Polygon is a blockchain platform that addresses Ethereum’s scalability issues by creating a multi-chain ecosystem. Buying and selling on the Polygon mainnet might subject you to tax liability.
KoinX simplifies managing crypto taxes, portfolios, and accounting for Polygon users. With KoinX, you can become more responsible and compliant with ease. KoinX is the #1 tax-calculation platform for crypto users.
A step-by-step guide on How to Integrate your Polygon(MATIC) chain with KoinX
KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the Polygon (MATIC) 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 Polygon (MATIC) 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, paste 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” and you are done!
All your transactions in the Polygon (MATIC) chain are now added to KoinX. We import all your transactions across all years, including ERC-20, ERC-721, ERC-1155 transactions.
A step-by-step guide on How to Integrate your Polygon(MATIC) chain with KoinX
Take the first step towards stress-free crypto tax reporting. Watch our tutorial on generating your Polygon(MATIC) tax report with KoinX and start saving your precious time and money today!
Important Things to Consider While Generating Your Polygon(MATIC) Tax Report with KoinX
- Please ensure you’ve connected all your integrations
- KoinX automatically syncs transactions from your wallet address in a regular interval. If you’re looking at syncing it anytime in between, please use the Sync Now feature of KoinX.
How To Easily Calculate & File Your Polygon (Matic) 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.
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Using API and Secret Key
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Using CSV Upload
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Frequently Asked Questions
Do I need to report my Polygon tax reports?
Yes, you must report all taxable transactions with Polygon 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 Polygon provide tax reports?
No, Polygon 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 Polygon transactions taxed in India?
In India, Polygon transactions are covered under tax jurisdiction, which means a 30% tax on profits and a 1% TDS on all transactions.
How does Polygon's tax reporting with KoinX work?
After the Polygon 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 Polygon to KoinX?
Even though the KoinX and Polygon 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 Polygon(MATIC)-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.
