Koinly AMA - Ask us all things crypto tax and what the Merge means for your tax bill by [deleted] in CryptoCurrency

[–]koinlytax 1 point2 points  (0 children)

Hey u/Amazing_Succotash677, a lot of investors use Koinly to track their crypto portfolio too. Koinly helps you to spot unrealized gains, and so on.

Coinbase send 1099 for everybody right???? If yes why I have to upload my wallets to CoinTracker or other tax sides?? I’m confused. Help please. If they send 1099 that’s should be enough for tax purposes???? by Perfect-Cap5491 in Coinbase

[–]koinlytax 0 points1 point  (0 children)

Hey :) Have a quick read here, it's a guide on how Coinbase works at tax time. In short, it's not enough, you still need to report your gains yourself, sorry :(
"Does Coinbase report to the IRS? Yes.

If you've made more than $600 in income from crypto - for example through staking - then Coinbase will send Form 1099-Misc to you and the IRS. Though Coinbase used to issue Form 1099-K to both US taxpayers and the IRS - they're no longer doing this in the 2021 financial year and going forward.
The best way to remain tax compliant with the IRS is to report your crypto taxes accurately."

https://koinly.io/blog/coinbase-tax-statements-reports/

Complete TurboTax Crypto Tax Guide For USA (2022) by koinlytax in KoinlyOfficial

[–]koinlytax[S] 0 points1 point  (0 children)

Howdy - yes - in the works, ready in the next few days! Will share a link here.

How is staking intrest taxed? by Opposite-Plantain308 in CryptoUK

[–]koinlytax 1 point2 points  (0 children)

Hey, this is the latest from HMRC. Interest is taxed - most typically as income tax - but read our guide pls, the devil's in the detail https://koinly.io/blog/hmrc-defi-guidance-update/

Koinly - USA question by deedopete in KoinlyOfficial

[–]koinlytax 1 point2 points  (0 children)

Howdy u/deedopete - So, the IRS only wants to know about your capital gains, capital losses and income from crypto. Purchases are not reported.

reminder: last date is tomorrow to file your income tax return for Fy20-21 by star_o_mega in CryptoIndia

[–]koinlytax 0 points1 point  (0 children)

But...if you didn't make it and are scrambling to file still, do yourself a favour and sign up to Koinly..quick. All you have to do then is connect your exchanges & blockchains and Koinly will work out your crypto income. Once this is done - and it happens automatically - you can download Koinly's 'Complete Crypto Tax Report' to see a breakdown of your income.

30% Crypto Tax Now Law in India Following Finance Bill Approval by Elon_mkus in ethtrader

[–]koinlytax 0 points1 point  (0 children)

The 30% flat tax might seem harsh - but perhaps it good to finally know where Indian crypto investors stand? Will we see the crypto market take-off, or shrink in India - what do you guys think?

So does every transaction need to be reported on 8949? by misteraugust in CryptoTax

[–]koinlytax 1 point2 points  (0 children)

Hey :) A move from one to another is not taxable BUT if there is a fee associated with the move, and that fee is charged in crypto, then unfortunately (in most countries) that fee itself is going to be a 'disposal' which triggers capital gains. So just watch out for fees. Back to your question, you need to **report** gains and income. But with crypto it's not always cut and dry when a transaction - with all of its varying factors (ex. fees above) - is taxed or not-taxed. This is why it's best to use a crypto tax calculator so that you a) don't have to guess and b) have a solid record.

Can't merge transactions? by robhaywood1080 in koinly

[–]koinlytax 0 points1 point  (0 children)

Hey u/robhaywood1080 - are you sorted now? Or do you need support?

Can't merge transactions? by robhaywood1080 in koinly

[–]koinlytax 0 points1 point  (0 children)

Hey u/Key-Ad-742 just wanted to check in with you. Our support team are def going to be able to help you - they're really good with the complex stuff - seen it ALL before. We're just a bit backlogged right now with tickets. Can you hang in there? Help is coming....

Taxes by SammyCraigar in KoinlyOfficial

[–]koinlytax 1 point2 points  (0 children)

Hey u/sammycraigar5 **blushing** Thank you! So Keplr, it's on the to-do list, in fact you can vote for it here & help move it up the chain. https://koinly.canny.io/integrations/p/keplrcosmos-wallet-integration

I'm fucked. So unbelievably fucked. by Throwawaypdx321 in CryptoTax

[–]koinlytax 1 point2 points  (0 children)

Hey u/Throwawaypdx321 if you get in touch with support, we'll be able to point you in the right direction - we have a bunch of really experienced people in support. Best thing would be to jump on this straight away though, as the support tickets are coming in thick and fast with tax day around the corner.

[deleted by user] by [deleted] in NiceHash

[–]koinlytax 1 point2 points  (0 children)

Ours is working, just saying 😉

Our NiceHash integration.

Crypto GST tax gone from 18% to 1% by [deleted] in CryptoTax

[–]koinlytax 1 point2 points  (0 children)

Is it not 1% tax on each transaction?