YoBit is a cryptocurrency exchange platform that allows users to trade and invest in various cryptocurrencies. The platform’s founders are anonymous, which is not uncommon in the crypto space. Also, YoBit allows users to trade on the platform without needing a formal KYC. It supports a wide range of cryptocurrencies which can mainly be traded with fiat currencies such as USD and RUB and also pairs with USDT and BTC.
We know that tax calculation of assets other than crypto is also a complex task. Since more crypto tax regulations are being set, the calculation of crypto tax has become equal or more complex. KoinX is such a platform that can complete this task quite easily and, of course, accurately. It is a tax calculation tool that will streamline your tax management process.
In this article, we will guide you to integrate your YoBit account with KoinX to help you optimally calculate your crypto taxes.
Now with KoinX, you will know all the potential tax liabilities in your crypto portfolio. It will simplify the generation of tax reports so that you can understand all your tax obligations and fill the taxes without annoyance.
A step-by-step guide on how to generate your YoBit tax report with KoinX
Step 1: Log in to your YoBit account.
Step 2: On the top right corner of the profile section, click on API Keys.
Step 3: In the API keys section, make sure you select info only and click on the Create new key.
Step 4: Now, log in to your KoinX account.
Step 5: Click on the Integrations section in the navigation bar.
Step 6: In the search bar, search for YoBit exchange and select the exchange.
Step 7: Paste your API keys and hit the Import Now button.
How To Easily Calculate & File Your YoBit Taxes with KoinX
Step 1: Add all the chains and exchanges where you have an account
In the integration section in KoinX, you will find a wide range of exchanges, wallets and chains supported for integration. You can integrate all the exchanges and wallets with KoinX that you use for building your crypto portfolio.
Step 2: Review your transactions
When you import your transaction history from the exchange account, KoinX will compute all the gains and losses to categorise them in order. It will enable you to review your transactions and pick out any irregularities if found.
Step 3: Generate your tax reports for the selected financial year
KoinX stays updated about the latest tax regulation for every financial year. It is rest assured that it will generate a tax report that is accurate and 100% compliant with the tax laws mandated by the authority. Also, it will provide the tax report according to the nature of your investments.
Step 4: File your taxes
You can directly export the tax reports from KoinX in various formats. It will help you share it with tax professionals for advice and fill the taxes swiftly.
Important Things to Consider While Generating Your YoBit Tax Report with KoinX
- While importing the transaction data from YoBit, ensure that the whole transaction history is being imported. It will avoid any irregularities or errors in the tax reports.
- KoinX automatically synchronises transactions from your exchange account at regular intervals. If you want to sync the transaction between intervals, you can utilise the Sync Now option in KoinX.
KoinX allows users to manage their assets with ease and peace of mind, and they don’t have to worry about inaccurate reports. With KoinX, bid farewell to the hassle of calculating the tax on your own and let KoinX do all the work.
Frequently Asked Questions
Do I need to report my YoBit for tax purposes?
Crypto is considered an asset; the crypto transaction must be under a particular region’s tax provisions. You can use KoinX to generate tax reports of your YoBit crypto portfolio according to the tax regulations of your region.
Does YoBit report to the Income Tax Department?
YoBit does not report the tax matter of its users to the Income Tax department. It is a platform that facilitates trading a wide range of cryptocurrencies. The platform may have some legal obligations according to where it might be incorporated.
Does YoBit provide tax reports?
No, YoBit does not provide tax reports. It is a cryptocurrency exchange that provides a platform that can be used to buy and sell various cryptocurrencies without a KYC.
KoinX will provide you with accurate tax reports in just a few minutes.
How are YoBit transactions taxed?
The YoBit transaction is taxed according to the regulations given by the concerned authority. Like in India, The Budget of 2022 stated that all the involved crypto, such as trading or spending crypto, are subject to 30% tax and 1% TDS for selling crypto assets for more than INR 50,000.
How does YoBit tax reporting with KoinX work?
With KoinX, generating your tax reports has become way easier and faster. Once the exchange account is integrated, KoinX categories and syncs the transactions to generate an errorless tax report of your portfolio which can be downloaded in various formats.
What are the most common issues with importing transactions from YoBit to KoinX?
The integration between YoBit and KoinX is designed to be seamless. However, you may need to correct a mistake while copying and pasting the API address. You must ensure that it is the correct API and it does not have to miss any characters.
How do I troubleshoot my YoBit integration with KoinX?
If you find any problem while following the steps, you can rest assured to contact the active customer support team of KoinX. You can reach them via the Chat box on the site, Twitter or email at firstname.lastname@example.org.