How to connect Binance Web3 Wallet with Kryptos & Generate Tax Reports

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How to connect Binance Web3 Wallet with Kryptos & Generate Tax Reports

by
Varun Mehra
Reviewed by
5
min read
Last updated:
2021-10-31
Follow the steps below and get insights into your Binance Web3 wallet and file your crypto taxes stress free with Kryptos

How To Calculate Your Binance Web3 Wallet Taxes With Kryptos

If you are using Binance Web3 Wallet, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

  1. To get started – Sign up on Kryptos here and choose your country and currency.
  2. Once done, link your Binance Web3 Wallet to Kryptos.
  3. View and analyze all your transactions in a single dashboard and manage your portfolio.
  4. Kryptos automatically categorizes all your Binance Web3 Wallet transactions into gains/losses or income.
  5. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from your Binance Web3 Wallet!
  6. Generate the Binance Web3 Wallet tax report for free and download it once everything looks good.
  7. File your Binance Web3 Wallet taxes online or leverage our crypto tax accountant network to help you out.

How To Connect Binance Web3 Wallet With Kryptos 

  1. Go to kryptos.io & sign up using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for Binance Web3 Wallet in the search bar.
  4. Now, click on the Binance Web3 Wallet icon.
  5. Click on “Connect with Binance Web3 Wallet” 
  6. On your Binance app, tap on the “Scan” icon right next to the search bar.
  7. Scan the QR Code on Kryptos and connect your Binance Web3 Wallet to Kryptos.
  8. Kryptos will automatically read all the wallet addresses.
  9. Click on “Import your Transactions
  10. Sit back and let Kryptos synchronize with all of your assets from Binance Web3 Wallet.

How to download Binance Web3 Wallet Tax Reports

  1. Once synchronization finishes, head to Reports under Menu on Kryptos.
  2. Under summary, click on the Download Tax Report button.
  3. Choose your Tax Report Type and click on download. 

How are Binance Web3 Wallet transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, etc.. But, in general, there are mainly two types of taxes applicable to Binance Web3 Wallet transactions.

  • Income Tax- If you are earning rewards (e.g. through lending or staking) or receiving, you may need to pay income tax.
  • Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, ETH, BNB, UNI, etc.), you incur capital gains tax.

Essential things to keep in mind while integrating Binance Web3 Wallet

  • Make sure to integrate historical exchanges relevant to your transaction history overall.
  • Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting Binance Web3 Wallet To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.

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