Voyager and CoinLedger have partnered up to make tax reporting seamless for Voyager users.
In this guide, we’ll discuss everything you need to know to accurately file your taxes. We’ll break down the basics of how cryptocurrency is taxed and share how Voyager customers can automatically generate their complete crypto tax reports with CoinLedger.
Voyager is a mobile-based crypto broker that offers crypto interest accounts and zero-fee trading. Voyager was founded in 2018 by Steve Ehrlich, former CEO of E*Trade, and Oscar Salazar, co-founder of Uber.
In July 2022, Voyager filed for Chapter 11 bankruptcy due to market volatility and liquidity issues. Previously, the exchange had paused withdrawals for all customers.
At this point, it’s unclear whether Voyager customers will receive access to their funds after bankruptcy proceedings have been completed. In the event that you permanently lose access to your Voyager holdings, it’s likely that you can write off the value of your lost crypto as a capital loss.
For more information, check out our guide to claiming losses from exchange bankruptcies.
The IRS considers cryptocurrency a form of property that is subject to both income and capital gains tax.
Income tax events: If you earn cryptocurrency as a form of income, this is considered personal income and will be taxed accordingly. Earning interest on Voyager would fall into this category.
Capital gains events: You incur capital gains or losses every time you dispose of your cryptocurrency. Selling your cryptocurrency on Voyager or another exchange would fall into this category.
Typically, trading cryptocurrency for other cryptocurrencies is considered a disposal event and is subject to capital gains tax. However, Voyager currently does not support crypto-to-crypto trades.
For more information, check out our guide to how cryptocurrency is taxed.
Unfortunately, all cryptocurrency exchanges struggle to provide users with complete gains, losses, and income tax history.
Because of the peer-to-peer nature of cryptocurrencies, tokens are transferred to different wallets and different exchanges on a regular basis. This makes it difficult for any one exchange or wallet provider to generate comprehensive tax reports.
Consider the following example.
In this case, Voyager cannot tell what David’s cost basis was for acquiring his tokens since it took place outside of the platform. This makes it difficult for Voyager to accurately calculate capital gains and losses for users.
This year, Voyager partnered with CoinLedger to help users easily report their taxes. All Voyager users can claim a CoinLedger 2021 tax report.
As a result of the Voyager + CoinLedger partnership, all Voyager users will receive email communication from Voyager with a link to sign up and register for a CoinLedger account. If you didn’t receive a link, you can simply go to the CoinLedger website and sign up for an account on your own or from the Voyager website.
When registering for your CoinLedger account, you need to sign up using the same email address that you use for your Voyager account. If you do not use the same email address, you will not be able to import your transaction history from Voyager.
After sign up, you’ll be welcomed into the CoinLedger app and ushered through the onboarding steps.
After verifying your email address, you will be able to link your Voyager account to CoinLedger and import your complete Voyager transaction history.
If you came to CoinLedger directly from the Voyager email that was sent out, you will be asked to link your account in the onboarding steps. If you signed up for CoinLedger on your own, you can access the Voyager + CoinLedger account link (as pictured above) by adding Voyager as a Source in Step 1: Import.
Complete the fields on the account linking page to enable CoinLedger to automatically retrieve and import your Voyager transactions history—no manual work required!
Your Voyager transaction history will be imported based on the taxability of each transaction.
Once all of your crypto transaction history has been imported to CoinLedger, you are ready to generate and download your tax reports.
Navigate directly to the Tax Reports tab to generate your gains, losses, and income tax reports.
Looking to get started with your crypto tax filing today? Try CoinLedger. You can import your transactions from Voyager and any other exchange you’re using for free.