How to file your Quant (QNT) taxes with Koinly
Quant (QNT) is an ERC-20 token and the utility token for Quant Network - a project that aims to resolve interoperability issues between blockchains, as well as connect businesses to blockchains, using the Overledger DLT operating system. Whatever your investments, Koinly can help calculate taxes for thousands of ERC-20 tokens, including QNT. Here's how.
Sign up to Koinly and choose your country and currency
Connect Ethereum with Koinly to import all your trades safely and securely - including ERC-20 tokens like QNT
Koinly identifies the cost basis of your tokens and coins, as well as your taxable transactions
Koinly calculates any capital gains, losses, and income from your taxable transactions
Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.
How are Quant (QNT) tokens taxed?
Crypto tax rules depend on where you live, so check out our crypto tax guides for specific information for your country. But generally speaking, two taxes may apply to your QNT transactions:
Capital Gains Tax: Selling or swapping QNT tokens? You’ll usually pay Capital Gains Tax on any gain you make as a result of the transaction.
Income Tax: When you earn new QNT tokens - for example, through Binance Earn - this may be seen as additional income and subject to Income Tax based on the fair market value of your QNT tokens at the time you received them.
Can the IRS track QNT?
The burning question on every investor's mind - can the IRS track crypto?
QNT is an Ethereum token - and Ethereum, like most other blockchains, is a public ledger. Anyone can search for a given address to look at the transactions made - including the IRS. If the IRS can link your identity to a given wallet or transaction - then they may know about your investments.
As well as this, if you've traded or otherwise invested in QNT using centralized exchanges, many of these exchanges issue 1099 forms disclosing earnings to both users and the IRS. In other words, you should report your QNT transactions accurately to avoid crypto tax penalties from the IRS.
How to get Quant (QNT) tax documents
You'll usually report your gains or income from crypto - including QNT tokens - as part of your annual tax return. To do this, you need to calculate your gains, losses, and income from QNT.
So you'll need to identify each taxable transaction involving QNT tokens, and the kind of tax that applies. Then you'll need to calculate a capital gain or loss for every time you sold or swapped QNT tokens, as well as calculate the fair market value in your fiat currency for any QNT tokens viewed as additional income.
Not only do you need to do this for QNT, but for every cryptocurrency you've invested in, which means it's really time-consuming for most investors. But using a crypto tax calculator like Koinly can save you hours. Koinly can calculate your gains, losses, and income for more than 450,000 ERC-20 tokens - including QNT. You just need to connect Ethereum to Koinly to do so using your public address.
How to import QNT transactions to Koinly automatically
To import your QNT transactions into Koinly, you’ll need to connect each Ethereum wallet you use to Koinly.
This is really easy to do, you just need your public address - but remember, you’ll need to do this for each Ethereum wallet you use to interact with QNT in order for Koinly to correctly identify your cost basis, transfers, sales, swaps, and more.
You can find steps on how to connect a variety of popular wallets to Koinly on our integration pages, but here’s an example of how it generally works.
In your wallet
Open or log in to your wallet
Select Ethereum
Copy your public address
On Koinly
Sign up or log in to your Koinly account and go to the wallets page
Search for and select Ethereum
Give your wallet a name
Paste your public address
Important
Remember, you’ll need to do this for every wallet you use to interact with QNT tokens in order to calculate your crypto taxes correctly.
It’s really helpful to name your wallets when you’re adding them to Koinly. This can help you find any transactions you believe have errors later on much more easily!
You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your wallet.
Your frequently asked questions
What is Quant Network?
Quant Network is a project that aims to build an ecosystem of interoperable decentralized networks to solve the problem of interoperability by allowing different blockchains to communicate and transact with each other seamlessly using Overledger technology.
What are QNT tokens?
QNT tokens are the native ERC-20 utility token for the Quant Network. Investors can buy, sell, swap, and earn QNT tokens like any other cryptocurrency, but QNT tokens are also used to power Quant's Overledger Network.
How can I get QNT tokens?
What is the current price of QNT?
Like all cryptocurrencies, QNT price varies based on market conditions and demand. QNT has previously had an all-time high of $428 and an all-time low of $0.01636.
How many QNT tokens are there?
QNT has a circulating supply of 12.07 million and a maximum supply of 14.88 million.
What is the purpose of QNT tokens?
You can buy, sell, swap, and earn QNT like any other crypto, but QNT tokens also power the Quant Network, for example, users may use QNT to pay license, platform, developer, user, and consumption fees.
Is QNT a good investment?
Quant Network is one of many projects trying to solve the interoperability issues between blockchains, and the Overledger platform is a popular solution to this problem, as such the native currency QNT is a popular investment. However, no crypto can guarantee price or ROI and you should always DYOR to ensure you understand the risks before investing.
How can I store my QNT tokens?
QNT tokens can be stored in various hot and cold wallets that support ERC-20 tokens. But it's important to store your tokens securely and keep your private keys safe.
What blockchain are QNT tokens on?
QNT tokens are an ERC-20 token on the Ethereum blockchain. However, QNT is blockchain agnostic so can easily switch over to another blockchain.
Do I have to report my QNT tokens to the IRS?
Yes, if you are a US citizen or resident, you are required to report any gains or losses from QNT, as well as any income from QNT tokens, to the IRS as part of your annual tax return. If you don't, you'll face penalties and fines.
