Using IOTA? Whatever your MIOTA investments, it's incredibly easy to do your crypto taxes with Koinly.
To get started, simply connect Koinly to the IOTA 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!
How to find your IOTA public address
You can find your public address in the wallet you use to interact with the IOTA blockchain - for example, Ledger or Trinity.
We have instructions on how to do this for a variety of popular wallets on our integration pages.
Please note: you’ll need to add your public address from every wallet you use to interact with IOTA in order for Koinly to calculate your crypto taxes correctly.
How to connect IOTA to Koinly via API
On Koinly
- Sign up or login into Koinly and head to the wallets page.
- Select add new wallet in the top right corner.
- In the search bar, search for IOTA.
- Select IOTA.
- Enter your IOTA public address.
- Select import.
How to connect IOTA to Koinly via CSV
Depending on the wallet you’re using to interact with IOTA, 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.
How do I check my IOTA import is accurate?
Koinly is pretty smart - but incorrectly imported data can cause problems, so you should always check through your imported data to ensure it's accurate. Here's how:
Sync all wallets, exchanges and blockchains
Koinly needs your entire transaction history - so make sure you’ve connected every single wallet, exchange and blockchain you use with Koinly, however many you're using!
If there’s an issue with a specific wallet, Koinly will flag it with a small yellow icon - select the icon to find out what the issue is and how to resolve it.
Check your imported data
APIs can be limited in the data they return and CSV files may be missing tags for certain transactions. You don't need to double-check everything, but we recommend the following:
- Filter your transactions by deposits and withdrawals and check there aren’t any large transactions which are actually transfers.
- Use the warning filter to check for any missing costs or missing rates.
- Check any warnings on the tax reports page, just above your tax summary.
Review the tags on your transactions
Different transactions have different tax treatment - so it's important your transactions are tagged correctly in Koinly so it can generate an accurate tax report. Use the tags as they apply to your country’s crypto tax rules (find your crypto tax rules):
Deposit tags (receiving crypto)
- Airdrop: tag any airdrops, you can treat these as income in your settings.
- Fork: tag any coins from hard forks, you can treat these as income in your settings.
- Mining: you can adjust whether mining is treated as income in your settings.
- Reward: tag staking rewards, referral bonuses and other kinds of rewards.
- Loan interest: loan interest is always treated as income and separated out in your report.
- Income: tag any income you make in crypto so it’s correctly marked in your report.
- Received from pool: use this tag when you remove crypto from staking pools - not liquidity pools, these are taxed differently.
Withdrawal tags (sending crypto)
- Gift: tag any gifts of crypto - in many countries, this is tax free.
- Lost: you can claim lost or stolen crypto as a capital loss in many countries.
- Sent to pool: use this tag when you’ve sent crypto to staking pools - not liquidity pools, these are taxed differently.
- Cost, interest payment and margin fee: Use these tags as appropriate for your expenses. You’ll still realize a profit or loss from the transaction, but they’ll show up in the expense section of your report and may be tax deductible.
Other tags
- Realized P&L: use for futures, contracts and options trades, this lets Koinly know to treat the entire transaction as profit or loss.
- Swap: use this tag for any tax free trade of crypto - like migrations and rebases.
- Liquidity in/out: you can't apply this tag manually, but Koinly will apply it when you're sending or receiving crypto from a liquidity pool.
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.
How do I troubleshoot my IOTA integration to Koinly?
Still not sure it's right? No worries, here's how we can help:
- Head over to our help forum to see if any of our guides have the answers.
- Hit up our discussion boards - someone else might have resolved the same issue already.
- Ask us on social media - we’re on Twitter and Reddit.
- Contact us on email or live chat.