Ethereum is a decentralised blockchain best known for its native cryptocurrency, ether (ETH). With its scalability, programmability, security, and decentralisation, Ethereum is the top choice for developers.
KoinX streamlines managing crypto taxes, portfolios, and accounting for investors through automated systems. It simplifies the generation of Ethereum tax reports, making it easier for everyone to stay on top of their tax game in the crypto space.
This post shows an in-depth explanation of how to generate your Ethereum tax report from KoinX.
A step-by-step guide on How to Integrate your Ethereum chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s a step-by-step guide on integrating it with the Ethereum chain:
Step 1: Log in to your KoinX account.
Step 2: Locate the “Integrations section” at the top and select the “Blockchains” category.
Step 3: From the available options, select the Ethereum chain.
Step 4: You can add a custom name of your choice. This name will help you identify your wallet later on.
Step 5: Finally, enter your public address. This is nothing but the receiving address or account address that you see on your wallet, like “Metamask” or “Trust”.
Step 6: Click on “Submit” as above and your integration is complete!
All your transactions on the Ethereum chain are now added to KoinX. We import all your transactions across all years, including ERC-20, ERC-721, ERC-1155 transactions.
Watch how to generate your Ethereum tax report with KoinX
Begin your journey towards effortless crypto tax reporting by watching our tutorial on generating your Gnosis tax report with KoinX. Save valuable time and money today!
Important Things to Consider While Generating Your Ethereum Tax Report with KoinX
- Please make sure that all of your integrations have been connected.
- KoinX automatically synchronises transactions from your wallet address at regular intervals. However, if you need to synchronise it at any other time, please utilise the ‘Sync Now’ feature available on KoinX
How To Easily Calculate & File Your Ethereum Taxes using KoinX
Step 1: Add all the chains and exchanges where you have an account
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data, in one place.
Step 2: Review your transactions.
KoinX will automatically categorise all transactions and compute gains and losses accordingly, ensuring 100 percent accuracy and compliance with the latest tax regulations.
Note: If you see warnings in your portfolio, refer to this article to fix the issues.
Step 3: Generate your tax reports for the selected Financial Year
You have the option to categorise your trades as Capital Gains or as Business Income.
If you are trading in crypto as a secondary source of income (like just passively investing for returns) then please select Capital Gains.
If you are trading with the intent of making crypto as your primary source of income, then please select Business Income.
KoinX produces all the essential tax reports while providing a clear breakdown of your crypto tax obligations.
Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam pulvinar in elit eget bibendum. Vestibulum diam neque, ornare vitae ante id, facilisis maximus odio. Cras pulvinar ut justo eu tempor lorem dolor colon
Using API and Secret Key
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam pulvinar in elit eget bibendum. Vestibulum diam neque, ornare vitae ante id, facilisis maximus odio. Cras pulvinar ut justo eu tempor lorem dolor colon
Step 1: Lorem ipsum dolor sit amet, consectetur
Step 2: Lorem ipsum dolor sit amet, consectetur
Step 3: Lorem ipsum dolor sit amet, consectetur
Using CSV Upload
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam pulvinar in elit eget bibendum. Vestibulum diam neque, ornare vitae ante id, facilisis maximus odio. Cras pulvinar ut justo eu tempor lorem dolor colon
Step 1: Lorem ipsum dolor sit amet, consectetur
Step 2: Lorem ipsum dolor sit amet, consectetur
Step 3: Lorem ipsum dolor sit amet, consectetur
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam pulvinar in elit eget bibendum. Vestibulum diam neque, ornare vitae ante id, facilisis maximus odio. Cras pulvinar ut justo eu tempor lorem dolor colon
Step 1: Lorem ipsum dolor sit amet, consectetur
Step 2: Lorem ipsum dolor sit amet, consectetur
Step 3: Lorem ipsum dolor sit amet, consectetur
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Aliquam pulvinar in elit eget bibendum. Vestibulum diam neque, ornare vitae ante id, facilisis maximus odio. Cras pulvinar ut justo eu tempor lorem dolor colon
Step 1: Lorem ipsum dolor sit amet, consectetur
Step 2: Lorem ipsum dolor sit amet, consectetur
Step 3: Lorem ipsum dolor sit amet, consectetur
Frequently Asked Questions
What is the KoinX and Ethereum chain integration, and how does it work?
The KoinX and Ethereum chain integration is a feature that allows KoinX users to easily track their Ethereum transactions and calculate their tax liability. Users can paste their Ethereum address at KoinX and import their transaction data, which is automatically organised and used to generate accurate tax reports.
How do I connect my Ethereum address to KoinX?
To connect your Ethereum wallet to KoinX, simply follow the step-by-step instructions above. You will need to provide your wallet address. Once your wallet is connected, you can start importing your transaction data and generating tax reports. If you are still facing any issues, please feel free to contact our support team.
Do I need to report my Ethereum tax reports?
It’s important to note that all taxable transactions involving Ethereum or any other cryptocurrency must be reported on your tax return, regardless of the amount of money involved. It’s recommended to maintain detailed records of all your crypto transactions and use a trustworthy tax-calculation platform such as KoinX to generate precise tax reports.
Does Ethereum provide tax reports?
Ethereum doesn’t generate any tax reports. Instead, it provides you with a transaction history that you can upload to KoinX to calculate your taxes accurately.
How are Ethereum transactions taxed in India?
In India, Ethereum transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How does Ethereum's tax reporting with KoinX work?
After the Ethereum and KoinX integration, you are presented with a tax report that gives you a comprehensive overview of the taxes you’re liable to pay on your trades. You can share it with your tax professional for tax filing purposes.
What are the most common issues with importing transactions from Ethereum to KoinX?
Even though the KoinX and Ethereum integration is seamless, there are instances where you sometimes upload the wrong address or the address might be missing characters. Try double-checking the file before uploading.
How do I troubleshoot my integration with KoinX?
For any troubles related to Ethereum-KoinX integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on Twitter or write to us at support@koinx.com or Click Here.
