With a quick and affordable layer-1 blockchain run by its FTM token, Fantom offers an alternative to Ethereum.
KoinX streamlines managing crypto taxes, portfolios, and accounting for investors through automated systems. It simplifies the generation of Fantom 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 Fantom tax report from KoinX.
A step-by-step guide on How to Integrate your Fantom chain with KoinX
Calculating your cryptocurrency taxes is made easy with KoinX. Here’s a step-by-step guide on integrating it with the Fantom chain:
Step 1: Sign 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 Fantom chain.
Step 4: You can add a custom name of your choice. This name will help you identify your wallet later on.
Step 5: To complete the process, input your public address, which is essentially the receiving or account address displayed on your wallet interface, such as “Metamask” or “Trust.”
Step 6: Click on “Submit” as mentioned above to complete your integration.
All your transactions on the Fantom chain are now added to KoinX. We import all your transactions across all years, including ERC-20, ERC-721 and ERC-1155 transactions.
Watch how to generate your Fantom tax report with KoinX
Get on the path to effortless crypto tax reporting by watching our informative tutorial on generating your Fantom tax report with KoinX. Save significant time and money today and ensure that your crypto tax reporting is accurate and compliant.
Important Things to Consider While Generating Your Fantom Tax Report with KoinX
- To ensure that all of your integrations are connected, please double-check before proceeding.
- 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 Fantom 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 giving you a 360 view of your portfolio.
Step 2: Review your transactions.
With KoinX, you can rest assured that your transactions will be accurately categorised, and your gains and losses will be computed in compliance with the latest tax regulations. KoinX’s automated system guarantees 100% accuracy, eliminating the need for manual input and reducing the risk of errors in your tax reports.
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 passively investing for returns) then please select Capital Gains.
If you are trading with the intent of making crypto 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
You can export tax reports directly from KoinX and import them into your preferred tax software. Alternatively, you can provide the reports to your tax professional for a swift and hassle-free filing process.
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Using API and Secret Key
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Using CSV Upload
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Frequently Asked Questions
What is the KoinX and Fantom chain integration, and how does it work?
The integration between KoinX and Fantom chain enables KoinX users to conveniently track their Fantom transactions and compute their tax liability. By pasting their Fantom address at KoinX and importing their transaction data, users can automatically organise the data and generate precise tax reports.
How do I connect my Fantom address to KoinX?
To connect your Fantom wallet to KoinX, simply follow the step-by-step instructions above, for which you will need to provide your wallet address. Once your wallet is connected, KoinX will automatically start importing your transaction data and generating tax reports.
Do I need to report my Fantom tax reports?
It’s important to note that all taxable transactions involving Fantom 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 Fantom provide tax reports?
No. To obtain accurate tax calculations for your Fantom transactions, you can upload your transaction history to KoinX as Fantom itself does not offer tax reports.
How are Fantom transactions taxed in India?
In India, Fantom transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How does Fantom's tax reporting with KoinX work?
After the Fantom 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 download it and share it with your tax professional for tax filing purposes.
What are the most common issues with importing transactions from Fantom to KoinX?
Even though the KoinX and Fantom 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 Fantom-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
