Koinly AI Crypto Tax Calculator & Report Filing Software For DeFi Traders Update
The latest launch from The Crypto Merchant provides customers with a convenient and efficient way to remain compliant with IRS regulations. Koinly is designed to help crypto traders and investors stay abreast of their tax calculations and contributions with advanced automated software.
More details can be found at https://koinly.io/?via=49642CB0&utm_source=affiliate
The announcement underlines the store’s commitment to supporting digital currency enthusiasts at every stage of the trading and accounting process. The Koinly software offering is part of The Crypto Merchant’s extensive collection of essential accessories such as hardware wallets, recovery plates, and robust cases.
Cryptocurrency tax is only payable when assets are sold. According to Coinbase, this is known as ‘realizing the gains’ as opposed to holding tokens and not generating gains or losses. The Koinly website states that US traders are liable for up to 37% in tax on short-term capital gains and crypto income and up to 20% on long-term capital gains.
Koinly harnesses state-of-the-art AI technology to automatically track transfers and wallet activity. Cryptocurrency trading creates a huge amount of data, only a fraction of which needs to be seen and verified by the IRS. By tracking and recording transactions as they happen, Koinly users avoid the time-consuming process of trawling through financial records when their returns are due to be filed.
The platform simplifies the administrative aspects of trading in margins, options, and futures while offering a simple way to track asset acquisition costs, total proceeds, and disposals. Income statements relating to airdrops, forks, and staking rewards are accessible with just a couple of clicks. Other reports detailing donations, gifts, thefts, and losses are also easy to generate on demand.
The Crypto Merchant prides itself on the highest levels of customer care with the team always available to help customers with getting their wallets set up or software solutions implemented. Agents offer guidance on all aspects of the Koinly software.
A spokesperson for Koinly says, “With Koinly you can import your ETH, BTC, Tezos, and other transactions directly from the ledger, sync all your exchange trading history in one click, and get ready to file a tax report – all in a matter of minutes.”
For more information, go to https://www.thecryptomerchant.com
The Crypto Merchant
609 South Ridgewood Avenue
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.