Koinly Simplifies Cryptocurrency Taxes by Integrating LUNA Wallet Support

  • Koinly revealed that they have added support for the Terra Wallet (LUNA) to help LUNA users.
  • This LUNA integration will allow users to accurately track and record their transactions.
  • The price of LUNA is currently $88.39.

Koinly, a cryptocurrency tax calculation platform, revealed that it has added Terra Wallet (LUNA) support to help LUNA users as the Canadian tax deadline draws ever closer.

Tax manager at Koinly, Tony Dhanjal, said that many Koinly users have requested LUNA support. This LUNA integration will allow users to accurately track and record their transactions to meet tax obligations.

Usually, it is relatively easy for a person to calculate crypto taxes if their crypto business is simple. However, Dhanjal said that an individual usually owns between 3 and 5 wallets or blockchains, which could significantly complicate the calculation of crypto taxes.

The risk of making any mistake is also quite high. This is why it is recommended to use a good crypto calculator tool.

Mr. Dhanjal also stressed the importance of not only paying cryptocurrency taxes, but also any other taxes that a person might be liable for.

Dhanjal explained that “ignorance is not a valid excuse, and there could be a fine line between that and tax evasion, which is illegal. Penalties for tax evasion can be severe, not to mention the reputational damage and other damage it could cause to your business.”

Cryptocurrency tax official Thomas Shea reminded the public that using fiat to buy cryptocurrencies is not a taxable event. The same goes for buying non-fungible tokens (NFTs).

In related news, the price of LUNA has seen a decline of 7.57% in the past 24 hours. This puts the price of LUNA at $88.39.

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