Latoken is a global platform founded in 2017 that enables the trading of various digital assets, including cryptocurrencies and NFTs. The platform offers many trading features, such as spot trading, margin trading, and staking. It offers a platform called ‘Launchpad’ where developers can start their crypto projects. Latoken exchange enables users to participate in ICO, airdrops and giveaways of the new project while ensuring the security of its users.
The complexity of taxes has always been challenging to understand and has led investors to penalties. You can make this task easier with KoinX, a powerful automated tool to calculate all your crypto taxes. It will make accurate tax reports you can easily understand and file properly.
In this article, we will guide you on how you can seamlessly connect your Latoken account with KoinX and start managing your taxes optimally.
Start your comfortable tax reporting journey with KoinX, as it will strike out all the complexities in the tax management process of your portfolio.
A step-by-step guide on how to generate your Latoken tax report with KoinX
Step 1: On the top right corner of the profile section, please click on the API Keys button.
Step 2: On the top right corner of the profile section, click on API.
Step 3: Click on Create API Key.
Step 4: Select Read only and hit the Create API keys.
Step 5: Log in to your KoinX account.
Step 6: Click on the Integrations section in the navigation bar.
Step 7: In the search bar, search for Latoken exchange and select the exchange.
Step 7: Insert your API and secret keys and hit the Import Now button.
How To Easily Calculate & File Your Latoken Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
You can conveniently import all your transaction data from the exchanges and wallets to KoinX. It supports all the major cryptocurrency exchanges and wallets in the market.
Step 2: Review your transactions
After integrating your exchange account and importing the data, the transactions are accurately categorised, and their gains/losses are correctly calculated according to the latest tax regulations. You can review the data to pick out any irregularities if found.
Step 3: Generate your tax reports for the selected financial year
KoinX generates the tax report in a way that can be understood and read quickly. You will find all the necessary parameters needed in the report while filing the taxes to the authorities. It is rest assured that the reports will be 100% compliant with the tax regulations.
Step 4: File your taxes
You can download the comprehensive report directly from KoinX in various file formats to store or share it with tax advisors before filing.
Important Things to Consider While Generating Your Latoken Tax Report with KoinX
- In the 3rd and 4th steps, when you are creating a new API for KoinX, make sure that you tick the “read-only” option in the interface. This will avoid any alterations in your transaction data being imported into KoinX.
- To keep your transaction data synced with KoinX for optimum calculation, you can utilise the sync now option given in your KoinX interface.
- Make sure that you connect all the exchanges and wallets that you use for the crypto transaction to get a full-fledged tax report of your portfolio.
You are just a few clicks away from the peace of mind you will obtain after using KoinX for your crypto tax management.
Frequently Asked Questions
Do I need to report my Latoken for tax purposes?
Yes, since you are engaged in crypto transactions through Lakoten or other exchanges, you must report the taxes to the authorities. Not reporting taxes is illegal, and you may face legal action from the authority if you fail to report the taxes.
Does Latoken report to the Income Tax Department?
No, Latoken is not involved in the tax reporting of crypto investors and traders. It is a cryptocurrency exchange that enables buying and selling of various cryptocurrencies and NFTs. It also provides other financial features like staking and airdrops.
Does Latoken provide tax reports?
No, Latoken does not provide tax reports. It is a cryptocurrency exchange that provides a platform for trading a wide range of cryptocurrencies and other digital assets like NFTs. KoinX will provide you with tax reports that are accurate and 100% compliant with the tax regulations.
How are Latoken transactions taxed?
Latoken is a global cryptocurrency exchange that provides services to many countries with different tax laws. Like in India, the crypto is as follows: transfer of an asset worth more than Rs 50000 will have a 1% tax deduction, and all the gains from trading cryptocurrencies are subject to a 30% tax.
How does Latoken tax reporting with KoinX work?
You have to integrate your Latoken account with KoinX using APIs. After importing the transaction data, it will calculate the unrealised and realised gains/losses. You can review the organised transactions before downloading the exhaustive report from KoinX for filing.
What are the most common issues with importing transactions from Latoken to KoinX?
While creating a new API, you must label it properly to avoid any confusion and also give the “read-only” permission for the API before pasting it anywhere.
How do I troubleshoot my Latoken integration with KoinX?
While performing the above steps, if you face any issues, you can contact the active customer service of KoinX. They will guide you through the issue and resolve it. You can contact the team via chat box on the site, Twitter, or email – support@koinx.com.
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