The long awaited Terra integration to Koinly's crypto tax calculator is finally live and available just in time for the upcoming Canadian tax report deadline. Koinly is one of the first crypto tax platforms to integrate Terra wallets. The feature has been widely requested by Koinly's users since LUNA earned its place among 10 top currencies reaching the 30bn USD market cap.
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According to the survey from Koinly, earlier this year 81.4% of crypto holders didn't know of any crypto tax services, while only 46.8% claimed to know when they needed to pay taxes. Investors all over the world are looking for ways to correctly disclose their crypto gains and avoid being overtaxed, hence software tax calculator solutions are quickly gaining popularity.
"The skyrocketing increase in the popularity of Terra has left many holders and users of LUNA without a way to accurately track and record their transactions to meet their tax obligations. We are proud that Koinly is among the first platforms to react to the changing space, helping its users accurately track and report on their crypto tax." said Robin Singh, the founder and CEO of Koinly.
As Koinly automatically tracks transactions for tax reporting in over 20 countries - including the US, UK, Brazil, and most EU nations - users will be able to input their Terra wallet address for tax reports, alongside 50 other wallets such as MetaMask, Trezor, and Ledger already supported by the platform. Koinly imports all transactions, finds market prices at the time the trades were made, matches transfers between wallets owned by the same user, calculates crypto gains/losses, and generates ready to submit tax reports. Transfers between all accounts are included in the calculations and Koinly plans to continue expanding their repertoire of supported wallets to become a true one-stop-shop for crypto tax tracking and reports.
Tony Dhanjal, Koinly's head of tax commented, "The release of Koinly's integration of Terra finally allows users of the protocol to accurately track their transactions and tax obligations easier. LUNA holders now have a more hands-off approach with increased accuracy for their Terra taxes."
Prior to the Koinly's Terra integration, LUNA holders had to rely on third-party tools to get their translation details integrated into their Koinly accounts. This resulted in a lot of unnecessary spreadsheets and additional hours of work, since each and every transaction needed to be traced and reported. Reporting DeFi transactions and gains such as staking rewards can be a particular headache without the help of software. Koinly's integration with Terra removes the need for these labor-intensive tasks, allowing users to track their LUNA transactions and taxable gains in real-time throughout the tax year.
