Binance for taxes

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    When it comes to taxes on crypto trading, there are still major differences from country to country.

    For instance, there are still many countries that don’t have any tax on gains made with trading cryptocurrencies. However, the latter is not the case for the US citizen. The US considers every trade as a taxable event; not only crypto to USD but also crypto to crypto. However, there is still some gray area as to how to go around this.

    Since Binance is a foreign exchange, they don’t offer special tax tolls. As such it best to use one of the so-called coin tracker apps, which will make exporting data for tax purposes a lot easier.

    Cointracking.info and Bitcoin Taxes are the two most commonly used trackers.

    Answered on July 29, 2019.
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