Cryptocurrency Tax Tool - Free of charge for until ending February

[coinlevy]

Hey there,

We have been developing the tax tool at Coinlevy for the last year, and finally it is live!

The tool is compatible with tax regulations of all Canadian provinces and US states, verified by our partnered CPA firms. It is free to use for all users who sign up until February month, implying you can generate free verified tax reports for this year.

Please check us out at https://coinlevy.com

We would appreciate every feedback we can get to grow our tool. Please also let us know what exchanges you use that are not supported so we can add them.

You can also track your portfolio for free, unlimited duration.

[1715044166]

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[1715044166]

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[cryptoaddictchie]

It seems your offering what other exchange can do as well. Some features are free such as tracking and monitoring value asset by CMC. The only one I like is about the tax tool which is very helpful indeed. But you only support two countries at the moment.

How can this be possible by the way? If taxes arent regulated yet? I wanted to see if you can expand this to Asian Countries since some of the crypto users came from these countries. Including myself as well.

For 20$ difference from free is the 5,000 and 100k transactions and the general audit report. Which is slightly not important I guess for some traders. Maybe for investors it is.

[joniboini]

How can this be possible by the way? If taxes arent regulated yet? I wanted to see if you can expand this to Asian Countries since some of the crypto users came from these countries. Including myself as well.

Obviously you can't calculate them if there's no law about it. Even on the same continent, the rules might be different. Where do you live? Does the local exchange explain about taxing or not?

Some government might consider your 'income' from trading as a regular job income, some add extra tax rules on top of them, while some of them don't care.

[cryptoaddictchie]

How can this be possible by the way? If taxes arent regulated yet? I wanted to see if you can expand this to Asian Countries since some of the crypto users came from these countries. Including myself as well.

Obviously you can't calculate them if there's no law about it. Even on the same continent, the rules might be different. Where do you live? Does the local exchange explain about taxing or not?

Some government might consider your 'income' from trading as a regular job income, some add extra tax rules on top of them, while some of them don't care.

Hello, I'm from Philippines. So far the taxation hasn't explained yet for cryptocurrency for the crypto users. As far as I know there are taxes already for local exchanger that we used since we paid some fee upon transacting but for individual earning such as one earned from trading, or even such campaign is fully unregulated. Or yet if we declare it ourselves maybe it will be taxable. I'm no fan of our politician in our country which has too many cases of corruption so I guess it would take long.


Oops. Sorry Op, If I mislead the topic at hand, just answer him for his query about tax. But I do hope you can expound reason for my query if you do have. Thanks.

[coinlevy]

It seems your offering what other exchange can do as well. Some features are free such as tracking and monitoring value asset by CMC. The only one I like is about the tax tool which is very helpful indeed. But you only support two countries at the moment.

How can this be possible by the way? If taxes arent regulated yet? I wanted to see if you can expand this to Asian Countries since some of the crypto users came from these countries. Including myself as well.

For 20$ difference from free is the 5,000 and 100k transactions and the general audit report. Which is slightly not important I guess for some traders. Maybe for investors, it is.

Thank you for the detailed response. Our platform actually allows you to connect to multiple exchanges and wallet you use for your cryptocurrency transactions (not just one exchange). That way you can track your portfolio and txs in realtime. Our tax tool provides you with "capital gains value", using the FiFo (US), LiFo(Australia etc.) and ACB(Canada) methods. Most countries tend to use same methods to calculate capital gains value for a commodity (Btc and other cryptos are treated as such).

For pricings, it is FREE to use for all users who sign up until ending Feb. You can actually go use it right now, and download all tax reports and audit reports for free. Try it!

[TimtheYoutuber]

Seems really interesting, I will check out the demo and see how it works. The site looks really clean though and would be really helpful if this works.


Seems like it would be dangerous to give access to exchange API's. Wouldn't it be possible to give the TX id's of all your addresses, and then you could run an audit on that?




When I click the generate a report, nothing happens in the demo.

[coinlevy]

Seems really interesting, I will check out the demo and see how it works. The site looks really clean though and would be really helpful if this works.


Seems like it would be dangerous to give access to exchange API's. Wouldn't it be possible to give the TX id's of all your addresses, and then you could run an audit on that?




When I click the generate a report, nothing happens in the demo.

You can upload files from the exchanges directly instead of using the API. On a side note, the API access is read-only. Most of our users use API for transaction upload. You can also use "File upload". This requires you to download your transaction file from your exchange and upload it to your account.

For the demo, the report generation is disabled. If you create an account and sync some files via file upload or exchange API or wallet address, you can generate the reports.

