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How to Do Your Ledger Wallet Taxes & Integrate Ledger with Accointing

Accointing and Ledger Wallet can be linked via CSV or automatically. Accointing for mobile and PC can also be used to calculate Ledger Wallet taxes.

To get help with your Ledger Wallet cryptocurrency tax and report, please contact us! We will go over the Ledger Wallet Tax and the tax documents for operations, stakes, and lending. When it comes to preparing a Ledger Wallet tax statement, Accointing is the best option.

What is Ledger?

Ledger is the most trusted hardware wallet that lets you store, send, and receive many different cryptocurrencies safely. Ledger has two hardware wallets: Ledger Nano X and the Ledger Nano S. These wallets are used to store private cryptocurrency keys offline.

How is Cryptocurrency Taxed?

Yes! In the United States, Crypto revenue is subject to both capital gains tax and income tax.

Why? The (IRS) classifies it as an "Asset" for tax purposes. Regarding income and capital gains tax, there is no distinction between Ethereum (ETH), Bitcoin (BTC), or any other blockchain digital currency.

Capital gains tax - Once an asset is sold or otherwise exchanged for a gain in value, that value (profits from sales) is subject to a capital gains tax, not the total revenue.

E.g. - If you bought bitcoins for $10,000 and traded them for $20,000, you made a profit of $10,000. Taxes are levied on the $10,000 profit.

Income tax - For every dollar you make through cryptocurrency, you will be taxed on that profit. Again, if you have received financial support in the form of payments or subsidies, you must pay taxes on your income.

How Are Gas Fees Taxed? 

For any transaction on the Ethereum blockchain network to be successful, it requires a charge or pricing value known as a "Gas Fee". Ethereum (ETH) is traded in small fractions called gwei, which is also known as nanoethics. The price of gas fee is determined by Miners due to supply and demand.

Does Ledger Report to the IRS?

Ledger does not file tax returns with the IRS, HMRC, or any other government agency.

First, Ledger Labs would be unable to collect data if you use your Ledger with alternative wallets such as MetaMask, Electrum, and Phantom.

How Does Ledger Tax Reporting Work?

Taxpayers desire a Ledger tax statement. This kind of tax report is not available through Ledger. The Ledger portfolio tracking system can be used to review your tax legislation and generate a tax report following your country's norms for analyzing transaction history.

To begin, add your Ledger to the Accointing platform.

  • Automatically: Give us your Ledger's address, and we will handle the rest.
  • CSV: Export transaction history from Ledger Wallet and import into Accointing
  • Accointing templates: To get started, simply fill out our template and send it back to us.

Integrate with Accointing via the Ledger Address

  1. First, log in to your account and access Ledger “Live Manager.”
  2. The Asset Allocation section of the portfolio page can be accessed by scrolling down.
  3. Assets can be selected by clicking on them.
  4. Using the gadget icon in the top-right corner, you can import Bitcoin addresses such as (BTC, BSV, BCH, LTC, etc.)
  5. Select advanced logs to discover your xPub address.
  6. Your xPub address will appear behind the string "xpub."
  7. Copy and paste the code into Accointing
  8. Afterward, follow the screen instructions and your Ledger Device's instructions.
  9. Paste the address into Accointing, and you are done! 

Integrate with Accointing via the X CSV/XLSX file

If you don’t want to link your Ledger wallet with Accointing directly, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple step to go about it.

Downloading CSV files from Ledger

  1. On the left side, click on Accounts.
  2. Select "Options" in the top right corner.
  3. Choose the option “Export Operation History".
  4. In the pop-up window, choose the accounts you want to include.
  5. Select Save.
  6. You can save the downloaded file in any folder you want.

Importing CSV Files into Accointing

  1. To add a wallet, go to your Accointing profile and click "Add wallet."
  2. Click on Ledger Pro from the list of options.
  3. Choose "Import a file" and then click "Continue."
  4. Name your wallet " Ledger Pro" and choose the CSV file you downloaded.
  5. Choose "Import All" from the drop-down menu.
  6. And then click Save.

How to Review and Track Your Ledger Transactions in Accointing?

  1. Accointing will display your portfolio summary as soon as your Ledger activities are uploaded.
  2. Choose the start and end dates to discover how much money you have made and lost with Ledger. 
  3. Select a coin and click on it to discover when you purchased and sold it.
  4. Comparing the progress of multiple assets at once will be feasible as well.
  5. With the help of Ledger, investing and distribution have been made much easier. Find wallets that have the assets you desire.

Common Issues with Importing Transactions from Ledger

Display - The display, especially Ledger Nano S, isn't the finest on the market. Only two physical buttons are needed to move through the device's capabilities, making the screen extremely small. This makes it difficult when trying to make a transaction.

Is not Great for Mobile Devices - When you wish to trade cryptocurrencies, you will need to link your wallet to a computer. Because it only supports Android devices, the Ledger Nano S is not ideal, and difficult to make a transaction on a mobile device.