Gnosis Chain is creating an open-internet infrastructure accessible to everyone, with a diverse set of validators and community governance to ensure neutrality and trust.
KoinX offers a simplified solution for managing crypto taxes, portfolios, and accounting on the Gnosis Chain. KoinX can make this tax season a breeze for you by providing efficient and effective tax management services.
Here’s how to generate your Gnosis tax report through KoinX—a step-by-step guide to help you navigate the complex task of calculating your tax liability on Gnosis Chain transactions.
A step-by-step guide on How to Integrate your Gnosis chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the Gnosis chain:
Step 1: Log in to your KoinX account using your credentials.
Step 2: Go to the “Integrations” section, click on “Add Integrations,” and select the “Blockchains” category.
Step 3: From the available options, select Gnosis Chain.
Step 4: You can add a custom name of your choice. This name will help you identify your Gnosis wallet.
Step 5: Finally, paste or upload your public address like this. A public address is simply the address used to receive cryptocurrency transactions, and it can be found in your wallet app, such as “Metamask” or “Trust.”
Step 6: Hit “Submit” as mentioned above and you are done!
All your transactions in the Gnosis chain are now added to KoinX. We import all your transactions across all years, including ERC-20 transactions.
Watch how to generate your Gnosis tax report with KoinX
Reduce the time and effort required for crypto tax reporting with KoinX. Check out our tutorial on generating your Gnosis tax report and start saving money today!
Important Things to Consider While Generating Your Gnosis Tax Report with KoinX
- Please ensure you’ve connected all your integrations. This will help us highlight any missing transaction and ensures that your calculations are accurate and complete.
- KoinX offers automated synchronisation of transactions from your wallet address at regular intervals. If you need to sync your transactions at any other time, please utilise the ‘Sync Now’ feature available on KoinX.
How To Easily Calculate & File Your Gnosis 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
When using KoinX, you have the choice to categorise your trades as either Capital Gains or Business Income.
- If you are trading in crypto as a passive investment to generate returns, please select Capital Gains.
- If your primary intent is to make crypto your main source of income, then please select Business Income.
KoinX offers all necessary tax reports and provides a transparent breakdown of your crypto tax responsibilities.
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.
Frequently Asked Questions
Do I need to report my Gnosis tax reports?
Yes, you must report all taxable transactions with Gnosis or any other cryptocurrency on your tax return, no matter how much money was involved. Keep detailed records of your crypto transactions and use a reliable tax-calculation platform like KoinX to make accurate tax reports.
Does Gnosis provide tax reports?
No, Gnosis doesn’t provide any tax reports. It only provides you with a transaction history, which you can upload to KoinX to calculate your taxes.
How are Gnosis transactions taxed in India?
In India, Gnosis transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How does Gnosis's tax reporting with KoinX work?
After the Gnosis 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.
What are the most common issues with importing transactions from Gnosis to KoinX?
Although the integration between KoinX and Gnosis is seamless, there may be instances where an incorrect address is uploaded or a character is missing. To avoid this, we recommend double-checking the file before uploading to ensure accurate information.
How do I troubleshoot my integration with KoinX?
For any troubles related to Gnosis-KoinX integration, you can carefully navigate through the steps once again mentioned in our guide. Alternatively, you can also reach out to us on via the live chat or write to us at support@koinx.com.
