TokenTax Problems? Here's What Actually Works

Your Binance API permissions probably got reset. Binance does this randomly, especially after any "security update" they push.Go to Binance API Management, delete your old key, create a new one with "Enable Reading" checked. Do not check "Enable Trading"

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Tax doesn't need it and Binance will block the connection.Wait 5 minutes after creating the key (Binance lag), then reconnect in TokenTax. If it still fails, try the connection at 3am when Binance traffic is lower.

TokenTax's DeFi recognition breaks on newer protocols.

Here's what actually works:Manual categorization is faster than waiting for their "algorithm improvements." Export your transactions to CSV, find the unknowns, and manually tag them:

• Uniswap LP deposits = "Add Liquidity"
• LP withdrawals = "Remove Liquidity"
• Farming rewards = "DeFi Income"
• Flash loan arbitrage = "Trade" (both legs)Save the CSV and re-import. Takes 20 minutes vs waiting months for TokenTax to fix their recognition.

This is their pricing oracle going insane. Happened to me in March 2025 when some LP tokens got valued at $47,000 each instead of $47.Don't panic. Go to Portfolio Review, sort by "Unrealized Gains" descending. You'll see the phantom millions immediately.Click each ridiculous entry, hit "Edit Price," and manually fix it using CoinGecko historical prices. TokenTax will recalculate everything in real-time.

TokenTax's CSV parser is picky as hell. Use their exact template format:Download their "Universal Template" from the import page. Don't modify column headers. Don't add extra columns. Don't change date formats.If you're importing from another platform (Koinly, CoinTracker), export as "Generic CSV" not their native format. Other platforms add extra metadata that breaks TokenTax imports.

Every exchange has different rate limits. TokenTax hits them during tax season when everyone's importing at once.Immediate fix: Disconnect all APIs, wait 24 hours, reconnect them one at a time with 10-minute gaps. I know it's annoying.Better fix: Export CSVs manually from each exchange. Slower but bypasses rate limits entirely. Use this for tax season crunch time.

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Tax calculates margin positions weirdly. It treats borrowed funds as "purchases" which inflates your cost basis.Export your margin trades to CSV. You'll see separate entries for "Borrow USDT," "Buy BTC," "Sell BTC," "Repay USDT." Delete the borrow/repay entries

• only keep the actual trades. Re-import.This fixes 90% of margin calculation errors. For complex perpetuals, honestly just use a spreadsheet.

TokenTax's Ethereum scanner sometimes skips transactions during high gas periods. They prioritize "obvious" trades and miss internal calls.Connect your MetaMask using the wallet address method, not CSV. Go to Portfolio → Add Wallet → paste your address. TokenTax will rescan the entire wallet history from block 1.This takes 2-6 hours for active wallets but catches everything their API missed. For faster results, use a date range starting from your first DeFi transaction.

TokenTax defaults to treating all staking as income at fair market value when received.

This kills you on taxes if you're staking significant amounts.Go to Settings → Tax Settings → "Staking Treatment" → Change to "No taxation upon receipt." This treats staking rewards like stock dividends

• no taxes until you sell.Warning: This is aggressive tax treatment. Some CPAs disagree with this interpretation. If you're audited, be ready to defend it with precedent cases.

Liquidations are messy because Binance force-closes positions at market prices, often creating artificial gains/losses that don't reflect your actual P&L.Export your Binance margin history manually. Look for "Liquidation" entries. These should be marked as "Forced Sale" in TokenTax, not regular trades.Edit each liquidation transaction: Change type from "Trade" to "Liquidation Loss" (if you lost money) or keep as "Trade" (if somehow profitable). This prevents phantom gains from appearing in your tax calculation.

TokenTax often miscalculates NFT cost basis because it doesn't account for creator royalties, gas fees, or marketplace fees properly.For each NFT sale: Check the "Purchase Price" TokenTax calculated. Add gas fees from your original mint transaction. Add marketplace fees (usually 2.5% on OpenSea). Add any royalties paid to creators.Your actual cost basis is mint cost + gas + all fees. If TokenTax calculated lower, edit it manually. This usually flips losses to proper reporting.

Their servers can't handle portfolios over 25,000 transactions reliably. The import starts, gets to 80%, then crashes with "Processing Error."Split your data by year. Import 2022 transactions first, let it complete fully. Then import 2023, etc. This prevents server timeouts and makes debugging easier if something breaks.For mega-portfolios (50k+ transactions), honestly consider their $3,499 VIP service. They process large accounts on dedicated infrastructure that doesn't timeout.

TokenTax sees ETH leaving Ethereum mainnet and WETH appearing on Polygon as two separate taxable events. This doubles your transaction count and can create phantom gains.Mark all bridge transactions as "Internal Transfers." Go to each bridge send/receive pair, change both to "Transfer" type. This treats them as movement between your own wallets (non-taxable).Be careful with bridge timing. If you bridged ETH at $2,000 and it arrived as WETH when ETH was $2,100, there might be a genuine $100 gain from price movement during the bridge.

Their support is genuinely good but overwhelmed during tax season. Here's how to get faster help:

1. Use chat instead of email (faster queue)
2. Be specific: "Binance API import failing with error X" not "imports broken"
3. Include screenshots of error messages
4. If urgent, mention your plan type (VIP gets priority)

If you're truly stuck and deadline is near, export whatever data you have as CSV and file an extension. Fix TokenTax issues after April deadline pressure is gone.