Yield App makes tax reporting simple in partnership with Koinly
IMPORTANT NOTICE: This blog does not constitute financial or tax advice and is for informational purposes only. The price of digital assets can go down as well as up and you may lose all of your capital. Investors should consult a professional advisor before making any investment or tax-related decisions.
- Crypto tax reporting can be difficult and time consuming
- Yield App partners with Koinly, to make tax reporting simple
- Koinly allows you to monitor your portfolio and tax liabilities and to generate localized tax reports
- Yield App customers receive an exclusive 20% discount on their Koinly tax reports - discount code in our newsletter
Yield App is pleased to announce our partnership with Koinly, one of the leading tax reporting tools for digital asset owners and investors. The tax reporting process can be difficult and time consuming, especially for those who trade frequently or hold assets in multiple projects on different platforms.
When it comes to cryptocurrency investing, any exchange of digital assets is also a taxable event. This makes it more complicated for frequent traders to calculate their taxes. In addition, tax reporting requirements for cryptocurrencies differ depending on country of residence and information relating to one’s specific jurisdiction can sometimes be difficult to find.
Software-based tax reporting solutions like Koinly have emerged to tackle these challenges. Koinly allows users to generate tax reports on their crypto transactions in time for reporting season, saving customers hours of time. Yield App’s customers can now download their digital asset transactions in a format compatible with Koinly in order to seamlessly generate tax reports on their personal transactions.
To celebrate our partnership, all Yield App customers will receive a 20% discount to use Koinly for their tax reporting with an exclusive code. Our customers will find this promotional code in our weekly Yield App Essentials newsletter.
What is Koinly?
Founded in 2018, Koinly is a crypto tax reporting software that supports tax reporting in more than 100 countries worldwide. It calculates digital asset investors’ cryptocurrency taxes and helps them prepare accurate returns in an effort to make crypto tax reporting as simple as possible.
Koinly integrates with over 350 exchanges, 130 blockchains, and 50 wallets, allowing its users to track over 6,000 tokens in one place. This allows investors to monitor the performance of their portfolios over time while keeping track of their tax liabilities and generating localized tax reports on demand.
The Koinly software was developed in collaboration with tax firms composed of highly specialized experts to ensure compliance with accepted tax laws applicable in each specific country. For those looking for information on how to file crypto taxes in their country, Koinly has a wealth of resources, including their blog.
Does Koinly support my country?
Koinly can create reliable tax reports for over 100 countries, including the US, the UK, France, Japan, Germany, Poland, Singapore and India, as well as all countries that use one of the following accountancy methods:
- First In First Out (FIFO)
- Last In First Out (LIFO)
- Highest Cost
- Average Cost Basis
How to connect your Yield App portfolio with Koinly
On Yield App
- Log in to your Yield App account.
- In the left side menu, select Transactions.
- Depending on the transactions you have made, export your wallet ledger, earnings ledger, staking ledger or locking ledger as a CSV file. Simply click on the ledger you want to export and select the three dots in the right corner, then download it as CSV.
- Sign up or log in to Koinly and head to Services.
- Select Yield App.
- Select import from file.
- Upload all your CSV file(s).
Integration with Koinly was a highly requested feature by our community members and we’re thrilled to make it available to all Yield App customers, along with an exclusive 20% discount. This latest announcement underscores our commitment to making digital wealth management as quick and effortless as possible as we continue to bring out new tools and capabilities for our growing customer base. If you have any comments or queries, please do not hesitate to contact our support team at [email protected].