How to Do Your 1inch Taxes

How To Do Your 1inch Taxes

CoinLedger imports 1inch data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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1inch Tax Reporting

You can generate your gains, losses, and income tax reports from your 1inch investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

1inch exports a complete Transaction History file to all users. Simply navigate to your 1inch account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

1inch Tax Reporting

1inch supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your 1inch account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

1inch Tax Reporting

You can generate your gains, losses, and income tax reports from your 1inch investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your 1inch account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your 1inch Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from 1inch and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

1inch Tax Reporting

Automatically sync your 1inch account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a 1inch Transaction History CSV file to CoinLedger

1inch Tax Reporting

Navigate to your 1inch account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't 1inch Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of 1inch. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with 1inch's reporting is that it only extends as far as the 1inch platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of 1inch, 1inch can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

Trying to calculate your 1inch taxes?

At this time, the most governments around the world haven’tIRS hasn’t released clear guidance on how DeFi is taxed. As a result, many investors are unsure how to report their 1inch taxes.

In this guide, we’ll break down everything you need to know about how 1inch transactions are taxed. We’ll also share a simple 3-step process that can help you report your 1inch taxes in minutes.

What is 1inch?

1inch is a decentralized exchange aggregator built on the Ethereum blockchain. The protocol was founded in 2019 by Sergej Kunz and Anton Bukov during the ETHNewYork hackathon.

1inch aims to help users save money by finding the best price for token swaps across different decentralized exchanges. Users can compare prices across the DeFi landscape and execute trades accordingly.

How is cryptocurrency taxed?

Cryptocurrency is subject to ordinary income and capital gains tax.

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

How is DeFi taxed?

Because the IRS hasn’t put out specific guidance on DeFi specifically, tax professionals use previous tax rulings to determine how different transactions will be taxed. It’s reasonable to assume the following.

Crypto-to-crypto swaps and other disposals are subject to capital gains tax
Earning cryptocurrency is subject to ordinary income tax

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

How are 1inch gas fees taxed?

Gas fees that you pay when you acquire and dispose of your cryptocurrencies can reduce your capital gains tax.

For more information, check out our guide to how gas fees are taxed.

Does 1inch report to the IRS?

At this time, decentralized protocols like 1inch don’t report to the IRS.

However, it’s important to remember that transactions on the Ethereum blockchain are publicly visible and permanent. In the past, the IRS has worked with contractors like Chainalysis to analyze the blockchain and crack down on tax fraud.

Does 1inch provide tax forms to customers?

1inch does not provide tax forms to users. That means it’s your responsibility to keep track of your cryptocurrency taxes.

However, this can be especially difficult if you’ve transferred your cryptocurrency across different wallets and exchanges. In cases like these, it can be difficult to determine your cost basis and calculate your capital gains.

If you’re having trouble filing your taxes, crypto tax software like CoinLedger can help. You can aggregate your transactions across all your wallets and exchanges and file your crypto taxes in minutes.

How to report your 1inch transactions on your tax return

With CoinLedger, you can import your 1inch transactions in 3 simple steps.

Within the CoinLedger platform, select ‘Import’ and select the option ‘Ethereum Wallet’.
Copy and paste the wallet address that you used to conduct trades on 1inch.
All your transactions will be uploaded to CoinLedger. Any 1inch transactions conducted with your wallet will be classified automatically!

And that’s it! Once you’ve uploaded your other cryptocurrency transactions, you can generate a comprehensive crypto tax report with the click of a button.

Get started with CoinLedger

Don’t spend hours of time and effort tracking your crypto transactions with spreadsheets. Get started with CoinLedger — the platform trusted by more than 300,000 investors across the globe.

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