If you’re a diehard crypto bro, but can’t be bothered to google anything related to taxes, then Koinly is for you. Find out why companies like The Crypto Merchant are recommending this tool to their patrons.
Whether you win or lose in the crypto game, one thing is certain: you need to file your taxes before April 18th or risk a visit from the dreaded taxman.
But you’ve put money in all stablecoins who knows how many altcoins and failed to keep track of all the gains and losses you’ve made last year.
Fret not because Koinly can sort everything out for you. It can track every crypto transaction you’ve made and generate tax reports instantly, simplifying the reporting process through automation.
Check it out at https://koinly.io/?via=49642CB0&utm_source=affiliate
For the average crypto holder, it can be difficult to understand what tax applies to which transaction. Let’s say you just decided to hold on to your crypto, and it grew in value. Is that a taxable event or not?
Koinly will be able to answer this question for you.
It can track transactions made on over 6,000 types of cryptocurrencies, including every token deployed on the Ethereum blockchain. Koinly’s dashboard allows you to see the total amount you have invested in crypto, your income or losses, and the corresponding tax liability generated through these events.
Koinly is compatible with over 100 wallets, including hardware devices such as Ledger and Trezor. It also integrates with almost every crypto exchange available today, allowing you to extract financial data from each platform with just a few clicks.
And the best part is the software can pre-fill IRS documents, particularly forms 8949 and Schedule D, which are used to report sales on assets like stocks and crypto. Special reports can also be generated for you if you’re already using tax software like TurboTax.
Tax report pre-filling is available in the most basic plan, which costs $49 per tax year and is limited to 100 reports. If you’re a heavy user, more premium plans are also available.
If you lost money this crypto winter, Koinly is the silver lining you’re looking for because letting it calculate those losses will allow you to offset your capital gains tax, meaning lower tax liabilities for you.
If you’re still HODLing, there’s really no reason for you to not use it.
Try Koinly for free by logging on to https://koinly.io/?via=49642CB0&utm_source=affiliate