How does Koinly handle reporting cryptocurrency to the IRS?

3 answers

• Dec 28, 2021 · 3 years ago
  Koinly is a cryptocurrency tax software that helps individuals and businesses with their tax reporting obligations to the IRS. It provides a user-friendly interface where users can import their cryptocurrency transactions from various exchanges and wallets. Koinly then automatically calculates the capital gains and losses, as well as the cost basis for each transaction. This makes it easier for users to accurately report their cryptocurrency activities to the IRS.
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• Dec 28, 2021 · 3 years ago
  When it comes to reporting cryptocurrency to the IRS, Koinly offers a range of features to simplify the process. These include the ability to generate tax reports, such as Form 8949 and Schedule D, which are commonly used for reporting capital gains and losses. Koinly also supports various accounting methods, including FIFO, LIFO, and specific identification, allowing users to choose the method that best suits their needs. Additionally, Koinly provides guidance and resources to help users understand the tax implications of their cryptocurrency transactions.
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• Dec 28, 2021 · 3 years ago
  As an expert in the field, I can confidently say that Koinly is one of the best tools available for reporting cryptocurrency to the IRS. Its intuitive interface and comprehensive features make it a valuable asset for anyone involved in the cryptocurrency market. With Koinly, you can ensure that your tax reporting is accurate and in compliance with IRS regulations. So, if you're looking for a reliable solution to handle your cryptocurrency tax reporting, Koinly is definitely worth considering.
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