I hope this answers your questions.

[Theb]

I'm more concerned about the data privacy and security you will offer while providing these services. Since we are talking about taxes here from potential users what are your safeguards and assurances that the data the users will provide are only for the purposes of computing their taxes and you won't share it to someone else or even prevent some kind of leaks from happening? Since I'm kinda suspicious about your services, your website lacks information about your legal authority and who is the legal firm you are partnering up with. This information are needed in order to see that you can legally operate to provide accounting help for users online. And most importantly the address you have given, 1250 Rue Guy Montreal, Quebec Canada, is an address of a University which I don't think belongs to your company/service.

[Vod]

The tool is compatible with tax regulations of all Canadian provinces and US states, verified by our partnered CPA firms.

Where do we find the list of your CPA partners?

[coinlevy]

I'm more concerned about the data privacy and security you will offer while providing these services. Since we are talking about taxes here from potential users what are your safeguards and assurances that the data the users will provide are only for the purposes of computing their taxes and you won't share it to someone else or even prevent some kind of leaks from happening? Since I'm kinda suspicious about your services, your website lacks information about your legal authority and who is the legal firm you are partnering up with. This information are needed in order to see that you can legally operate to provide accounting help for users online. And most importantly the address you have given, 1250 Rue Guy Montreal, Quebec Canada, is an address of a University which I don't think belongs to your company/service.

Thank you for taking the time to write here. I do agree we yet have to upload the legal document that addresses your queries, and we will be doing so very soon. We are working with Lavery Lawyers here in Montreal.

The address 1250 Rue Guy hosts an incubator/accelerator "District 3", which we are a part of, amongst other startups. http://d3center.ca/get-in-touch/

[Vod]

Thank you for taking the time to write here. I do agree we yet have to upload the legal document that addresses your queries, and we will be doing so very soon. We are working with Lavery Lawyers here in Montreal.

coinlevy - please provide a verifiable list of your CPA partners, and I will remove your red trust.

[coinlevy]

Thank you for taking the time to write here. I do agree we yet have to upload the legal document that addresses your queries, and we will be doing so very soon. We are working with Lavery Lawyers here in Montreal.

coinlevy - please provide a verifiable list of your CPA partners, and I will remove your red trust.

We will be listing them on our website as the related paperwork is sorted. I will PM you shortly their information. I am glad to communicate their information via email to anyone here. You can write to me at sparry@coinlevy.com

[coinlevy]

Thank you for taking the time to write here. I do agree we yet have to upload the legal document that addresses your queries, and we will be doing so very soon. We are working with Lavery Lawyers here in Montreal.

coinlevy - please provide a verifiable list of your CPA partners, and I will remove your red trust.

Unable to PM you as I am a new user. Please email me and I will be happy to communicate the information.

[Vod]

Unable to PM you as I am a new user. Please email me and I will be happy to communicate the information.

Do I need to email you before you can email me a list CPA partners?

Just post the list here - unless your partnership prohibits you from disclosing their info...

[dadon]

Is your software open source we could do with something like this for our marketplace.. ofc if it's open source and we implement it, it will be free of charge to use.

[coinlevy]

Is your software open source we could do with something like this for our marketplace.. ofc if it's open-source and we implement it, it will be free of charge to use.

Thank you for the comment. Unfortunately at the moment, it is not open-source. We will be happy to assist you free of charge though. As I mentioned, it is free to use right now. Please try it and let me know what you think. Any feedback will be really appreciated.

[coinlevy]

Unable to PM you as I am a new user. Please email me and I will be happy to communicate the information.

Do I need to email you before you can email me a list CPA partners?

Just post the list here - unless your partnership prohibits you from disclosing their info...

Yes exactly, we have certain paperwork to finish before we can publically disclose their info. We expect it to be over in a couple of weeks.

[Vod]

Unable to PM you as I am a new user. Please email me and I will be happy to communicate the information.

Do I need to email you before you can email me a list CPA partners?

Just post the list here - unless your partnership prohibits you from disclosing their info...

Yes exactly, we have certain paperwork to finish before we can publically disclose their info. We expect it to be over in a couple of weeks.

OK, send me a PM when you do it, and I will remove your negative trust. 

[DarkDays]

So far your website isn't looking very professional at all. In fact, it looks like it was whipped up in a single day.

However, your demo platforms looks relatively featureful, so could be promising.

Do you have an overview of how your platform compares to the current leading account keeping tools and tax calculators, e.g. BearTax?

Also, do you have any testimonials about your product? A lot of bitcoin users are super sensitive about handing over their details to people, do you have any info on how you protect the privacy of user data?