In this guide, we'll walk you through the steps you need to take to automate your mining taxes with one of our professional tax professional partner, Koinly.
If you have any questions about these services past what this article answers, please visit our FAQs page for more info.
To automate the tax process for your mining revenue, you'll first have to set up a Koinly account. Upon setup, it will give you the option to select a wallet or service; search for Luxor (or find it in the “Services” section) and select it.
From here, it will give you the option to upload a revenue CSV. To retrieve this, sign in to your Luxor mining account.
To download your mining transaction history and upload it to the sites manually, you can do so by going to the Luxor homepage, clicking on "Revenue" and then clicking on "Download CSV" on the "Transactions" section.
Uploading Crypto Mining Tax Information to Koinly
Once you have your CSV downloaded, visit this Koinly help page to format your mining revenue into a new spreadsheet that is compatible with Koinly’s service. Once this new sheet is formatted, navigate back to your Koinly account. Drag or upload your new CSV into the field under “Import from file,” select your timezone (this will help Koinly properly calculate the exchange rate of Bitcoin at the time of payout), and select “Mining” under the “Tag deposit as” dropdown.
Don't feel like paying for our partners' service or just want to do your taxes yourself? That's ok too! We wrote a guide just for that reason, and it can walk you through all of the considerations you need to take into account when reporting your taxes as well as which forms you'll want to fill out.