Cryptic, the host of the show “Encrypted,” introduces a cryptocurrency tax software called Coinly. He emphasizes the importance of not forgetting tax liabilities when trading crypto and highlights Coinly’s ability to simplify tax calculations and reduce them for the following year. Coinly allows users to import trades from various exchanges and wallets, preview capital gains, track portfolios, and generate tax forms specific to their country. The software supports over 17,000 cryptocurrencies, 350 exchanges, and 50 wallets. It also offers integration with popular tax software like TurboTax. User reviews praise Coinly’s ease of use and reliability.
Introduction: Cryptic’s Introduction to Coinly
Hey yo welcome back to Encrypted! I am your host Cryptic, and as always, I bring to you the latest news and trends in the crypto world.
Tax Season: A Dreadful Time
Ladies and gentlemen, my name is Cryptic, aka Lord Kryptonium, and today I bring to you something different, something kind of useful actually. Well, you may or may not know, but it’s tax season. Who the hell likes tax season? If you tell me you do, I bet you’s a captain boy, heck no! Taxes be buggin’ whether they are applied to you or you gotta do them. This should be a pain in the butt. And when you’re trading crypto, it’s still a valid thing. It’s important not to forget your tax liabilities. I basically all didn’t know that because, to be honest with you, when I first started doing crypto, taxes were the last thing I was thinking of. Whether I wanted to think about it or not, it just didn’t really click. But the more you get involved in it, the more you realize taxes is a serious topic, and you did not want to stutter or snooze on them because it will come back and bite you in the arse.
The Solution: Coinly
There’s a solution, though. Not just a solution, but a gem. Another banger brought to you by Lord Kryptonium. You’ll hear it here first. This banger will make it very easy to calculate and track your crypto tax liabilities. I bet you want to know what this is. I bet you want to hop on it because I know how much you hate them taxes and how they apply. So guess what, today we have the one, the only cryptocurrency tax software Coinly, K-o-i-n-l-y, that is Coinly. Let’s hop right into the website.
Welcome to Coinly: Making Crypto Taxes Easy
We are live and direct right on the landing page of Coinly. Beautiful, it just looks like taxes are about to invade my life, just staring at this landing page. But guess what, with Coinly, crypto tax reports in under 20 minutes, you can wrap it up and get going with your day. Coinly calculates your cryptocurrency taxes and helps you reduce them for next year. It is simple, it is reliable. This is Coinly. It is available in 20 plus countries, free report previews, and you have Form 8949 TurboTax. You want to get started, you can click right here, “Calculate My Taxes.”
Connecting Your Wallets and Exchanges
Why don’t we just get a little view on this right now? You can sign up with Coinly and then from there, it takes you to the process and it’s very straightforward. With Coinly, you can simply connect your crypto wallets, exchange, or blockchain addresses to Coinly, and they will automatically generate the information you need. It’s that easy. Check out all the partnerships and everybody that’s associated with the IRS, Canadian Revenue Agency, Receipt of Federal RSK, Gensia, and Trade. Awesome stuff, man. You know how it goes.
User Feedback: The Struggles of Crypto Taxes
Here are some questions and personal feedbacks. You feeling clueless? Someone said, “Traded on a lot of exchanges, coins spread across multiple wallets, no record or anything.” We’ve been there too, and that’s why we built Coinly. No more wasting hours downloading CSV files, formatting data, figuring out market prices, getting the tax calculations right, etcetera. No more. With Coinly, you can import your ETH, BTC, and other transactions directly from the ledger, sync all your exchange trading history in one click, and get ready to file tax reports all in a matter of minutes. That’s right. Some good reviews. You can click on that and see more. Everybody reading this pretty well has good experiences, good reviews.
Simplifying Your Taxes with Coinly
Now, how Coinly simplifies your taxes? You’ve got the little “what now we dig in deeper into the how.” First, easily import your trades. So, you can add your exchange accounts via API or CSV files and connect your blockchain wallets using public addresses. Simple, the DeFi margin trades and the futures, whether you were staking on Kraken, landing on Nexo, or going long on BitMEX, Coinly can handle every bit of it.
Support for Exchanges and Wallets
There is also smart transfer matching. Coinly uses AI to detect transfers between your own wallets and keep track of your original cost. Coinly supports 300 plus exchanges and wallets. You can click right here to view them, a list of everything. I mean you don’t have to make sure, to be honest. I’m sure that they possess all the wallets and exchanges you are looking for, at least fingers crossed they’re not missing any. But this is great, they have everything you need. No stress about it.
Preview Your Capital Gains
Secondly, they’re gonna preview your capital gains. Get a glimpse of your profit loss for any tax year, for free. There’s portfolio tracking. You can see your total holdings, ROI, and growth over time on a beautiful dashboard like we see right here.
Analyze Your Profit and Loss
Why don’t we click this video? Or is it a video? Yeah, it is. Nice! Oh, wow! That’s very aesthetically pleasing. Looks very organized. You can check every year. You can see your holdings, your ROI, the growth over time. Very nice dashboard. Awesome! You can also see profit loss and capital gains easily. See how much you are up or down. You can view realized and unrealized capital gains. This is wonderful. You can explore all the features by clicking right here. Definitely don’t hesitate, get deeper into it.
Extensive Coverage: Coins, Prices, Wallets, and Exchanges
But how about we go through right now? This is great stuff. Check all this out, guys. Man, they have 17,000 plus cryptocurrencies. You can add transactions for any alt and cap coin that ever existed. They have 6 plus years of prices, and that’s historical crypto and fiat spot prices to ensure your costs are correct. 50 blockchains, 350 exchanges, 50 wallets, and 11 services, from Nexo, Black, FivePacksFull, NiceHash, Purse.io, and many others. Crazy, guys. This is reliable cryptocurrency tax reports that you can preview. Your capital gains like we said, you got the Form 8949, Schedule D, if you were filing in the US. Coinly, of course, a lot of our friends are from the US, so if you’re filing in the US, Coinly can generate filled-in IRS tax forms just for you. You have international tax reports that support USA, Canada, UK, Germany, Sweden, and many other countries. So man, they really got it covered worldwide. This is insane. They got TurboTax, TaxAct, and HR, so you can easily export your transactions to other tax software’s. Man, this is very detailed and very broken down so that we don’t have to stress about it. Man, we got accessibility and reliability. Banger, one gem. This is Coinly. Great stuff!
Calculating and Managing Taxes with Coinly
Let’s get back to the main website to see further how they are able to provide us to calculate and manage our tax liabilities. Number three, you can download your tax documents, of course. So whether you are filing yourself or using a tax software like TurboTax or working with an accountant, Coinly can generate the right crypto tags just for you, whatever you need. They have all the types, so whether it’s Form 8949, Schedule D, like we said, you know, check out all these forms, doesn’t matter where you are from, the US, worldwide, they got all the forms, and the samples that you might need. It’s great stuff, guys, great stuff. So check out right here. Once you’re in, you can select the reports that you’re looking for. It’s a quick little video, very helpful. So if you’re interested in getting into this, watch these videos, ask questions. It’ll guide you because obviously, this can get complex, but everything is here on the dashboard, and it’s very easy to navigate once you get the flow of things. Then you know everything else will be easy.
User Reviews and Support
More reviews, more 5-star, 4.5-star reviews. “It was easy to sync my accounts. The tax report was in good format and approved by BZST.” Great support here. They got some popular questions, so if you have similar questions, don’t hesitate to go through. You know, “How do cryptocurrency taxes work?” A lot…