Crypto asset tracking and tax platform, Koinly, has integrated Terra, effectively enabling Terra wallet holders to file their taxes via the platform. This is a timely move, and it comes just as the tax filing deadline nears for Canadian users. LUNA’s rise into the top ten cryptocurrencies by market capitalization triggered the need for Koinly to integrate it. With Koinly’s Terra connection, customers may keep track of their LUNA transactions and taxable earnings throughout the tax year without performing these through time-consuming manual processes.
Many crypto investors are looking for ways to accurately disclose their crypto earnings and avoid over-taxation. Fortunately, software tax calculator solutions are coming up in the market. It is now possible for users of Koinly to submit their Terra wallet address for tax reporting. Additionally, Koinly currently supports 50 other wallets, including MetaMask, Trezor, and Ledger among others. Furthermore, Koinly’s wide footprint that covers the US, UK, Brazil and most European countries gives it a distinct advantage.
” We are proud that Koinly is among the first platforms to react to the changing space, helping its users accurately track and report on their crypto tax,” said Robin Singh, the founder and CEO of Koinly.
Prior to the integration, LUNA holders had to use third-party programs to get their translation details merged into their Koinly accounts. Furthermore, tracking and reporting each transaction resulted in a lot of extra spreadsheets and hours of effort. Without the support of tools, reporting DeFi transactions and advantages like staking rewards can be a real pain.
Koinly is a cryptocurrency tax analysis platform that supports the generation of crypto tax returns in more than 20 countries. In addition, it has a calculator that keeps account of each user’s cryptocurrency gains, losses, and earnings. If you want to accurately report on your cryptocurrency transactions and avoid tax evasion, Koinly is a market leader. In addition, it allows for the analysis of over six years of cryptocurrency transactions.