Koinly Simplifies Crypto Taxes by Integrating LUNA Wallet Support
2022.04.27 12:05
Koinly Simplifies Crypto Taxes by Integrating LUNA Wallet Support
- Koinly has revealed that they have added Terra (LUNA) wallet support to help LUNA users.
- This LUNA integration will make it easy for users to accurately track and record their transactions.
- The price of LUNA currently stands at $88.39.
Koinly, a crypto tax calculation platform, has revealed that they have added Terra (LUNA) wallet support to help LUNA users as the Canadian tax deadline is coming closer and closer.
The head of tax at Koinly, Tony Dhanjal, stated that many Koinly users have been requesting LUNA support. This LUNA integration will make it easy for users to accurately track and record their transactions in order to meet tax obligations.
Usually it is relatively easy for a person to calculate crypto taxes if their crypto affairs are simple. However, Dhanjal stated that an individual usually has between 3-5 wallets or blockchains, which could complicate calculating crypto taxes substantially.
The risk of making any sort of error is also pretty high. This is why it’s recommended that people use a good crypto calculation tool.
Dhanjal also emphasized how important it is to not only pay crypto taxes, but also any other tax that a person might be liable for.
Dhanjal explained that “ignorance is not a valid excuse, and there could be a fine line between this and tax evasion, which is illegal. The penalties for tax evasion can be severe, not to mention the reputational and other damage to your business this could cause.”
Crypto tax executive, Thomas Shea, reminded the public that using fiat to buy crypto is not a taxable event. The same can be said for the purchasing of non-fungible tokens (NFTs).
In related news, the price of LUNA has seen a price drop of 7.57% over the last 24 hours. This puts the price of LUNA at $88.39.
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