How to do your ShimmerEVM (SMR) taxes with Koinly
ShimmerEVM is a fast, ready-to-use smart contract chain built on Shimmer. It serves as a universal bridge, enabling seamless and feeless value transfers between different smart contract chains. But if you're transacting with SMR, you might have a tax bill. Fortunately, Koinly can help, here's how.
Follow these steps to sync your ShimmerEVM (SMR) data automatically to Koinly:
- Open your ShimmerEVM (SMR) 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 ShimmerEVM (SMR) 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!
- Some cross-chain deposits of SMR are not reported by the API, and will therefore need to be added manually
- Liquidity providing for concentrated protocols needs to be adjusted manually
- 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 ShimmerEVM?
ShimmerEVM is a fast, easy-to-use smart contract chain running on Shimmer. It acts as a universal bridge for dynamic and feeless value transfers between various smart contract chains, letting users build and deploy applications with ease, seamlessly connecting with Shimmer or any chain linked to it.
What are SMR tokens?
SMR tokens are the native token of the Shimmer and ShimmerEVM networks.
How do ShimmerEVM taxes work?
Crypto - including your SMR tokens - is taxed. The precise tax you'll pay depends on where you live and the rules of your tax office. But generally speaking, you'll pay either Capital Gains or Income Tax on your crypto. Learn more in our crypto tax guides.
How do I calculate ShimmerEVM taxes?
The easiest way to calculate your ShimmerEVM taxes is with a crypto tax calculator like Koinly. With Koinly, all you need is your public address and it can automatically import your transaction history via a read-only API. It can then use your transaction history to calculate your gains, losses, income, and more.
