How to calculate your Nexo taxes

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

Recap has a comprehensive integration with Nexo that makes it easy to manage your crypto tax calculations. Upload your Nexo transactions to Recap to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

*Disclaimer: The information provided in this content does not endorse Nexo. 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 is Nexo?

Nexo is a cryptocurrency platform that allows users to buy, exchange, earn, borrow, and spend crypto assets.

Here's a breakdown of what Nexo offers:

  • Crypto Lending: Allows users to borrow cash or stablecoins by using their cryptocurrency holdings as collateral.
  • Interest Earning Accounts: Enables users to earn interest on their cryptocurrency, fiat, and stablecoin deposits, with interest paid out daily.
  • Nexo Card: Provides a crypto-backed credit card that lets users spend their digital assets while earning rewards and maintaining the ability to earn interest.
  • Exchange Services: Facilitates the buying, selling, and trading of various cryptocurrencies directly on the platform.

How to simplify your Nexo crypto taxes with Recap

You can make the process of calculating your taxes stress-free with our crypto tax software. Add your Nexo account transactions to Recap, and our system will classify and value all transactions using our unique fair-market valuation engine and determine your tax liability.

nexoSync Nexo CSV

How are Nexo Transactions Taxed?

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

Transaction typeCGTIncomeTracked in Recap
Deposits
Withdrawals
Buying crypto with fiat
Crypto to crypto
Selling crypto for fiat
Earning staking rewards

Refer to our tax guides for a more detailed look at crypto tax rules.

Help Guides

Adding your Nexo Account
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How much profit do I have to make on cryptocurrencies to be liable to pay tax in the UK?
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What incidental costs does HMRC allow for cryptocurrency taxes?
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Automate your Nexo tax reporting - takes 5 mins.

  • 1

    Sign up to Recap

  • 2

    Set up auto sync with our step by step guide

  • 3

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

nexoSync Nexo CSV

FAQs

Do I need to pay tax on my Nexo transactions?

Yes, you may need to pay tax on your Nexo 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 Nexo transactions?

Tax authorities may become aware of your Nexo 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.

What is the benefit of using a crypto tax calculator?

A crypto tax calculator automates the process of calculating taxes on your cryptocurrency transactions, providing accurate tax liability figures and ensuring compliance with tax regulations without manual calculations.