To get started, simply connect Koinly to the NEM 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 find your public address in the wallet you use to interact with XEM - for example, NEM mobile wallet, Exodus and Trezor.
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 XEM in order for Koinly to calculate your crypto taxes correctly.
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 NEM 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 XEM 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.