Altcoin Tax Reporting Software With IRS 8949, Schedule D Pre-Filling Announced
The Crypto Merchant has announced the inclusion of Koinly to its carefully curated list of software services for crypto owners. Koinly tracks crypto transactions and generates pre-filled IRS forms, simplifying the reporting process through automation.
More information is available at https://koinly.io/?via=49642CB0&utm_source=affiliate
According to The Crypto Merchant, its latest announcement is aimed particularly at crypto owners who risk falling behind on their payments owing to the lack of tax reporting knowledge.
“For the average crypto holder, it can be difficult to understand what tax applies to which transaction,” a company spokesperson said. “Let’s say you just decided to hold your crypto, and it grew in value. Is that a taxable event or not?”
Koinly will be able to simplify these calculations for the user, they added.
It can track transactions made on over 6,000 types of cryptocurrencies, including every token deployed on the Ethereum blockchain. Koinly’s dashboard allows users to see the total amount they have invested in crypto, their income or losses, and the corresponding tax liability generated through these events.
Koinly is compatible with over 100 wallets, including hardware devices such as Ledger and Trezor. It also integrates with almost every crypto exchange available today, allowing users to extract financial data from each platform automatically.
Furthermore, the software can pre-fill IRS documents, particularly forms 8949 and Schedule D, which are used to report sales on assets like stocks and crypto. Special reports can also be generated for users of certain tax software that can be uploaded to one’s account when creating a filing.
Tax report pre-filling is available in the most basic plan, which costs $49 per tax year and is limited to 100 reports. More premium plans are available for users with thousands of transactions.
“We enjoin crypto holders to file their taxes, especially if they suffered heavy losses this crypto winter,” the representative said. “In fact, you’d want to report these losses if you want to reduce your liabilities, and Koinly is the perfect tool to see how much deductions you could claim.”
To try Koinly for free, interested parties are advised to visit https://koinly.io/?via=49642CB0&utm_source=affiliate
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.