How to Do Your Celsius Taxes

How To Do Your Celsius Taxes

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

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Celsius Tax Reporting

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

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

Celsius Tax Reporting

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

Celsius Tax Reporting

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

Celsius Tax Reporting

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

Celsius Tax Reporting

Navigate to your Celsius 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 Celsius Generate My Tax Forms?

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

Celsius has shut down. Celsius filed for Chapter 11 bankruptcy in July 2022, emerged with a wind-down plan on January 31, 2024, and closed its apps in February 2024. You can no longer log in, and customer distributions are handled through PayPal, Venmo, and Coinbase, along with the claims agent, Stretto. If you used Celsius, you still need to report your past activity and any distributions you received, and this guide covers how.

Whether you file by hand or use crypto tax software, doing your Celsius taxes comes down to four steps. The difference now is that step 1, gathering your history, takes a little more work because the platform is closed.

Gather your full Celsius transaction history and your bankruptcy distribution records.
Sort your activity. Moving crypto between your own wallets is not taxable, but disposals and the interest you earned are.
Calculate your capital gain or loss on each disposal, plus the value of any income at the time you received it.
Report it on the right forms. In the US, capital gains go on Form 8949 and Schedule D, and crypto income goes on Schedule 1. These forms get included with your full tax return. Other countries have their own equivalents.

For a detailed explainer on reporting crypto, see our guide on how to report your cryptocurrency on your taxes.

That is where crypto tax software comes in. CoinLedger takes your Celsius history and distributions, connects them to every other wallet and exchange you have used, and generates your tax forms automatically. More than 700,000 investors use it to file in minutes. Get started with a free account today, or keep reading to do it yourself.

Do you have to pay taxes on Celsius?

Yes. Even though Celsius has closed, your past activity there is taxable:

Capital gains tax. When you disposed of cryptocurrency on Celsius (selling it, or trading one coin for another), you recognized a capital gain or loss based on how the price changed since you received it.
Income tax. The interest and rewards you earned on Celsius were ordinary income, taxed at their fair market value in the year you received them.

For a full breakdown, read our complete guide to cryptocurrency taxes.

How does the Celsius bankruptcy affect your taxes?

The general rule for bankruptcy distributions is that getting the same cryptocurrency back is not a taxable disposal, while receiving cash from a liquidation is a taxable disposal, with a capital gain or loss against your original cost basis.

Celsius is more complicated than that, and this is the part to get right. Creditors did not simply get their original coins back. Instead, holdings were converted into a mix of Bitcoin and Ethereum plus shares of Ionic Digital, a new bitcoin-mining company now owned by Celsius creditors, with a further portion recovered over time from illiquid assets. Most Earn creditors recovered roughly 67% of their claim at emergence, with more expected through later distributions.

Because you received different assets than you started with, the distribution most likely counts as a taxable disposal of your original holdings, and the Bitcoin, Ethereum, and Ionic shares you received each start with their own new cost basis. The exact treatment is genuinely unsettled, there is no direct IRS guidance, and if you already claimed a loss when Celsius froze withdrawals, part of your recovery may be pulled back into income. Because of all this, the Celsius distribution is a situation where you should work with a crypto tax professional rather than rely on a default treatment. For background, see our guide to Celsius and Voyager losses.

Does Celsius report to the IRS?

Celsius no longer issues tax forms, because it no longer operates. Historically, it issued Form 1099-MISC to users who earned $600 or more in interest or rewards, and filed an identical copy with the IRS. You can read more about whether Celsius reports to the IRS in our dedicated guide.

Remember, you owe tax on your gains and income whether or not you received a form. A missing form does not remove the obligation to report.

How to get your Celsius transaction history

Because the Celsius apps are closed, the old process of logging in and creating an API key no longer works. To do your Celsius taxes now, you have a few options:

If you saved a Celsius transaction history export before the shutdown, upload it: in CoinLedger, go to Add Account, choose the Celsius tab, and upload the file.
Use your claim and distribution records for the amounts and dates you received, from the Stretto claims portal and from your PayPal, Venmo, or Coinbase distribution history.
If you no longer have your history, reconstruct it from your bank records, your transfers to and from other exchanges, and the wallets on the other side of those transfers.

CoinLedger classifies your Celsius transactions as taxable or non-taxable using its Bankruptcy Recovery and Bankruptcy Liquidation categories, so your distributions land on the right side of your tax report. Once your transactions are in, you can file the report yourself, hand it to your tax professional, or import it into TurboTax, TaxAct, or H&R Block.

Get started with CoinLedger today

Take the stress out of tax season. More than 700,000 investors around the world use CoinLedger to track their gains, losses, and income across all of their wallets and exchanges.