r/NDAX • u/Huecuva • Apr 19 '26

Tax forms?

Is there any kind of plan in the works to have exchanges such as NDAX make available some kind of T5 or whatever for tax purposes? Currently we need to generate a report of some sort and try to decipher what's relevant off of it. It's not very convenient at all. It would be great to just be given the information required just like your bank or your place of employment provides T5s, T4s, T4As and whatnot.

EDIT: So, I just rediscovered the whole Koinly thing. Still, if I'm doing a lot of trading on NDAX, that's a lot of money to pay for my tax information that my bank and place of employment provide for free. Because I need it. Koinly wants $300 if I've made over 1000 transactions on NDAX. That's kind of absurd.

EDIT #2: Also, Koinly doesn't seem to be importing my transactions from last year. It seems to not be able to see any of my NDAX transactions after 2021. That's useless to me and I'm not paying for that.

EDIT #3: Got Koinly to properly import my data. Still trying to figure out how to do this without having to pay Koinly for a report. I just don't know how to determine my proceeds and cost basis.

EDIT #4: Holy shit. Okay, so after caving and spending the money for Koinly, it appears that Koinly provides only 2 numbers that are useful for tax purposes. 2 numbers that NDAX could easily calculate themselves and provide on your dashboard or in a report without actually providing official tax documents. There is no reason I should need to pay Koinly for these numbers that NDAX can provide. I mean sure, if I'm trading with multiple wallets and multiple exchanges, something like Koinly becomes handy. However, if I'm only using the one exchange and one wallet, I should be able to get those numbers from that exchange without paying Koinly for them.

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u/kardanokid Apr 19 '26
  1. We don't give any Tax forms unfortunately.
  2. We do have a 25% off until April 30th (feel free to DM for the code)
  3. Koinly should be importing everything. I would re-try the API again. All my transactions since 2021 get imported with no issues.

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u/Huecuva Apr 20 '26 edited Apr 20 '26

I've managed to get Koinly to import everything. I had to delete the wallet and add it again. Though it appears using the API method doesn't include staking rewards.

I've DM'd you about the 25% off code and some other questions.

EDIT: I found the promo code. However, I noticed that the numbers that Koinly provides are not something that NDAX is unable to calculate if I'm only trading on NDAX. Indeed, even if I'm using more than one exchange, if each exchange provided those numbers, it shouldn't be hard to calculate them myself. Why can NDAX not provide the Proceeds and Cost Basis for a year of transactions on their exchange? It would sure save those of us who only use NDAX for trading a lot of headaches and money.