To get started, simply connect Koinly to the Litecoin blockchain via your public address or CSV file upload. Once connected, Koinly imports all your trades automatically. Next, Koinly calculates all your gains, income and expenses with easy-to-spot totals ready for your tax return. At tax time, simply download the Koinly tax report for your country and you’re good to file!
You can export your Litecoin xpub key from most wallets - but the way to get your xpub key varies depending on the wallet you're using. We've got a help guide on how to get xpub keys from many popular wallets. There are a few wallets that do not provide xpub keys - we have a recovery phrase method that will help you get your xpub key in these instances.
Please note: your xpub key is different for every single blockchain, so you'll need to export it separately for all the coins you're transacting with, for example your xpub BTC key, xpub BCH key, xpub LTC key.
Good to Know
The API import may take a few minutes. That is normal. Once Koinly and your blockchain are connected you may notice a yellow circle next to the Litecoin icon in your Koinly Wallet. Why? Koinly has calculated your balances based on the imported transactions but the balances reported by the API are not quite matching up. Don’t worry, this is easy to fix! See our support article here.
Depending on the Litecoin wallet you’re using, you may be able to export a CSV file of your transaction history from your wallet. We’ve got instructions on how to get a CSV file from a number of crypto wallets on our integration pages.
We recommend checking through your imported transactions on Koinly to see if everything is imported, and that your transactions are correctly labelled.
Koinly’s crypto tax software is smart, but incorrectly imported data can cause issues.
Checking your transactions and correcting any inaccuracies lets Koinly calculate and generate the most accurate tax reports for you.
There are a few simple steps you can follow to make sure your tax report is accurate:
Start by making sure all your wallets and exchange accounts are synced with Koinly. This lets Koinly identify which transactions are transfers and which are deposits or withdrawals.
Now, head to your transactions page in Koinly and take a little time to ensure they're all correct. You can filter by the type of transaction as well as by the amount to identify and amend any transactions that you believe to be incorrect. For example, large withdrawals or deposits that are actually transfers between wallets is an easy fix.
Finally, review the labels on your transactions. Koinly will normally do this automatically, but there are some instances when transactions like rewards or mining income aren't marked in the imported data. It's always good to double check your transactions and use any of the following labels.
Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.
Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.
Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there's only one exchange tag you may need.
It's really helpful to use our Getting Started Guide before reviewing your transactions. This can help you identify and resolve any issues in no time at all.