Koinly crypto tax calculator integrates with Terra LUNA

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

Koinly, a platform that helps calculate crypto tax with reports from over 20 countries including the US, UK, Brazil and most EU countries, has announced a new integration with Terra. Platform users will be able to enter their Terra wallet address for tax reporting, alongside 50 other wallets such as MetaMask, Trezor and Ledger already supported by the platform.

Transfers between all accounts are included in tax calculations, and Koinly plans to continue expanding wallet support to become a true one-stop-shop for crypto tax tracking and reporting.

“The release of Terra integration by Koinly finally makes it easier for users of the protocol to accurately track their transactions and tax obligations. LUNA holders now have a more convenient approach with increased accuracy for their Terra taxes,” says Tony Dhanjal, tax manager at Koinly.

Disclosure of correct transaction history

Now that crypto transactions are starting to come under closer scrutiny, more and more crypto holders are becoming familiar with their tax obligations. It is imperative to disclose the correct information to avoid being overcharged. Koinly helps gather data and calculate tax based on crypto income.

Currently working with 350 exchanges to facilitate accurate tax reporting with over 6 years of crypto transactions, Koinly has positioned itself as a leading crypto tax platform.

Koinly is designed for both crypto beginners and long-term investors. It simplifies otherwise complex transaction history into an easy-to-read report. Within the Koinly platform, users can track their assets, income, and capital gains to see their portfolio grow over time and understand their crypto tax implications as they trade throughout. of the fiscal year.

A timely integration with Terra

Terra’s integration with tax software Koinly is a welcome announcement for LUNA holders, as the cryptocurrency has grown in popularity since the start of the year. Earlier this year, Koinly conducted a survey, which showed that 46.8% of crypto holders do not know how and where to file their crypto tax, while 81% did not know that there are exchanges. forms of crypto tax.

“The meteoric rise in popularity of Terra has left many LUNA holders and users without a way to accurately track and record their transactions to meet their tax obligations. We are proud that Koinly is among the first platforms to react to the changing space, helping its users to accurately track and report their crypto tax,” said Robin Singh, Founder and CEO of Koinly.

According to data from Cryptoslate, the LUNA cryptocurrency has been growing positively in recent weeks and is up over 8.3% in the last 7 days alone. The Terra LUNA community is strong and the LUNAtics have been busy over the past week expressing their joy at the National Stadium’s recent sponsorship announcement.

Reporting DeFi transactions can be a particular headache without the help of software. Prior to Koinly’s Terra integration, LUNA holders had to rely on third-party tools to integrate their translation details into their Koinly accounts. Koinly’s integration with Terra removes the need for these labor-intensive tasks, allowing users to track their LUNA transactions and taxable earnings in real time throughout the tax year.

Esther L. Steinbach