My Take on Koinly: A Top-Tier Crypto Tax Software

Hey folks!

If you're into cryptocurrencies like me, you've probably heard about Koinly.

This incredible crypto tax filing service is turning heads as the crypto market continues to boom. With regulators and tax agencies taking a closer interest in the scene, Koinly is simplifying the way we own, manage, and report our crypto holdings for tax purposes.

Let's dive in!

What’s this Koinly All About?

Koinly is an all-in-one crypto tracker and tax software that's making waves in over 20 countries, including our friends in France.

Yes, I'm french 🇫🇷 :-).

As many people don't realize, cryptocurrencies are now assets subject to capital gains and income taxes. Koinly is here to help with that, offering the world's largest and most efficient crypto tracker. It's like your personal assistant, tracking your crypto holdings and transactions across different accounts, wallets, and blockchain platforms. This data is then turned into helpful reports for tax filing, no matter where you are.

Is your country supported?

Check their list.

So, How Does It Handle Crypto Tax?

Crypto tax calculations can get complex when considering factors like capital gains, capital losses, income, and expenses. That's where Koinly comes in. They've partnered up with tax firms across the globe and are using some nifty AI technology to track and detect crypto transfers between wallets. Plus, they use various cost-basis methods to produce accurate crypto tax reports based on your country's tax laws.

What Kind of Reports Does Koinly Generate?

Koinly provides several key reports, including:

• Capital gains and margins trading summary: This breaks down your taxable gains and losses, even covering margin trades, options, and futures.
• End-of-year valuation report: A detailed look at the value of your crypto holdings at the year's end, including acquisition costs.
• Capital gains disposal report: Detailed info on your long-term and short-term disposals, ensuring you're in line with local tax laws.
• Crypto income report: This covers income from airdrops, forks, staking rewards, decentralized finance platforms, and more.
• Gifts, donations, and losses report: Keeps track of transactions involving crypto gifts, donations, and losses, which can affect your final tax position.

Why I Love Using Koinly

Here are a few reasons why Koinly gets my thumbs up:

• You can see your ROI in fiat for all your crypto holdings. It's like an aggregated wallet which is super cool.
• It provides a comprehensive overview of crypto-related income
• It makes calculating profit/loss and capital gains for your crypto portfolio a breeze
• You see all the rewards and transactions from staking crypto 🎉

Don't get excited, I faked the amounts 🤣

A Solid Reputation in the Crypto Community

Koinly is currently sitting as one of the best-rated crypto tax software according to Trustpilot reviews. With over 1100 verified users praising Koinly's customer service and reliability, it's hard to dispute its strong reputation in the industry.

Keeping Your Portfolio Performance in Check

Koinly doesn't just track your transaction history. It also monitors your realized and unrealized profits and losses, effectively boosting your portfolio's performance. Whether you're an investor or a business, Koinly has got you covered.

Easy Peasy Data Import

Gone are the days of manually gathering data from different exchanges and wallets. Koinly's automated data import feature lets you connect all your accounts via API, and voilà – Koinly collects all necessary transaction data.

Final Thoughts

No more headaches with apps like Turbo Tax and Tax ACTK, and say goodbye to endless questions from your accountant. Koinly is a game-changer, integrating with over 350 exchanges, 90 wallets, and 150 blockchains to compile all necessary transaction history and compute cryptocurrency tax. Stay on top of your crypto game and tax compliant with Koinly's intuitive and easy-to-use crypto tax calculator.

Happy investing!

🤘