Koinly is a cryptocurrency exchange that offers an easy way to trade crypto for fiat. It offers the ability to buy and sell crypto with no fees, but has a 0.25% fee on deposits and withdrawals.
Koinly is a new cryptocurrency that allows users to file their taxes with the tax reports, features, fees and comparisons.
We are more than halfway through November at the time of writing, with December rapidly coming and tax season just around the horizon. If you haven’t considered your taxes yet, you should, particularly if you trade or earn bitcoin on a regular basis.
While the bitcoin sector has grown in popularity in recent years, you may not know where to start looking for tools to assist you with your taxes. The good news is that there are excellent tools available to make the crypto tax filing process as simple as possible.
Koinly is one of the most well-known tax solutions on the market, and it’s intended to make filing your crypto taxes simple and fast. If you’ve heard of Koinly before but want to understand more about it and what you can anticipate before diving in, here’s a detailed review that will tell you all you need to know about this cryptocurrency tax calculator!
Registration is completely free (Only Pay for Your Reports)
Many tax software options on the market today have the drawback of requiring you to make a purchase before you can decide whether or not it is the appropriate program for you. If you don’t like how the software works, you’ve spent your money and must either keep using it or find something else.
Rather of adopting this approach, Koinly provides a never-ending free trial that allows you to check out the service before making any purchases. The only time you will be charged is if you want to download a report. They now have three plans to choose from, with the following price options:
What Services Does Koinly Offer to Users?
Koinly generates detailed reports for cryptocurrency users and performs a lot of the legwork for them. Koinly analyzes your data and determines how much you owe, much like a competent crypto accountant. So, what should you anticipate if you use Koinly?
- Quick Data Imports and Wallet Syncing– You won’t have to waste time looking through your transaction history and manually entering data into Koinly. Instead, they make it simple to connect with major exchanges and import wallet data, which they then analyze. They now support over 300 exchanges, ten blockchains, and 6000 different coins.
- Capital Gains/Losses Report– After you’ve entered your data into Koinly, the software will begin analyzing your transactions to provide a complete capital gains report for you. FIFO, LIFO, and a variety of other accounting techniques may be used to generate the report. It will also show you where you may be able to claim losses using your country’s different accounting techniques (over 100 countries are supported). You’ll be able to segregate transactions so you’ll know which crypto you purchased, which you got as revenue, and which, if relevant, was lost or stolen.
- Download Your Selected Tax Report– Koinly has you covered for every kind of report you may need to submit in addition to your normal taxes. You won’t have to worry about not having the paperwork you need, with the K4, the 8949, the Schedule D, and the FBAR all available.
Is There Anything Else I Should Know?
While Koinly focuses on generating fast and accurate crypto tax returns, it also offers customers other tools that enhance their tax experience beyond the fundamental procedures outlined above. These are some of the extra features:
- The ability to export cryptocurrency reports to popular tax software – It’s essential to be able to transmit your data to your conventional tax software. You may export your reports to major software providers like as Xero, TaxAct, and TurboTax using Koinly.
- Audit Logs– It’s always possible to be audited, particularly if you’re utilizing cryptocurrencies. Koinly creates completely compliant audit logs that detail all of your transactions throughout the year, ensuring that you have all of the information you need in the case of an audit.
- Koinly makes it possible to view how transactions may impact your taxes before you make them, in addition to your existing crypto profits and losses. This feature will come in useful for years if you are a regular dealer.
Get started right now!
Even if you are fully compliant with your country’s crypto taxes, having a tool to assist you and keep you on track is a great resource. Consider Koinly for your crypto tax requirements as we approach 2020 and it’s time to complete your taxes again!
DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
Koinly is a new cryptocurrency that was created by the developers of BitShares. This review will cover all aspects of the platform, including features, fees and comparison with other cryptocurrencies. Reference: koinly review reddit.
Frequently Asked Questions
Does Koinly cost money?
Koinly is not free to use. It costs $2.99 a month with a 14 day free trial.
How trustworthy is Koinly?
Koinly is a trustworthy website.
Is Koinly owned by Coinbase?
No, Koinly is not owned by Coinbase.
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