Tax Season 2026: How to File Your Phemex Crypto Taxes

Tax season is back. If you traded crypto on Phemex during 2025, those transactions need to be reported on your 2026 tax return, which is due by April 15, 2026.

The good news is that filing does not have to be complicated. Phemex works directly with CoinTracking and Kryptos to help users calculate gains, losses, and income accurately. With one click, you can download your full transaction history and generate tax reports in minutes, with exclusive discounts available for Phemex users.

This guide walks through the full process, from understanding what is taxable to filing your final return.

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What Crypto Transactions Are Taxable?

The IRS treats cryptocurrency as property, not as currency. Because of that, many common crypto activities trigger tax obligations.

Taxable events include: selling crypto for fiat (USD, EUR, etc.), trading one cryptocurrency for another, spending crypto on goods or services, receiving crypto as payment for work, and earning staking rewards, mining income, or airdrops.

Not taxable: buying crypto and holding it, transferring crypto between your own wallets, and gifting crypto under annual exclusion limits.

If you traded, swapped, or earned crypto on Phemex in 2025, those activities must be reported on your 2026 return.

Key Tax Deadlines for 2026

Don't wait until April. Start gathering your transaction data now while you still have time to resolve any missing records or discrepancies.

Phemex's Official Tax Partners

Phemex has partnered with two leading crypto tax platforms to streamline reporting for all users. Both partners offer exclusive discounts for Phemex customers.

CoinTracking (10% Discount)

CoinTracking is the leading crypto portfolio and tax software with over 1.3 million customers worldwide. As Phemex's premier tax service provider, CoinTracking offers one of the broadest country selections available.

Supported countries: UK, USA, France, Germany, Spain, Australia, South Africa, Japan, Switzerland, Thailand, and 25+ more.

The free plan covers up to 200 transactions, with paid plans available for higher volumes.

Kryptos (25% Discount)

Kryptos is a top-tier platform trusted by thousands worldwide to track, manage, and report taxes on your crypto portfolio — from tokens and NFTs to DeFi positions.

Supported countries: Germany, US, Spain, Austria, UK, Australia, Canada, Switzerland, and 27+ more.

Best for: Users with complex portfolios including NFTs and DeFi positions.

How to File Your Phemex Taxes (3 Steps)

Phemex provides a dedicated tax reporting page that lets you download all your transaction data with 1-click — including both main and sub-accounts.

Step 1: Download Your Transaction History

1. Log in to your Phemex account

2. Visit phemex.com/account/tax-reporting

3. Click Download to generate your complete transaction history

4. Your CSV file will include all spot trades, futures trades, deposits, withdrawals, and earnings from both main and sub-accounts

This 1-click process replaces the old method of downloading multiple separate files.

Step 2: Choose Your Tax Partner

Select your preferred tax reporting service:

Both platforms support Phemex CSV imports and generate IRS-compliant tax reports.

Step 3: Generate Your Tax Report

1. Create an account with your chosen tax partner

2. Upload your Phemex transaction history CSV file

3. Let the platform calculate your gains, losses, and income

4. Download your tax forms (Form 8949, Schedule D, TurboTax-compatible reports)

Your tax report will be ready in minutes.

Download Your Transaction History

Understanding Your Tax Report

Once your data is processed, your tax partner calculates your liability and generates the required forms.

Capital Gains Report shows every disposal (sale, trade, spend) of cryptocurrency with date acquired, date sold, proceeds, cost basis, and gain or loss. Short-term gains (held less than 12 months) are taxed as ordinary income. Long-term gains (held 12+ months) qualify for lower capital gains rates.

Income Report lists all crypto income — staking rewards, airdrops, referral bonuses, and other earnings. This income is taxed at your ordinary income rate based on the fair market value when you received it.

Form 8949 is the IRS form for reporting capital gains and losses from property sales, including crypto. Your tax partner generates this automatically with all required fields.

Schedule D summarizes your total capital gains and losses from Form 8949. This is what you attach to your Form 1040.

How to File Your Crypto Taxes

Once you have your tax reports, you can file in several ways.

Using TurboTax: Download your TurboTax-compatible report from CoinTracking or Kryptos. In TurboTax, go to Wages & Income → Investments and Savings → Cryptocurrency. Select Upload CSV and import your file. TurboTax will populate your Form 8949 and Schedule D automatically.

Using Other Tax Software: Both CoinTracking and Kryptos generate reports compatible with TaxAct, FreeTaxUSA, H&R Block, and other major tax software.

Filing Manually or With an Accountant: Download your Complete Tax Report, which includes Form 8949, Schedule D summary, income report, and full transaction history.

What About Futures and Contract Trading?

If you traded futures or perpetual contracts on Phemex, those profits and losses are also taxable.

Both CoinTracking and Kryptos import realized P&L from your futures trades and aggregate them so you see daily totals rather than hundreds of individual entries. This makes reporting cleaner while still capturing all taxable activity.

Contract trading gains are typically treated as short-term capital gains (taxed as ordinary income) since positions are usually held for less than a year.

Common Mistakes to Avoid

Not reporting at all. The IRS specifically asks about cryptocurrency on Form 1040. Blockchain transactions are traceable. Report everything.

Missing transactions. If you used multiple exchanges or wallets, make sure all of them are imported. Incomplete records lead to incorrect cost basis calculations.

Forgetting crypto income. Staking rewards, airdrops, and referral bonuses are taxable income — not just capital gains. Report the fair market value when you received them.

Using exchange reports as your only source. Exchange-generated tax forms may be incomplete, especially if you transferred crypto in or out. Use CoinTracking or Kryptos to reconcile all your data.

Waiting until April. Start early. If you discover missing data or errors, you'll need time to fix them before the deadline.

Frequently Asked Questions

Does Phemex report to the IRS?

Regardless of whether you receive a tax form, you are legally required to report all taxable crypto transactions. Use Phemex's tax reporting page to download your complete history and generate accurate reports.

What if I only have losses?

You still need to report them. Losses can offset gains and reduce your tax bill. Up to $3,000 in net losses can offset ordinary income each year, with excess losses carrying forward to future years.

What cost basis method should I use?

The IRS allows FIFO (first-in, first-out), LIFO (last-in, first-out), HIFO (highest-in, first-out), and specific identification. Both CoinTracking and Kryptos let you choose your preferred method. HIFO typically minimizes taxes by selling highest-cost assets first.

Is transferring crypto between wallets taxable?

No. Transfers between your own wallets are not taxable events. CoinTracking and Kryptos automatically identify and tag these transfers so they don't affect your tax calculations.

Which tax partner should I choose?

CoinTracking is best for users who want broad country support and a proven platform with 1.3M+ customers. Kryptos is best for users with complex portfolios including NFTs and DeFi positions, plus it offers a larger discount (25% vs. 10%).

What if I made a mistake on a previous return?

File Form 1040-X (amended return) to correct errors. You have three years from the original filing date to amend.

Key Takeaways

Filing crypto taxes does not need to be stressful. Phemex makes it easier by offering one-click data downloads and official integrations with trusted tax platforms.

Start early, review your records, and generate your reports before deadlines arrive.

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This article is for informational purposes only and does not constitute tax advice. Tax laws vary by jurisdiction and individual circumstances. Consult a qualified tax professional for advice specific to your situation.