Binance Tax Guide: How to Report Your Binance Trades
How to get your Binance tax forms, export transaction history, and report spot trading, futures, staking, and earn products on your US tax return.
Binance and the IRS: What You Need to Know
Binance.US (the US-regulated entity) is subject to IRS reporting requirements and will issue Form 1099-DA starting with tax year 2025. The original Binance.com platform (offshore) does not directly report to the IRS, but US persons are still legally required to report all income and gains regardless of where the exchange is based.
If you used Binance.com as a US taxpayer and had account balances exceeding $10,000 at any point in the year, you may also have FBAR (FinCEN 114) and FATCA (Form 8938) reporting obligations. These are separate from income reporting but carry steep penalties for non-compliance.
What Binance Transactions Are Taxable?
- Spot trading (BTC/USDT, ETH/BTC, etc.) — each trade is a taxable disposal of the coin you sold
- Convert feature — taxable swap at fair market value
- Binance Earn (Flexible Savings, Locked Staking, DeFi Staking) — interest and rewards are ordinary income when received
- Launchpool and Launchpad rewards — ordinary income at FMV
- Futures PnL (USD-M, COIN-M) — capital gains/losses when positions close
- Funding rate receipts — ordinary income per payment
- Referral commissions — ordinary income
- Dust conversion (small coin balances converted to BNB) — taxable disposal of the dust coins
How to Export Binance Transaction History
Binance.US
- Log in → Wallet → Transaction History
- Click Generate All Statements
- Select your date range and download the CSV
- For futures, go to Futures → Order → Trade History and export separately
Binance.com (offshore)
- Log in → Wallet → Transaction History → Generate Statements
- Download spot, earn, and futures history separately — Binance splits these by product type
- Export funding rate payments from Futures → Transaction History → Income
Note: Binance only retains transaction history for 90 days in some views. Export monthly if you're an active trader, or use API connection to avoid data loss.
BNB: Special Considerations
BNB used to pay trading fees results in a taxable disposal of BNB each time you use it to pay fees. This is a common oversight — many traders use BNB for the fee discount without realizing every fee payment is a separate taxable event. Over a year of active trading, this can add hundreds of micro-disposals to your return.
Blockchain Smart Tax detects BNB fee payments from your trading history and accounts for them automatically in your gain/loss calculations.
Binance Futures Taxes
Binance USD-M and COIN-M futures are not Section 1256 contracts (those preferential rules apply to regulated US futures, not offshore derivatives). Your futures PnL is short-term capital gain or loss (since most futures positions are held under a year). Funding rate payments received are ordinary income; funding payments paid are investment expenses.
Binance provides a monthly "PnL" statement for futures, but this is a summary, not a per-trade record. For accurate Form 8949 reporting, you need the per-trade history.
Calculating Your Binance Gains
For spot trades:
Gain = Proceeds (USD value received) − Cost Basis of the coin sold
For USDT pairs, the proceeds are the USDT amount converted to USD at the time of trade. For crypto-to-crypto pairs (BTC/ETH), the proceeds are the fair market value of the received asset in USD.
Under Rev. Proc. 2024-28 (effective January 2025), your Binance account is a separate wallet with its own lot pool. You cannot mix Binance cost basis lots with holdings on other exchanges.
Reporting Binance on Your Tax Return
All capital gains and losses from Binance go on Form 8949 → Schedule D. Earn income, staking rewards, and referral commissions go on Schedule 1 as other income. If you're a full-time crypto trader, income may belong on Schedule C.
Go Beyond Binance — Track Everything
Blockchain Smart Tax imports your Binance transactions automatically via API, but it doesn't stop there. It also reads directly from 550+ blockchains to capture your self-custody wallet activity, DeFi interactions, staking rewards, and more — giving you a complete tax picture, not just your exchange history.
How we compare to other crypto tax platforms:
- Koinly ($49+/year) — supports Binance but with established exchange integration
- CoinTracker ($59+/year) — Binance integration available; limited DeFi classification outside Ethereum
- CoinLedger ($49+/year) — Binance import supported; no transfer-pattern wallet discovery
- Blockchain Smart Tax (from $25/year) — Binance API import plus automatic wallet discovery across 550+ chains, all cost basis methods included, free during beta
Connect Binance and all your wallets in minutes — free during beta →