KoinX supports over 180+ integrations across crypto exchanges and wallets. Users can integrate their crypto transactions from any of these platforms and generate personalised tax reports directly with KoinX.
In addition to this, KoinX has now launched the Custom File Integration feature. Investors can now record their transactions in a spreadsheet and integrate that custom file for tax reporting. Users will be able to integrate their transactions even if their preferred blockchain or crypto exchange is not supported on KoinX.
Custom File Integration is a feature where integrating your crypto transactions will be as simple as making a cup of coffee.
Wondering how? Read along to get a step-by-step breakdown of the process!
How To Add Custom Files And Generate Tax Reports With KoinX?
Step 1: To begin a custom file integration, make a copy of this spreadsheet and fill in the details of your transactions, as shown in the sample sheet.
Step 2: Refer to this table to understand the type of input required in the given fields.
| Cell header | Is this field mandatory? | Cell value |
|---|---|---|
| Date and Time (IST) | Yes | The value type should be in this format: YYYY-MM-DD HH:MM:SS. For example, 2023-05-30 14:34:25 We recommend copying and pasting a value from the given example sheet and editing accordingly. Ensure that Google Sheets does not automatically change the date format. |
| Type | Yes | The values of the types can be: 1. Trade -When one cryptocurrency is traded for another. 2. Deposit - For deposit trades. 3. Withdrawal - For withdrawal trades. |
| Label | Yes | The values and their type are: Values applicable for Trade type 1 Buy 2 Sell 3 Swap Values applicable for Deposit type 4 External Deposit 5 Reward 6 Interest 7 Airdrop Values applicable for Withdrawal type 8 External Withdraw 9 Expense Interest Payment 10 Futures Realised P&L (This can go under Deposit as well as Withdrawal type) 11 Options Realised P&L - (This can go under Deposit as well as Withdrawal type) |
| Received Coin | No | This field records the coin that was received during a transaction. 1. If you received a coin, such as USDT or BTC, then mention the coin name. 2. If you don’t receive anything, then just put a hyphen (-) value. |
| Received Coin Amount | No | This field records the received coin amount. 1. If you’ve received a coin, mention its exact amount here. 2. If no coins are received, then enter a zero (0) there. |
| Received Coin Amount in INR | No | This field records the received coin amount in Indian Rupees (INR). 1. If the value is known, enter it in the field. 2. If the value is not known, leave a zero (0). |
| Sent Coin | No | This field records coins that were sent during the transaction. 1. If you send a coin, mention its names, like USDT and BTC. 2. If no coin is sent, then put a hyphen (-) value there. |
| Sent Coin Amount | No | This field records the coin amount received. 1. If you send coins, mention their exact amount here. 2. If you don’t send any coins, then enter a zero (0) there. |
| Sent Coin Amount in INR | No | This field records the sent coin amount in Indian Rupees (INR). 1. If the value is known, enter it in the field. 2. If the value is not known, leave a zero (0). |
| Fee Coin | No | This field shows the fee deduction per coin during the transaction. 1. If a fee was deducted, then mention the coin name in which the fee was deducted, like USDT and BTC. 2. If no fee is deducted, then just put a hyphen (-) value there. |
| Fee Coin Amount | No | This field shows the fee coin’s amount. 1. Mention the exact amount of fee coins deducted here. 2. If there was no fee coin, then fill up a zero (0) value there. |
| Fee Coin Amount in INR | No | This field shows the fee coin amount in Indian Rupees (INR). 1. If this value is known, enter it in the sheet. 2. If the value is not known, enter a zero (0). |
| TDS Coin | No | This field shows the TDS deduction in coin terms during the transaction. 1. If any TDS was deducted, then mention the TDS coin name like USDT, BTC or INR. 2. If no TDS is deducted, then put a hyphen (-) value there. |
| TDS Coin Amount | No | This field shows the TDS coin amount (the deducted TDS amount). 1. Mention the exact amount of TDS deducted here. 2. If no TDS coins are deducted, then enter a zero (0). |
| TDS Coin Amount in INR | No | This field shows the TDS coin amount in Indian Rupees (INR). 1. If the value is known, enter the INR value in the sheet. 2. If the value is not known, put in a zero (0). |
| From Address | No | 1. If this is a blockchain-based transaction and the source address of the transaction is known, enter the address here. 2. Otherwise, enter a hyphen (-). |
| To Address | No | 1. If this is a blockchain-based transaction and the destination address of the transaction is known, enter the address here. 2. Otherwise, enter a hyphen (-). |
| Transaction hash | No | 1. If this is a blockchain-based transaction and the hash of the transaction is known, enter the hash here. 2. Otherwise, enter a hyphen (-). |
Step 3: Save this file as a Microsoft Excel (.xlsx) file on your computer.
Step 4: Now, go to KoinX’s website and upload the same file in the KoinX Custom File section on the integrations page.
Watch how to add custom files and generate tax reports with KoinX
How To Easily Calculate And File Your Taxes With KoinX
With its huge database of blockchains and crypto exchanges, you can easily sync all your crypto transactions with KoinX. Besides summarising your transactions, this solution also allows you to generate downloadable tax reports for filing your taxes.
Here are 4 easy steps to calculate and file your taxes with KoinX:
Step 1: Add all the chains and exchanges where you have an account.
Add all the crypto exchanges and blockchains you use on the KoinX website. If you cannot integrate your blockchain, use the Custom File Integration feature.
Step 2: Review your transactions.
Review your transactions and make sure they are categorised accurately and their gains and losses are calculated correctly.
Step 3: Generate your tax reports for the selected Financial Year
Generate your crypto tax report for the desired financial year.
Step 4: File your taxes
Export your reports to file your crypto taxes. You can either take the help of KoinX’s tax professionals or head to any of our partnered tax-filing websites for crypto tax-related assistance.
Frequently Asked Questions
Do I need to report my crypto transactions for tax purposes?
Yes, all your crypto transactions need to be recorded and reported in order to calculate your tax liabilities. If you’re facing difficulties calculating your tax liabilities, you can use crypto tax software like KoinX to receive a comprehensive report for your tax filing.
How does tax reporting with KoinX work?
Users can download their crypto transaction history from the crypto exchanges they have traded in and upload it on KoinX. Or you can upload your transaction history directly in a spreadsheet via the Custom File Integration and receive reports for tax filing.
What are the most common issues with importing transactions from KoinX?
Missing transaction data sources, unwanted spams, and classification of NFTs and DeFi’s are some of the common issues with importing transactions. Unsupported blockchains are another critical issue.
How do I troubleshoot my integration with KoinX?
For any troubleshooting queries related to integration, you can reach out to KoinX on Twitter or write to us at support@koinx.com.
