The store’s latest launch connects customers with Koinly’s innovative tax software for DeFi currency traders, investors, and accountants. The platform offers a fast and reliable way to calculate crypto taxes with IRS-compliant reports generated within minutes.
More details can be found at https://koinly.io/?via=49642CB0&utm_source=affiliate
The announcement outlines Koinly’s extensive range of features and how the software seamlessly integrates multiple wallets and exchange accounts, offering compatibility with existing tax filing software like TurboTax, TaxACT, or Xero. The Crypto Merchant’s Koinly packages join its comprehensive collection of crypto storage tools and robust recovery plates for hackproof offline storage of private keys and seed phrases.
According to The Motley Fool, the IRS classifies cryptocurrency as property. As a result, any transactions are taxable if holders decide to sell their digital assets. The decentralized nature of crypto trading has made it challenging for the IRS to monitor earnings. To that end, new regulations compel investors to answer additional questions on Form 1040 and exchanges to file a 1099-K for clients with more than 200 transactions and $20,000 in trades within a financial year.
Koinly enables crypto holders to keep on top of their taxable transactions throughout the year, saving the stress and difficulty in tracking earnings when returns are due to be filed. The platform utilizes cutting-edge AI technology to detect transfers between a user’s wallets as well as track original costs.
The tax reports generated by Koinly consolidate the large amounts of data that accompany crypto trades into the essential information that the tax authorities need to see. The software creates simplified summaries of income including margin trades, options, and futures. Koinly also makes it easy to view disposals, total proceeds, and asset acquisition costs.
Users can also generate statements showing income from airdrops, forks, and staking rewards as well as reports on gifts, donations, thefts, and losses. The Crypto Merchant’s renowned customer service team offers customers expertise and guidance in setting up and managing the Koinly software.
A Koinly spokesperson says, “With Koinly you can import your ETH, BTC, Tezos, and other transactions directly from the ledger, sync all your exchange trading history with one click and get a ready-to-file tax report – all in a matter of minutes.”
For more information, go to https://koinly.io/?via=49642CB0&utm_source=affiliate
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Guardian Talks journalist was involved in the writing and production of this article.
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