How to Do Your Rarible Taxes

How To Do Your Rarible Taxes

CoinLedger imports Rarible data for easy tax reporting. Create the appropriate tax forms to submit to your tax authority.

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Rarible Tax Reporting

You can generate your gains, losses, and income tax reports from your Rarible investing activity by connecting your account with CoinLedger. Connect your account by importing your data through the method discussed below.

Rarible exports a complete Transaction History file to all users. Simply navigate to your Rarible account and download your transaction history from the platform.
Import your transaction history directly into CoinLedger. Import the file as is. No manual work is required!
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Rarible Tax Reporting

Rarible supports importing data via read-only API. This allows automatic import capability so no manual work is required.
Connect CoinLedger to your Rarible account with the read-only API.
Let CoinLedger import your data and automatically generate your gains, losses, and income tax reports.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Rarible Tax Reporting

You can generate your gains, losses, and income tax reports from your Rarible investing activity by connecting your account with CoinLedger. There are a couple different ways to connect your account and import your data:

Automatically sync your Rarible account with CoinLedger via read-only API. This allows your transactions to be imported with the click of a button.
Upload your Rarible Transaction History CSV file to CoinLedger. You can download your Transaction History CSV directly from Rarible and import it into CoinLedger

Both methods will enable you to import your transaction history and generate your necessary crypto tax forms in minutes. File these forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

Rarible Tax Reporting

Automatically sync your Rarible account with CoinLedger by entering your public wallet address. This allows your transactions to be read in directly from the blockchain.
Upload a Rarible Transaction History CSV file to CoinLedger

Rarible Tax Reporting

Navigate to your Rarible account and find the option for downloading your complete transaction history.
Import your transaction history directly into CoinLedger by mapping the data into the preferred CSV file format.
CoinLedger automatically generates your gains, losses, and income tax reports based on this data.

File these crypto tax forms yourself, send them to your tax professional, or import them into your preferred tax filing software like TurboTax or TaxAct.

How Cryptocurrency Taxes Work

Cryptocurrencies like bitcoin are treated as property by many governments around the world—including the U.S. Other forms of property that you may be familiar with include stocks, bonds, and real-estate.

Just like these other forms of property, cryptocurrencies are subject to capital gains and losses rules, and you need to report your gains, losses, and income generated from your crypto investments on your taxes.

For a complete and in-depth overview, please refer to our Complete Guide to Cryptocurrency Taxes.

How To Do Your Crypto Taxes

To do your cryptocurrency taxes, you need to calculate your gains, losses, and income from your cryptocurrency investments in your home fiat currency (e.g. US Dollar, Australian Dollar, etc.).

Once you have your calculations, you can fill out the necessary tax forms required by your country. If you are in the United States, you can learn which forms you need to fill out with our blog post: How to Report Cryptocurrency On Your Taxes.

Why Can't Rarible Generate My Tax Forms?

Many cryptocurrency investors use additional exchanges, wallets, and platforms outside of Rarible. Perhaps you also trade on Coinbase or earn interest from BlockFi. The trouble with Rarible's reporting is that it only extends as far as the Rarible platform. If you use additional cryptocurrency wallets, exchanges, DeFi protocols, or other platforms outside of Rarible, Rarible can't provide complete gains, losses, and income tax information.

How Does Cryptocurrency Tax Software Help?

By integrating with all of your cryptocurrency platforms and consolidating your crypto data, CoinLedger’s cryptocurrency tax software and crypto portfolio tracker are able to track your profits, losses, income, and generate accurate tax reports in a matter of minutes.

You can test out the software and generate a preview of your gains and losses completely for free by creating an account.

Learn more about how CoinLedger works here.

In this guide, we’ll break down everything you need to know to report your Rarible taxes. We’ll break down the basics of NFT taxes and share a simple 3-step process to help you report your Rarible transactions on your tax return in minutes.

What is Rarible?

Rarible is a NFT marketplace that allows investors to buy, sell, and trade NFTs. Rarible is famous for taking steps to become fully decentralized. The platform’s RARI token allows users to vote on governance decisions and invest in the future success of Rarible.

How to report your NFTs on your taxes

To accurately report your Rarible taxes, you’ll need a complete record of your NFT and crypto transactions. This should include the following information.

A description of your NFT
The price of your NFT at receipt
The price of your NFT at disposal
The date you received your NFT
The date you disposed of your NFT

You may have trouble calculating your NFT taxes if you haven’t kept careful records of your transactions. Luckily, NFT tax software like CoinLedger can help you report your taxes in minutes.

How to report your NFT taxes automatically with CoinLedger

With CoinLedger, you can report your NFT taxes in three easy steps.

1. Within the CoinLedger platform, select ‘Import’ and select the option ‘Ethereum Wallet’.

2. Copy and paste the wallet address you used to conduct your Rarible transactions.

3. CoinLedger will automatically pull your transactions from the blockchain — including the crypto and NFT transactions you conducted on Rarible.

And that’s it! Once you’re done, you can add your other wallets and exchanges and generate a comprehensive crypto & NFT tax report with the click of a button!

Get started with a free CoinLedger account today.

How are NFTs taxed?

NFTs on Rarible and other platforms are subject to capital gains and income tax.

When you buy an NFT with cryptocurrency, you’ll incur a capital gain or loss depending on how the price of your crypto has changed since you originally received it.

When you sell an NFT, you’ll incur a capital gain or loss depending on how the price of your NFT has changed since you originally received it.

If you’re a creator receiving income from NFTs you’ve created, your income from your NFT sales will be subject to income tax.

For more detail on the tax implications of NFTs, review our complete NFT Tax Guide.

Does Rarible report to the IRS?

At this time, NFT marketplaces like Rarible don’t report to the IRS.

However, it’s important to remember that NFT transactions on blockchains like Ethereum are publicly visible and permanent. In the past, the IRS has worked with contractors to analyze the blockchain and crack down on tax fraud.