Coinomi Wallet tax declaration: How to automate your tax report
Using Blockpit to track your crypto asset investments can help you save time and money. By automatically importing your data from your Coinomi Wallet, Blockpit can quickly and accurately calculate a fully compliant tax report, giving you the information you need to make the best decisions for your portfolio.
How to import your Coinomi Wallet transaction data into Blockpit?
Blockpit uses highly sophisticated integrations to interpret your Coinomi wallet data and enable an import of all your transactions in a fully automated way. This guide will walk you through the first steps to integrate your Coinomi wallet data into the Blockpit web app.
Step 1: Log in to your Blockpit account Visit the Blockpit website and log into your Blockpit account. If you don’t have an account yet, please sign up first.
Step 2: Select “Add” Once you have logged in, click on “Add” followed by “Add Integration” in the navigation.
Step 3: Select Coinomi from the list of wallets In the now visible integration creation dialogue, select a corresponding blockchain like Ethereum, BNB Smart Chain or Cosmos. You can find a detailed list of all supported blockchains and wallets here:Which Blockchains and Wallets are supported? If your Blockchain is not supported yet, you can select “Manual” and import your transactions manually into a Manual Integration. You can find a detailed guide on how to set up a Manual Integration here: How to create a Manual Integration?
Step 4: Enter your public key Once you selected a blockchain, you will be prompted to enter your public key. You can find a detailed guide on how to set up your wallet integration here:How to create an automatic Wallet Integration?
Step 5: Repeat step 3-4 for all Blockchains in your Coinomi wallet Repeat this process until all Blockchains in your Coinomi wallet are represented in your Blockpit account.
Step 6: Wait for the data import to finish Depending on the data load, the automated import can take between several minutes and up to several hours. Meanwhile, you can check the following import scope description of our new blockchain wallet integration.
Which Coinomi Wallet transaction data will be imported automatically into Blockpit?
Blockpit categorizes your Coinomi wallet transaction data by country-specific gains, losses and income types. These will then be calculated according to your national tax law.
Therefore, Blockpit can automatically differentiate between the following asset classes and Coinomi wallet transactions:
The import scope can vary depending on wallet import. A more detailed description of all our Blockchain wallet import scopes can be found here: Which Blockchains are supported?
How to review your Coinomi Wallet transaction data in Blockpit?
Blockpit will automatically link and categorize your Coinomi wallet transaction data. After all the data has been imported, the following features will provide transparency and help you with your data integrity check:
Detection of unlinked transfers Detection of unlabeled transactions Detection of mismatched balanced Detection of potential issues Asset and transaction filters Help center guides
A more detailed description of the Blockpit review features can be found here: Troubleshooting
What does a sample Coinomi Wallet tax report look like?
Blockpit creates the most comprehensive tax reports with pre-filled tax forms for your local tax authority in PDF format. Our tax reports also contain clear explanations in terms of legalinterpretation for submission to tax authorities. So far, every tax report has been accepted by the tax office without a complaint.
The report provides information about all your balances, realized profits and losses and can be used as proof of origin with banks or tax advisors. It contains all relevant transactions of your account, always refers to the selected tax year and shows details such as time stamp, amount, asset, costs and fees of the individual transactions.
How to optimize your Coinomi Wallet taxes with Blockpits Tax Optimization Feature?
Depending on your tax residency, it is possible to realize profits and losses in order to optimize your taxes (offsetting of losses against gains & tax loss harvesting).
Blockpit’s Tax Optimization Feature allows you to identify unrealized gains and losses as well as the holding period of your Coinomi wallet assets.
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