Income Tax Guide for Celo
A short blog providing tips for calculating taxable income
Last updated
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A short blog providing tips for calculating taxable income
Last updated
Was this helpful?
How are Celo tokens typically taxed?
Broadly, there are two taxes relevant for cryptocurrency transactions: i) income tax, and ii) capital gains.
We'll focus here on income tax. For capital gains, you can read .
What are some typical examples of taxable income on Celo?
UBE rewards received from staking UBE on Ubeswap
Locked CELO rewards Rewards such as MOBI or CELO received in liquidity pools on Mobius
Interest earned on Moola Market (although some jurisdictions tax interest differently)
On what value is income tax paid?
Income tax is typically paid on the market value of the tokens on the day you receive them.
If you received CELO rewards yesterday, you pay taxes based on the value of tokens you received yesterday in your local currency.
How do I calculate the market value of the rewards I received?
Head over to .
Log in with your wallet.
Select your local currency (USD, EUR, BRL, GBP) to view a summary of your rewards by year (free for wallets with < 50 transactions).
Optionally, download a csv file for detailed info.
What about income for goods or services?
Check the column for Net Worth Amount in the csv to get the value of your income in your local currency at the time of the transaction.
What about NFTs on Celo Punks or Celo Apes or Celestrials?
If you're an artist selling an NFT, crypto you earn selling the NFT is typically considered income. Check the Net Worth Amount column to find income earned in your local currency. [More on NFTs in a later blog post.]
What tax rates apply for income?
As with any of the tips above, the specifics of what is considered income and the applicable tax rates depend on your jurisdiction/state/country.
P.S. If you want to get early access to product updates, check out our .