How do I connect my Bifrost Polkadot account to CoinTracker?
To add your Bifrost Polkadot transactions to CoinTracker:
Download the CSV export of your transactions from Bifrost Polkadot
Reformat those transactions into our CoinTracker CSV format (see our support guide here)
Import your CSV export to CoinTracker here
How to find your Bifrost (Polkadot) public address
Your Bifrost (Polkadot) public address allows you to receive and track your BNC holdings.
Mobile wallets (e.g., Nova Wallet, Polkawallet):
Open your wallet app.
Select your Bifrost (Polkadot) account.
Tap Receive.
Copy your public address (starts with a capital letter, like "F" or "G").
Browser wallets (e.g., Polkadot.js extension, Talisman, SubWallet):
Open your wallet extension.
Choose the Bifrost (Polkadot) network.
Click Copy Address or Receive.
Copy the address (typically begins with "F…" or "G…").
Hardware wallets (e.g., Ledger):
Connect your device and open the Polkadot app.
Use a compatible interface (like Nova or Polkadot.js).
Click Receive and copy your Bifrost (Polkadot) public address.
Your public address can be shared safely for receiving tokens or tracking activity, but never share your private key or seed phrase.
How are Bifrost (Polkadot) transactions taxed?
Bifrost (Polkadot) activity is treated as property for tax purposes. The taxable treatment depends on your specific actions:
Buying BNC with fiat (USD, MXN, etc.) – Not taxable; establishes your cost basis.
Selling BNC for fiat – Taxable capital gain/loss = sale proceeds − cost basis.
Swapping BNC for another cryptocurrency – Taxable disposal of BNC; the received asset's value becomes your new cost basis.
Spending BNC on goods or services – Taxable, as it's considered a sale of crypto.
Staking or liquid staking rewards (vTokens, e.g., vDOT, vKSM) – Ordinary income at fair market value when received; later sale or redemption = capital gain/loss.
Participating in parachain or DeFi protocols – Taxable if rewards or yield are earned.
Airdrops or governance incentives – Ordinary income upon receipt.
Transfers between your own wallets – Non-taxable, but should be tracked for cost basis consistency.
Transaction fees – May be added to cost basis or deducted from proceeds depending on context.
CoinTracker automatically classifies these events, applies cost basis accounting (FIFO, HIFO, etc.), and calculates all gains, losses, and income across your Bifrost (Polkadot) activity.
Can the IRS track Bifrost (Polkadot)?
Yes. Bifrost (Polkadot) is a public blockchain connected to the Polkadot ecosystem. The IRS and other tax authorities can:
Analyze on-chain data to trace BNC and vToken transactions.
Receive user data from exchanges or custodians supporting Bifrost and Polkadot assets.
Match wallet activity with verified KYC information from centralized platforms.
By syncing your Bifrost wallet with CoinTracker, you ensure that all staking rewards, swaps, and token movements are accurately tracked and compliant with tax regulations.