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How Is Cryptocurrency Taxed? Guide From KuCoin

According to The Ascent, KuCoin is entitled Best Crypto companies and Apps. Furthermore, according to Coin Market Cap, this currency is considered among the top 5 crypto exchanges in terms of overall performance. Kucoin is the exchange that never disappoints its users by improvising and presenting new ideas such as giving minimal trading fees, high bonuses, big rewards in small investments, and many more. Apart from the features mentioned above, one of the best features that catch the users is that KuCoin offers a sound and robust security system that assures the users’ security and privacy. A variety of coins to select from, such as SOL, Luna, XLM Price, and many more, is also why KuCoin is an outstanding exchange.

What Are Tariffs?

According to the Britannica Dictionary, the tariff is an amount of money paid by the people to the government. This amount is according to the people’s income and property value. It is used to pay for the things done by the authority.

Do Traders Have To Pay Tariffs For Crypto Prices?

The answer to the question is yes. Like other companies, trading on Kucoin is also concerned with money achievement or income tax. It rests on many elements, including whether the user trades as a career or an individual. Let’s know about the definition of capital and income taxes. So Capital taxes are if the user sells cryptocurrency, you get a considerable profit or misplacement on how the price of your crypto has changed since the user initially received it. For example, the current price of XLM is $0.115173, and the user sells less than this price or more than the capital taxes depending on the price since the user initially received it.

On the other hand, levy refers to the earnings depending on the fair market cost of the user crypto at the time you get it. Examples of such income-tax incorporate income crypto from support. Related to this is one question that might arise in the user’s mind: How is the KuCoin support levy? As everyone knows, KuCoin offers many ways to get cryptocurrency income, such as gambling and referrals, so revenue is based on the user support rewards based on the fair market cost of the coins when the user receives them. This might create a tax describing issue because KuCoin offers customers tips daily. If the user uses this property, crypto tax software can help chase your crypto currency’s historical fair market cost.

Good News For The Traders!

The good news is that Crypto Tax Calculator collaborated with Kucoin and made it easy to calculate user taxes. Using Crypto Tax Calculator is effortless. Crypto Tax Calculator helps a CSV file upload of Kucoin data which can be done by logging in to KuCoin. Then the user has to go to Navigate to Orders > Spot Trade History > Trade History and click ‘Export to CSV.’ Once the CSV is downloaded, sail to https://www.kucoin.com/account/download and download. 

Closure

Thus KuCoin exchange is an excellent exchange that works hard to make its users feel comfortable, like collaborating with Crypto Tax Calculator and making the user’s life easy.  

Ethan More

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