How to Do Your Curve Finance Taxes

How To Do Your Curve Finance Taxes

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

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Curve Finance Tax Reporting

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

Curve Finance exports a complete Transaction History file to all users. Simply navigate to your Curve Finance 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.

Curve Finance Tax Reporting

Curve Finance supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Curve Finance 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.

Curve Finance Tax Reporting

You can generate your gains, losses, and income tax reports from your Curve Finance 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 Curve Finance account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Curve Finance Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Curve Finance 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.

Curve Finance Tax Reporting

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

Curve Finance Tax Reporting

Navigate to your Curve Finance 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 Curve Finance Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Curve Finance. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Curve Finance's reporting is that it only extends as far as the Curve Finance platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Curve Finance, Curve Finance 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.

At this time, DeFi protocols like Curve.Fi don’t provide tax forms to users. As a result, trying to calculate your taxes can require serious time and effort.

In this guide, we’ll break down everything you need to know to calculate and report your Curve.Fi transactions on your taxes. We’ll discuss how Curve.Fi transactions are taxed and lay out a simple process that can help you save hours of time and effort during tax season.

What is Curve.Fi?

Curve.Fi is a decentralized exchange launched in 2020 specifically for stablecoin trading. Because stablecoins are less volatile than other assets, the protocol has lower fees and less risk of impermanent loss than other decentralized exchanges.

While Curve.Fi may not offer the same range of assets as an exchange like Uniswap, the protocol enables liquidity providers to earn rewards while mitigating risk.

How is cryptocurrency taxed?

In the United states, cryptocurrency is subject to capital gains and ordinary income tax.

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

Can the IRS track DeFi protocols?

Although DeFi protocols like Curve.Fi don’t report to the IRS, it’s important to remember that all transactions on the Ethereum blockchain are publicly visible. In the past, the IRS has worked with contractors like Chainalysis to analyze the blockchain and crack down on tax fraud.

How is DeFi taxed?

At this time, the IRS hasn’t released guidance on how DeFi protocols like Curve.Fi are taxed. As a result, tax professionals rely on previous guidance to determine the tax implications of certain transactions.

We can reasonably assume the following.

Disposals of cryptocurrency are subject to capital gains tax
Earning cryptocurrency is subject to income tax

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

How are stablecoins taxed?

Trading stablecoins on Curve.Fi is subject to capital gains tax.

Despite the fact that stablecoins were designed explicitly for transactions, they are taxed the same as other cryptocurrencies. That means you’re required to report disposals of stablecoins on your tax return (though your capital gain will likely be close to 0).

For more information, check out our guide to stablecoin taxes.

How are Curve.Fi liquidity pools taxed?

The IRS hasn’t released explicit guidance on how liquidity pools are taxed. As a result, there are different approaches you can take depending on your risk appetite.

The conservative approach is to treat depositing cryptocurrency in a liquidity pool as a taxable crypto-to-crypto swap.

The aggressive approach is to treat this as a non-taxable deposit.

If you’re unsure which approach to take, reach out to your tax professional.

Does Curve.Fi provide tax forms?

At this time, protocols like Curve.Fi don’t provide tax forms to users. That means it’s your responsibility to track the following information for all of your transactions.

The type of cryptocurrency
The amount of cryptocurrency
The day you received your cryptocurrency
The day you disposed of your cryptocurrency
The price of your crypto at receipt
The price of your crypto at disposal

If you’re having trouble keeping track of the information you need on your tax return, crypto tax software can help. With CoinLedger, you can report your Curve.Fi taxes in just minutes.

How to report your Curve.Fi taxes in minutes

Here’s how you can report your Curve.Fi taxes with CoinLedger.

Within the CoinLedger platform, select ‘Import’ and select the option ‘Ethereum Wallet’—or whichever blockchain you are using Curve.Fi on.
Copy and paste the wallet address that you used to conduct trades on Curve.Fi.
All your transactions will be uploaded to CoinLedger. Any Curve.Fi transactions conducted with your wallet will be classified automatically based on the transaction type.

And that’s it! Once you’ve imported your other wallets and exchanges, you can generate a comprehensive tax report with the click of a button.