CoinSwyftx

How to Do Your Swyftx Taxes

How To Do Your Swyftx Taxes

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

Swyftx Tax Reporting

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

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

Swyftx Tax Reporting

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

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

Swyftx Tax Reporting

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

Swyftx Tax Reporting

You can generate your gains, losses, and income tax reports from your Swyftx 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 Swyftx account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
  • Upload a Swyftx Transaction History CSV file to 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.

Swyftx Tax Reporting

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

  • Navigate to your Swyftx 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 Swyftx Generate My Tax Forms?

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

Looking to report your Swyftx transactions on your tax return? 

Dealing with your crypto taxes can be stressful, even for a seasoned investor. Because most exchanges don’t provide comprehensive tax forms, accurate reporting can take serious time and effort. 

In this guide, we’ll break down everything you need to know about how your transactions on Swyftx are taxed. We’ll also share a simple strategy that can help you lodge your Swyftx taxes in minutes. 

What is Swyftx? 

Swyftx was founded in 2017 by Alex Harper and Angus Goldman. The company is now one of the biggest and most trusted cryptocurrency exchanges in Australia and New Zealand. 

Currently, Swyftx allows customers to trade more than 300 crypto-assets. In addition, investors can earn interest rewards through Swyftx Earn. 

How is cryptocurrency taxed? 

In most of the world, cryptocurrency is taxed when it’s earned and when it’s disposed of. 

Disposals: When you dispose of cryptocurrency, you’ll incur a taxable gain or loss depending on how the price has changed since you originally received it. Examples of disposals include selling cryptocurrency, crypto-to-crypto trades, and using crypto to make a purchase. 

Earning cryptocurrency: When you earn cryptocurrency, you’ll recognize taxable income based on the fair market value of your crypto at the time of receipt. Examples include staking rewards, interest rewards, and referral rewards. 

For more information, check out our guide to how cryptocurrency is taxed in Australia. 

Does Swyftx report to the ATO/IRD? 

Yes. Swyftx reports to tax agencies like the Australian Tax Office (ATO) and the Inland Revenue Department (IRD). 

According to the company’s privacy policy, Swyftx reserves the right to share customer information to stay compliant with legal requirements. 

How is Swyftx Earn taxed? 

If you received cryptocurrency rewards through Swyftx Earn, it should be considered income at the time of receipt subject to income tax. 

What records do I need for my Swyftx taxes? 

For tax purposes, it’s recommended that you keep careful records of your transactions for at least five years. This should include the following information. 

  • The date you acquired your crypto
  • The date you disposed of your crypto 
  • Price of your crypto at receipt 
  • Price of your crypto at disposal 
  • The amount of crypto you bought and sold in each transaction 
  • Records from cryptocurrency exchanges 
  • The other party involved in the transaction (even if it’s just their wallet address) 
  • Costs for tax software and accountants 

Tracking down this information can be difficult, especially if you’ve used multiple exchanges and wallets during the tax year. 

Crypto tax software like CoinLedger can help. Just plug in your wallets and exchanges, and let the platform generate a comprehensive tax report with the click of a button! 

How to report your Swyftx transactions on your tax return 

Here’s how CoinLedger can import your Swyftx transactions in five simple steps. 

Step 1:

Click the Profile option on the left side of the screen. 

Swyftx Tax Reporting

Step 2:

Select API Keys from the menu on the left.

Swyftx account

Step 3:

Click Create a new key.

Swyftx API Key

Step 4:

Enter a label, set Scope as Read Only, and confirm by entering your password.

Remember to write down your key, as you will not be able to see it after this step. 

Swyftx generate api key

Step 5:

Navigate to Step 1. Import within your CoinLedger. Select Add Account then choose the Swyftx tab. Click on Auto-Import, then enter your API Key into the correct field. Click Sync Transactions. 

Swyftx tax reporting in CoinLedger

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

Get started with CoinLedger 

Want to take the stress out of lodging your crypto taxes? CoinLedger can help. 

CoinLedger integrates with more than 400+ blockchains and exchanges, including Ethereum and Swyftx. The platform is trusted by more than 300,000 investors across the globe. 

‍Get started with a free preview report today.

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