How To Calculate Your ICP Taxes With Kryptoskatt
If you are using ICP blockchain, follow these steps to connect it with Kryptoskatt – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.
- To get started – Sign up on Kryptoskatt here and choose your country and currency.
- Once done, link your ICP wallet to Kryptoskatt.
- View and analyze all your transactions in a single dashboard and manage your portfolio
- Kryptoskatt automatically categorizes all your ICP transactions into gains/losses or income.
- Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax from ICP Blockchain.
- Generate the ICP tax report for free and download it once everything looks good.
- File your ICP taxes online or leverage our crypto tax accountant network to help you out.
How To Connect ICP With Kryptoskatt
On ICP :
- Go to your ICP Wallet
- It can be Bitfinity Wallet, Plug Wallet, or any wallet that supports the ICP network.
- Copy your wallet address.
On Kryptoskatt :
- Go to kryptoskatt.com & signup using your Google account.
- From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
- Search for Internet Computer (ICP) or select it from the list below.
- Now, click on the ICP icon.
- Name your wallet anything you would like.
- Paste your ICP wallet address.
- Click on Import Your Transactions. All transactions are directly imported and tagged by default.
- If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.
- Sit back and let Kryptoskatt generate the report for you!
Note: If you wish to accurately calculate all of your ICP capital gains taxes, make sure to add all the wallets consisting of your ICP Trading history.
How are ICP transactions taxed?
The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to ICP transactions.
- Income Tax- If you are earning rewards (e.g. through lending or staking) or receiving, you may need to pay income tax.
- Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, ICP, USDt, ETH, etc.), you incur capital gains tax.
Essential things to keep in mind while integrating ICP
- In your wallet, make sure you’ve selected the correct network.
- Do not use your private keys for integrations on Kryptoskatt.
Facing Issues While Connecting ICP To Kryptoskatt?
Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at email@example.com.