How to connect Nexo with Kryptos & Generate Tax Reports

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How to connect Nexo with Kryptos & Generate Tax Reports

by
Varun Mehra
Reviewed by
5
min read
Last updated:
2023-12-05
Follow the steps below and get insights into your Nexo and file your crypto taxes stress free with Kryptos

How To Calculate Your Nexo Taxes With Kryptos

Nexo is one of the most popular exchanges in the world for crypto trading. If you are using Nexo, follow these steps to easily connect it with Kryptos

  1. To get started – Sign up on Kryptos here and choose your country and currency.
  2. Once done, link your Nexo account to Kryptos. To do this, you can use any of the following methods: 
  3. CSV: We support CSV files to import all your transactions.
  4. Manually: Import transactions manually using our custom CSV upload feature. You can check it out here: Bulk Upload
  5. View and analyze all your transactions in a single dashboard and manage your portfolio
  6. Kryptos automatically categorizes all your Nexo transactions into gains/losses or income.
  7. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from Nexo
  8. Generate the Nexo tax report for free and download it once everything looks good
  9. File your Nexo taxes online or leverage our crypto tax accountant network to help you out.

How To Connect Nexo With Kryptos Using CSV

On Nexo :
  1. Login to your Nexo account.
  2. Navigate to the 'Transactions' section in the main menu.
  3. Choose a date range that spans your entire Nexo trading activity.
  4. For transaction type and asset, select 'All' to include every category.
  5. Click on 'Export' to download your transaction history.
  6. The CSV will be saved in your “Downloads” folder by default.
On Kryptos :
  1. Go to Kryptos.com & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for Nexo or select it from the list below.
  4. Now, click on the Nexo icon.
  5. Choose Upload CSV.
  6. Click on Import Your Transactions. All transactions are imported and tagged by default.
  7. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.

Nexo CSV Limitations:

  1. Please note that transactions labeled as 'CredCardOverdraft' require manual editing, as their repayment histories are not included in the CSV files provided by Nexo.
  2. Certain borrow transactions may not be accounted for in the CSV exports. These will need to be manually integrated into the Nexo CSV file.
  3. Be aware that there may be discrepancies in asset values compared to your transactions, necessitating manual adjustments for accuracy.

How are Nexo 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, and marital status. But, in general, there are mainly two types of taxes applicable to Nexo transactions.

  • Income Tax- If you are earning rewards (e.g. through lending or staking) or maybe 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, Bitcoin,  Ethereum, etc.), you incur capital gains tax. 

Important things to keep in mind while integrating Nexo

  1. When importing a CSV file, match your Nexo account Time Zone in the Kryptos import form.
  2. Make sure to upload your entire Nexo trading history for accurate tax & capital gains report.

Facing Issues While Connecting Nexo 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 there’s a critical or urgent issue that needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@Kryptos.com.

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