How to do your Akash (AKT) taxes with Koinly
Akash is a decentralized cloud computing platform, open-source and built on the Cosmos blockchain using its software development kit (SDK). It facilitates the deployment of cloud-native applications, enhancing price performance and scalability for decentralized applications and organizations. But if you're transacting with AKT, you might be in for a surprise tax bill. Fortunately, Koinly can help - here's how.
Follow these steps to sync your Akash (AKT) data automatically to Koinly:
- Open your Akash (AKT) wallet app
- Locate and copy your public address or key
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Akash (AKT) in the list
- Select API > Paste the public address/key you copied above in the appropriate box
- Hit Import and wait for Koinly to sync your data. This can take a few minutes
- Review your transactions on the Transactions page to ensure everything is tagged correctly and no missing data
- Go to the Tax Reports page to view your tax liability!
- Head over to our help center
- Hit up our discussion boards - we might have already answered your question
- Ask us on social media - we're on Twitter and Reddit
- Contact us on email or live chat
- Got a feature request? Give us feedback on Canny
FAQs
What is Akash?
Akash is a decentralized cloud platform on Cosmos blockchain. It deploys cloud-native apps, boosting price performance and scalability. Compatible with various cloud apps, Akash lets businesses enter the decentralized cloud computing market.
What is AKT token?
AKT is the native token fueling the Akash network. It's utilized for network governance and security, value exchange among users, and incentivizing network participation.
Do I have pay tax on my Akash transactions?
Yes. If you're disposing of AKT by selling or swapping your tokens and you make a profit, you have a capital gain and may need to pay Capital Gains Tax on that gain.
How do I get my Akash tax report?
The easiest way to get your Akash tax report is by using a crypto tax calculator like Koinly. All you need is your Akash address and Koinly will automatically import your transaction history and calculate your gains, losses, income, and more, before generating your crypto tax report.
