Key Features of Koinly
Automatic Import: Syncs with crypto wallets, exchanges, and blockchains to automatically import your transaction history
Portfolio Tracking: Provides real-time tracking of your cryptocurrency holdings and portfolio performance
Tax Calculation: Calculates capital gains, losses, and income from crypto transactions according to tax regulations in your country
Tax Report Generation: Generates reports such as Form T2125 for Canada, Schedule D for the U.S., or other equivalent tax documents for global users
Supports Multiple Methods: Allows users to choose tax calculation methods like FIFO, LIFO, or specific identification, depending on local tax rules
Who Can Benefit from Koinly?
Crypto Traders: Tracks trades, gains, and losses to ensure accurate tax filing
Miners and Stakers: Calculates taxable income from mining and staking rewards
NFT Enthusiasts: Handles transactions involving NFTs, including purchases, sales, and royalties
Casual Investors: Helps manage taxes for small-scale or infrequent crypto transactions
How Does Koinly Work?
Connect Your Accounts: Link your crypto exchanges, wallets, or blockchains to Koinly via API or CSV upload
Review Transactions: Koinly categorizes transactions automatically, but you can adjust settings to ensure accuracy
Generate Tax Reports: Use Koinly to produce tax reports customized to your country’s requirements
File Your Taxes: Directly in your CloudTax return, connect to your Koinly account to import your tax report and complete your filing effortlessly.
Why Use Koinly?
Saves time by automating transaction tracking and tax calculation
Reduces errors with accurate data synchronization
Supports compliance with tax regulations in multiple countries
Simplifies crypto tax reporting, even for complex portfolios
Koinly is a powerful tool for anyone involved in cryptocurrency, ensuring tax compliance while streamlining the reporting process.