How to calculate your Celsius taxes

  • Exchange CSV
  • Recap CSV
1 min read
Last updated:
celsiusSync Celsius CSV
Sam Adams
Samantha Adams
Head of Content

Recap can account for your Celsius transactions, making it easy to manage your crypto tax calculations. Upload your Celsius transactions to Recap to manage your cryptocurrency portfolio and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse Celsius. Furthermore, it does not constitute tax advice. If you are uncertain about any financial or tax-related matters, we strongly recommend seeking guidance from a qualified tax professional. Additionally, you may utilise our accountant and professional advisor sharing features.

What was Celsius?

Celsius was a cryptocurrency lending platform and Bitcoin mining company that emerged from Chapter 11 bankruptcy in January 2024.

Here's a breakdown of what Celsius offered:

  • Crypto Lending: Allowed users to borrow against their cryptocurrency holdings without needing to sell them, using their crypto as collateral.
  • Interest Earning: Enabled users to earn interest on their cryptocurrency deposits, with interest paid out weekly.
  • CelPay: Offered a payment service that allowed users to send and receive cryptocurrency instantly and with no fees.
  • Borrowing in Fiat: Provided loans in fiat currency using cryptocurrency as collateral.

How to calculate your Celsius bankruptcy tax write-off?

You can make the process of calculating your taxes stress-free with our crypto tax software. Add your Celsius account transactions to Recap, and check out our guide on how to claim a tax loss.

How are Celsius Transactions Taxed?

Tax implications on your Celsius transactions differ based on transaction types and your tax jurisdiction. Here are the tax guidelines for the different transaction types on Celsius:

Transaction typeCGTIncomeTracked in Recap
Deposits prior to beneficial ownership transfer
Deposits post beneficial ownership transfer
Withdrawals prior to beneficial ownership transfer
Withdrawals post beneficial ownership transfer
Crypto to crypto swap
Earning rewards
Right of action disposals
Distributions

Please take a look at our bankruptcy guide for a more detailed on the tax position for Celsius creditors.

Help Guides

How to enable the Celsius bankruptcy tool

Instructions on how to enable the Celsius bankruptcy tool.

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Adding your Celsius account by CSV file

Instructions on how to add your Celsius CSV data to Recap.

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Configuring your Celsius bankruptcy rules

Instructions on how to configure your Celsius bankruptcy rules.

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Automate your Celsius tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Upload your Celsius CSV file

  • 3

    Configure Celsius bankruptcy rules

  • 4

    Generate your tax report ready to self-file or share with your accountant

celsiusSync Celsius CSV

FAQs

Do I need to pay tax on my Celsius transactions?

Yes, you may need to pay tax on your Celsius transactions. Tax obligations vary depending on your country’s tax laws and the nature of your transactions. Common taxable events include selling cryptocurrency, trading between coins (crypto to crypto), and making purchases with crypto.

Do the tax authorities know about my Celsius transactions?

Tax authorities may become aware of your Celsius transactions through various means, such as data-sharing agreements between crypto exchanges and tax authorities or during tax audits. It's essential to report your crypto transactions to avoid penalties accurately. Using a crypto tax software like Recap can help ensure your transactions are properly recorded and reported.