not provide tax documents to customers. However, you can download your KuCoin transaction history to calculate your gains, losses, and income.
Yes. In the United States, your transactions on KuCoin 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.
At this time, KuCoin has not faced restrictions in the U.S. However, it’s not clear how KuCoin will be regulated in the future.
Remember, there is no way to legally evade your taxes in the United States. However, tools like tax-loss harvesting and cryptocurrency tax software can help you save thousands of dollars legally.
For more information, check out our guide on how to avoid crypto taxes.