Hey All,
Calculating Crypto taxes can be daunting? We all understand how complex it can get - while calculating our crypto taxes where we don't have clear guidelines and still governments are working towards preparing a crypto framework. I was browsing through my twitter feed and found this enticing title - Don't Let Tax Mistakes Cost You More Than They Should and upon reading the article found out that we have an App that helps you calculate your Crypto taxes. Yes, the Application name is KoinX and in three simple steps it helps you to calculate your Crypto tax liability. The application calculates your crypto capital gains, maintains your portfolio, tracks transaction history and what not to ultimately calculate its users crypto tax liabilities.
So - How it Works?
First to be honest, I have not tried the application myself to check if their crypto tax calculations are accurate or not. Do, I intend to leverage the KoinX App in near future while I file my income tax returns; to check if I have any crypto tax liability or not. So here it is how the KoinX App works::
Step1 Download transaction data from exchanges
Step2 Upload csv files on KoinX
Step3 KoinX calculates and provides Tax reports
As you can see the above three steps are pretty straight forward if you are wondering to get a stance on your crypto liability. Just download the transaction history from your exchange, upload the csv file on KoinX and finally KoinX provides you the Crypto tax report..its that simple isn't it? Have you wondered about your crypto tax liability and how to calculate it? I would recommend just try this App out maybe it comes to your rescue. In the mean time, I'll also be testing this App and will do a separate post about it as to how much accurately it could calculate my crypto tax liability.. cheers.
Crypto Tax Calculations Simplified...
#crypto #cryptotax #taxcalculations #koinx #cryptotaxsimplified
Image Credits:: koinX
Best Regards
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