Crypto Taxes in 2022: All You Need to Know According to Koinly
In theory it is easy to figure out how much Bitcoin capital gains tax someone needs to pay. You need to know the fair market value of Bitcoin on the day it is received, and on the day it is disposed in fiat currency terms – like USD or GBP. The difference in price will present either a profit or a loss, and it’s a profit that attracts capital gains tax. When an individual’s Bitcoin is taxed as income, it will be taxed at the same rate as their current Income Tax rate.
Koinly is also adding support for multiple new tokens and coins all the time; also keeping up with the constantly evolving and changing crypto tax legislation and laws.Once a user has signed up for an account, they can use Koinly’s extensive functionality to sync all the crypto wallets, exchanges, or blockchains they use, with Koinly, via API or CSV file upload.
Instead of manually calculating tax rates and formulas to figure out tax, let Koinly calculate the taxes for you. It quickly calculates gains and losses and Bitcoin income and expenses within minutes. The user can also head to the tax reports page in Koinly to see a summary of their Bitcoin taxes. Scrolling down on the page will help the user find the type of tax report they need.– like the IRS Form 8949 and Schedule D for reporting Bitcoin gains for American investors or the HMRC Capital Gains Summary Form for reporting Bitcoin gains for UK investors. Koinly can even generate tax reports for tax apps like TurboTax and TaxAct.
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