How to Generate Your Moonbeam Tax Report

Moonbeam integration with KoinX

Moonbeam’s Substrate programming language enables seamless interaction with Ethereum, providing a framework for blockchains to develop smart contract programmable layers. With compatibility for popular coding languages, it offers flexibility for developers seeking to escape Ethereum’s congestion and high fees.

Investors should be aware that engaging in Moonbeam Chain activities can result in tax liabilities, in accordance with Indian government regulations.

KoinX’s cryptocurrency tax management solution simplifies the complex process of calculating these taxes, ensuring compliance with the latest regulations.

Follow our step-by-step guide to generate your Moonbeam tax report with KoinX and simplify tax season.

A step-by-step guide on How to Integrate your Moonbeam chain with KoinX

KoinX allows you to calculate your crypto taxes with ease. Here’s how you integrate it with the Moonbeam chain:

Step 1: The first step would be signing in  to your KoinX account with your credentials.

Step 2: Locate the “Integrations section” at the top and select the “Blockchains” category.

Step 3: Select the Moonbeam option from the list of blockchains available.

Step 4: You can add a custom name of your choice. This name will help you identify your wallet later on.

Step 5: Finally, enter your public address. This is nothing but the receiving address or account address that you see on your wallet, like “Metamask” or “Trust”.

Step 6: Once you’ve entered your public address, double-check that it’s correct, and then hit the “Submit” button to complete the integration process.

All your transactions on the Moonbeam chain are now added to KoinX. We import all your transactions across all years, including ERC-20 transactions.

Watch how to generate your Moonbeam tax report with KoinX

Take the first step towards stress-free crypto tax reporting. Watch our tutorial on generating your Moonbeam tax report with KoinX and start saving your precious time and money today!

We are there where it is a crypto tax liability to adhere to.

Important Things to Consider While Generating Your Moonbeam Tax Report with KoinX

  • Please make sure that all of your integrations have been connected.
  • KoinX automatically synchronises transactions from your wallet address at regular intervals. However, if you need to synchronise it at any other time, please utilise the ‘Sync Now’ feature available on KoinX.

How To Easily Calculate & File Your Moonbeam Taxes using KoinX

Step 1: Add all the chains and exchanges where you have an account
KoinX supports a wide range of major crypto exchanges and wallets, which enables anyone to conveniently import all their transaction data, in one place.

Step 2: Review your transactions.
KoinX will automatically categorise all transactions and compute gains and losses accordingly, ensuring 100 percent accuracy and compliance with the latest tax regulations. 

Note: If you see warnings in your portfolio, refer to this article to fix the issues.

Step 3: Generate your tax reports for the selected Financial Year

KoinX produces all the essential tax reports while providing a clear breakdown of one’s crypto tax obligations.

You have the option to categorise your trades as Capital Gains or as Business Income.

If you are trading in crypto as a secondary source of income (like just passively investing for returns) then please select Capital Gains.

If you are trading with the intent of making crypto as your primary source of income, then please select Business Income.

Step 4: File your taxes
Export tax reports directly from KoinX and import them into your preferred tax software, or provide them to your tax professional for swift and hassle-free filing.

Frequently Asked Questions

Do I need to report my Moonbeam for tax purposes?

Yes. According to the Indian government’s 2022 Budget, all cryptocurrency transactions, including Moonbeam, are subject to a 30% tax on profits.

Does Moonbeam provide tax reports?

Moonbeam currently does not have a built-in tax reporting feature. However, investors can easily generate accurate tax reports for their Moonbeam transactions by integrating their accounts with KoinX, a comprehensive cryptocurrency tax management solution.

How are Moonbeam transactions taxed in India?

Moonbeam transactions, including trading, selling, or spending crypto, are subject to a 30% tax on profits, as per the 2022 Indian budget. Investors selling crypto assets for more than INR 50,000 (for specified persons) or INR 10,000 in a financial year may also face a 1% TDS.

How does Moonbeam tax reporting with KoinX work?

With KoinX, you can easily generate tax reports for your Moonbeam investments. Once integrated, KoinX will automatically sync all your transactions and produce downloadable tax reports that can be used for filing your taxes or shared with your tax professional.

What are the most common issues with importing transactions from the Moonbeam to KoinX?

Even though the KoinX and Moonbeam Chain integration is seamless, there are instances where you sometimes upload the wrong address or the address might be missing characters. Try double-checking the file before uploading.

How do I troubleshoot my Moonbeam integration with KoinX?

If you encounter any issues despite following the above steps, don’t hesitate to contact our support team through our chat, social media, or by emailing support@koinx.com. Our customer support executives will respond promptly and will be glad to assist you with any questions you may have within 24 hours.

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