Users can leverage the service to generate automatic tax reports for all Cardano-based transactions.
Leading cryptocurrency and NFT tax provider CoinLedger has launched an automatic tax reporting service for Cardano (ADA) investors. In a tweet yesterday, CoinLedger said ADA investors could quickly get automated transaction tax reports by adding their wallet addresses to its platform.
According to CoinLedger, once users provide their wallet address, the platform automatically imports all their Cardano-based transactions to calculate all losses and gains. Once complete, the system will generate the relevant tax forms for users’ countries, CoinLedger noted.
CoinLedger attached a video to the tweet to illustrate how investors can use the service to generate tax reports for Cardano-based transactions.
Automatic tax reporting for @Cardano is now live on CoinLedger 🚀
Just add your wallet address!
CoinLedger imports all of your Cardano-based transactions, calculates your gains & losses, and auto-generates your country’s necessary tax forms.@IOHK_Charles @Cardano_CF 🧵👇🏻.. pic.twitter.com/VjFAdoEu7w
— CoinLedger (@CoinLedger) March 30, 2023
The development is a major step toward helping ADA investors track their crypto taxes. It is worth noting that CoinLedger also launched a similar service for users who interact with the Solana blockchain.
Calculating cryptocurrency taxes could be a daunting task for investors; without automated solutions, people must manually calculate their gains and losses.
However, companies like CoinLedger are poised to make tax reporting easier for users. Aside from CoinLedger, other firms have also launched automatic tax reporting for crypto investors.
Last year, cryptocurrency hardware wallet provider Ledger announced a partnership with crypto tax software provider ZenLedger. The partnership enabled ZenLedger to integrate its tax software into the Ledger Live application to help users track their crypto taxes.
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