How to calculate your Poloniex taxes

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Sam Adams
Samantha Adams
Head of Content

Recap has a comprehensive integration with Poloniex that makes it easy to manage your crypto tax calculations. Sign up for Recap and link your Poloniex account to securely monitor each transaction, manage your cryptocurrency portfolio, and effortlessly automate your taxes.

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

Poloniex is a cryptocurrency exchange that allows spot, margin and derivatives markets along with staking and automated grid trading.

Here's a breakdown of what Poloniex offers:

  • Cryptocurrency Trading: Facilitates trading of a wide range of cryptocurrencies, including Bitcoin, Ethereum, and numerous altcoins.
  • Spot and Margin Trading: Provides both spot trading for immediate transactions and margin trading for those looking to leverage their positions.
  • Lending Services: Allows users to lend their digital assets to other traders and earn interest.
  • Advanced Trading Tools: Offers advanced charting tools, order types, and real-time market data to support sophisticated trading strategies.

How to automate your Poloniex crypto taxes with Recap

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

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How are Poloniex Transactions Taxed?

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

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

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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How is cryptocurrency staking treated for tax purposes in the UK?
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Automate your Poloniex 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

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FAQs

Do I need to pay tax on my Poloniex transactions?

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

Tax authorities may become aware of your Poloniex 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.