Hello,
Is there any application such has Koinly.io for automated tax reports on ICP? Thank you in advance
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Nope not right now. We do need one though!
Seriously and how is people presenting tax reports? Can anyone help? This is a real drawback for the whole ecosystem
You are totally right, this is something I’ve tried to highlight quite a few times. No one with experience will invest large sums of money into projects such as NFT’s and de-fi if there is no easy way to generate usable accounting reports. I spent many many weeks doing mine by hand, it was painful!
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This should be addressed immediately by DFINITY team…
a third party team should be able to accomplish this, I know some are working on it
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I was just thinking the same thing the other day as well! It is a massive Trust factor we face with companies like Koinly having our transaction history and wallet balances. We desperately need an independent decentralized crypto tax software on the IC.
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Well for the moment I would just be happy with having one. I don’t even know how to fill my taxes. Koinly for instance works with almost any coin in the top 500 of coinmarketcap and won’t work with ICP. Can not understand why.
In any case it is a massive red flag when coming to invest on ICP not being able to pull out a tax report in an automated way.
I think the NNS FE does show when maturity is disbursed. It would be a nice idea if people can download a csv of the major events like disbursing etc.
@peterparker yet another feature request !!
Thanks for tagging me David. Exporting to csv or similar feature generally speaking, is a known feature request. So far, as far as I known, it did not get any implementation priority.
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I mean thats Ok. But wouldn’t be easier to approach a third party such as Koinly and provide them with needed to implement ICP on their tool?
A CSV file of transaction data is not enough and you can already do that. We need categorised transaction type and value on the day and the ability to to link all accounts under a single principle
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Hi!! Is people in the forum fillling their taxes or just don’t care? I would appreciate some help, thank you
what jurisdiction are you in?
I’m sorry I can’t help with your taxes. If you use Koinly, manual data entry seems to be the best way for ICP token and the ecosystem. For example for every ecosystem coin you have to create your own entry for example, NULL1, NULL2, NULL3 and for every NFT it will be the same, NFT1, NFT2, NFT3, etc… lots of manually entries.
That’s a small issue though. The big issue is we rely on centralized tax software like Koinly, Cointracker (already has been hacked 2x and all user data compromised), and TaxBit. Our data - wallet’s & transactions information are held by corporations and central entities who control the tax software. This privileged information should not be shared. We need a DAO on the Internet Computer for a Web3 crypto tax software - controlled by it’s users to ensure that we no longer have to “trust” 3rd-parties with our crypto data.
I’ll put 100 ICP into a project like this and I’m sure every other ICP OG would to. Is this
a project for the SNS-1 Dao to launch or someone else to start it via crowdfunding campaign, etc?
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I’d also put money into a DAO based accounting app for ICP