You may now effortlessly file your taxes and remain in compliance with the law thanks to the assistance of Koinly. The platform has assisted thousands of bitcoin traders and has a user base that includes several of the world's leading accounting and consulting organizations.
In 2018, Robin Singh launched Koinly, which has now become the premier cryptocurrency tax solution.
The start of tax season signals the beginning of the period in which cryptocurrency traders must file their returns. Digital currencies, such as bitcoin, offer a revolutionary new method to do business both online and in the real world.
The difficulty is that they are not recognized by governments and are not subject to any regulatory oversight.
When it comes to tax legislation, this is a matter to be dealt with. Filing taxes and maintaining records are both mandatory tasks.
A crackdown on cryptocurrency dealers is being carried out by the government in an effort to bring the underground market to a halt.
You may now effortlessly file your taxes and remain in compliance with the law thanks to the assistance of Koinly.
The platform has assisted thousands of bitcoin traders and has a user base that includes several of the world’s leading accounting and consulting organizations.
In its first release, Koinly is a revolutionary new cryptocurrency tax software that claims to simplify and expedite the hard and time-consuming process of calculating and filing tax information for cryptocurrency dealers.
It’s an excellent option for bitcoin traders who want to keep their tax liabilities to a minimum.
Aside from that, Koinly is compatible with a number of cryptocurrency exchanges, including Coinbase.
You may use the programmed to monitor your bitcoin holdings, track your trading activities, and figure out what taxes to pay based on your individual circumstances.
Koinly is a tax software solution designed for people and businesses that are required to complete tax returns on a regular basis.
There is a user-friendly interface in the program, making it simple for users to maneuver about and take use of its many capabilities.
Everyone, regardless of their degree of tax expertise, should be able to use it since it is meant to be as simple as possible to use.
A few clicks are all that it takes for users to file their taxes and receive their refunds.
In addition, the program has a dashboard that allows customers to view their full tax return in one location.
A built-in calculator for converting between multiple currencies is included, and it is intended to be a flexible solution that grows along with the cryptocurrency industry’s evolution.
Koinly is the first platform to compute the value of cryptocurrencies such as Bitcoin Cash, Ethereum, Ripple, and Litecoin, according to their market capitalization.
For all sorts of cryptocurrency trades, including those involving exchange-traded funds (ETFs) such as Bitcoin Tracker One (COINXBT) and Reality Shares Nasdaq NexGen Economy (RSNXG), it estimates capital gains (BLCN).
There are over 100 nations with tax systems that are compatible with it, and it supports more than 6,000 blockchains as well as 350 cryptocurrency exchanges and 75 wallets.
Up to 10K free transactions
Koinly is the only cryptocurrency tax software that is provided to the general public for no charge.
On the site, users may keep track of up to 10,000 transactions at no charge.
However, even if most of the services accessible on the platform are free to use, users may be required to pay for enhanced functionality.
This is a feature that is commonly utilized across all cryptocurrency platforms. In addition to seeing all of your assets across all of your wallets, you’ll be able to see your invested fiat and real ROI, as well as capital gains, an income summary, and profit/loss information.
When you move cryptocurrency or tokens between your wallets, the platform automatically matches the transfers and displays the profit or loss of each transaction.
There are additional tools to examine your trading behavior, as well as tax breaks and cost tracking software to choose from (including mining expenses).
Importing data in an automated manner
Following in the footsteps of its competitors, Koinly needs users to link their exchange accounts and wallets before using the platform.
The procedure is straightforward and may be completed manually or using an API. With a simple click, the platform will import your data and begin processing it right away.
You may then go back through your transactions and mark forks, airdrops, and coins that have been lost or gifted.
What kind of tax forms are available for generation?
Koinly may create a number of tax reports that are particular to each nation, including:
- Capital gains summary (UK)
- Form 8949 and Schedule D (US)
- RF1159 (Norway)
- K4 (Sweden)
- Lomake 9 (Finland)
- Summarized ATO report (Australia)
- Schedule 3 (Canada)
- Swiss Valuation Report (Switzerland)
- Formulaire 2086 (France)
- Sheet 9A
Not only that, but it also supports a number of typical tax reports, including the following:
- Transaction Reports
- Gifts, Donations & Lost Asset Reports
- Complete Tax Reports
- Expense Reports
- Income Report
- Turbotax Reports
- End of Year Holdings Reports
In 2021, Koinly will offer five different pricing options, one of which is a free trial.
Cryptocurrency tax software Koinly is the only one that offers the most advanced crypto tax computations and crypto tax reporting available. It simplifies the process of submitting your taxes by allowing you to import trades from exchanges, calculate your taxes, file your taxes, and receive your refund as quickly as possible.
Using Koinly, you won’t have to worry about calculating your taxes; simply download the program, input your trades, and Koinly will take care of everything else. Koinly also provides advice on how to get the most out of your money.
Disclaimer- Website doesn’t recommend to buy or sell (trade) crypto , Article published for information purpose.