How do I check my Atomic import is accurate?
We recommend checking through your Atomic transactions to ensure accuracy regularly. Koinly crypto tax software is pretty smart, but incorrectly imported data can cause issues with your tax report. There are some simple steps you can follow to make sure your Atomic tax report is accurate.
Sync all wallets, exchanges and blockchains
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.
Look out for big numbers
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.
Review the labels of your transactions
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 and use any of the following labels.
Withdrawal Labels (sending funds):
Withdrawals refer to sending coins, tokens and funds. Koinly sees these as a disposal of an asset, which makes the transaction subject to Capital Gains Tax in most countries. But, some withdrawals are tax free and you should label these using withdrawal tags.
- Tag as cost: Tag any transaction fees.
- Sent to pool: Sending coins to a pool? Mark these as sent to pool. It lets Koinly know you still hold these assets.
- Tag as gift: Gifting crypto is often a non-taxable event in many countries, so make sure to tag these.
- Tag as lost: If you have crypto stolen, in many countries you can claim this as a loss.
Deposit Labels (receiving funds):
Deposits refer to receiving new coins. Koinly sees deposits as a purchase at market price or an investment. They can be subject to Income Tax or Capital Gains Tax, depending on your location and the type of deposit. Check the labels to make sure the right tax is applied.
- Tag as airdrop: Most countries see airdrops as a bonus and apply Income Tax.
- Tag as loan interest: If you’re loaning crypto and receiving interest, use this tag. Many countries apply Income Tax to interest.
- Tag as income: Crypto income is subject to Income Tax, not Capital Gains Tax – just like any other salary
- Tag as fork: Just like airdrops, new coins from a fork may be subject to Income Tax.
- Tag as mining: Most countries treat mining as a form of income and apply Income Tax.
- Received from pool: Use this tag to mark the capital you originally sent to a pool, not any rewards from it.
- Tag as reward: This tag can be used to mark any deposits you receive as a reward, for example staking rewards. In most countries, rewards are subject to Income Tax.
Exchange Labels (trading funds):
Trading crypto for crypto, buying crypto with fiat and selling crypto for fiat are exchanges. Trades are sometimes taxed (depending on where you live), buys are never taxed and sells are always taxed. Koinly calculates all this on your behalf, so there’s only one exchange tag you may need.
- Tag as swap: If a coin has exchanged its symbol or name, use the swap tag, as this is tax free.
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 Atomic integration to Koinly?
Koinly has a great help section here with heaps of excellent advice form our amazing customer support team. You’ll find answers to common queries about integrating Atomic and Koinly there. Here’s some of our most frequently asked questions about Atomic integration:
You can find more Atomic and Koinly help on our discussion forum too. If you need any further help, don’t hesitate to contact our customer support team who will be happy to help resolve your query.