How to do your Lace Wallet taxes with Koinly
Lace Wallet was developed for the Cardano blockchain as a non-custodial browser extension wallet.
If you have Lace Wallet transactions, it’s likely you have a tax bill. Koinly can calculate your crypto taxes with your Lace Wallet transaction history. Here's how.
Follow these steps to sync your Lace Wallet data automatically to Koinly:
- Open your Lace Wallet wallet app
- Copy the public address for every coin that you have on it (even the ones with a zero balance)
On Koinly:
- Create a free account on Koinly
- Complete onboarding until you get to the Wallets page and find Lace Wallet 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 Lace Wallet?
Lace Wallet is a non-custodial, lightweight wallet developed for the Cardano blockchain. It allows users to manage their digital assets, including NFTs, stake ADA, participate in the Cardano network, and access dApps and DeFi services.
Is Lace Wallet safe?
As a non-custodial wallet, Lace Wallet is generally considered safer as users have full control over their own assets and private keys. With hardware wallet integration, users can move their assets offline for an extra layer of security. It also allows users to stake ADA without locking it up, meaning they keep control of their funds. However, as Lace Wallet is a browser extension, it can still be vulnerable to online security issues. It’s always best to DOYR on the best security practices when choosing a non-custodial, hot wallet.
Does Lace Wallet provide tax documents?
No, Lace Wallet doesn't provide tax documents. You can use a crypto tax calculator like Koinly to calculate your gains, losses, and income and produce tax reports, just by syncing it with your Lace Wallet data.
