How to Do Your QuickSwap Taxes

How To Do Your QuickSwap Taxes

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

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QuickSwap Tax Reporting

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

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

QuickSwap Tax Reporting

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

QuickSwap Tax Reporting

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

QuickSwap Tax Reporting

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

QuickSwap Tax Reporting

Navigate to your QuickSwap 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 QuickSwap Generate My Tax Forms?

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

Reporting taxes on cryptocurrency transactions can be difficult, especially if you’ve used multiple exchanges and wallets during the tax year.

In this guide, we’ll break down everything you need to know about how your transactions on QuickSwap are taxed. We’ll also walk through a step-by-step process on how to report your QuickSwap transactions to the IRS.

What is QuickSwap?

QuickSwap is a decentralized exchange that runs on the Polygon network. Unlike traditional exchanges that rely on a centralized market marker, QuickSwap receives liquidity pools from thousands of incentivized providers.

The Polygon network is a layer 2 built on the Ethereum blockchain that offers faster transactions and lower fees. For this reason, investors will often bridge their Ethereum and ERC-20 tokens to Polygon, and then trade them on QuickSwap.

Does QuickSwap report to the IRS?

At this time, decentralized exchanges like QuickSwap do not report to the IRS.

However, it’s important to remember that transactions on blockchains like Polygon 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?

The IRS has not given clear guidance on how DeFi protocols like QuickSwap are taxed.

For the most part, tax professionals rely on existing guidance on cryptocurrency taxes to determine how DeFi transactions are taxed. At a high level, earning cryptocurrency is considered income while disposing of cryptocurrency is subject to capital gains and losses.

Unfortunately, the taxability of specific DeFi transactions such as providing liquidity to a liquidity pool is a relatively gray area that government and tax authorities haven’t explicitly ruled on.

The conservative approach is to treat adding crypto to a liquidity pool as a taxable crypto-to-crypto swap. A more aggressive approach is to treat this as a non-taxable deposit.

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

How is bridging taxed?

At this time, it’s unclear how the IRS will treat bridging ERC-20 assets to the Polygon blockchain.

The conservative approach is to treat this as a taxable crypto-to-crypto swap.

A more aggressive approach is to treat bridging as equivalent to holding the same asset. This would be considered a non-taxable event.

For more information, read our complete guide on how cryptocurrency bridging is taxed.

How do I report my QuickSwap taxes?

Reporting your cryptocurrency taxes can be difficult, especially if you’ve transferred your cryptocurrency between different wallets. In this case, you may have trouble tracking your cost basis and determining your capital gains and losses.

One way to simplify the process is to use crypto tax software like CoinLedger. CoinLedger automatically integrates with the Polygon blockchain, helping you report your taxes in minutes.

How to report your QuickSwap taxes in minutes

Here’s how you can report your QuickSwap taxes in minutes.

1. Create a free CoinLedger account

2. Add your public Polygon wallet address to CoinLedger. This will automatically import all your relevant transactions — including those from QuickSwap!

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

Get started with CoinLedger

Want to get started reporting your cryptocurrency taxes? Get started with CoinLedger — the platform trusted by more than 300,000 investors across the globe.

Get started with a free preview report today.