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How to Do Your Horizen Wallet Taxes & Integrate Horizen Wallet with Accointing

Use Accointing's free portfolio tracker to keep track of your Horizen Wallet investments or use Accointing to compute your Horizen Wallet taxes for both mobile and desktop.
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What if you need help reporting your cryptocurrency tax on Horizen Wallet transactions and submitting Horizen Wallet tax paperwork? For any transactions, stakes, or loans you took out of your Horizen Wallet account, use this guide to learn everything about Horizen Wallet taxes. Accointing, for example, may help you develop a unique Horizen Wallet tax statement in only a few minutes based on your Horizen Wallet transaction history.

What is Horizen Wallet?

For privacy-protecting decentralized applications, Horizen is the blockchain ecosystem to use. Aside from the primary blockchain, Horizen features a sidechain platform that allows developers to create their decentralized applications and private or public blockchains.

How is Cryptocurrency Taxed?

Yes, there is a capital gains tax as well as an income tax on Bitcoin and crypto income in the United States.

Cryptocurrency is referred to as "virtual currency" by the IRS. All blockchain-based virtual currencies, including Bitcoin (BTC) and Ethereum (ETH), are subject to income and capital gains taxation.

  • Capital gain tax - An investor is liable for capital gains tax if he/she benefits from selling an investment (crypto). With the tax, the bottom line takes a blow.
    Example: You paid $100 for some coins, then fetched $1,000 for them. Your bank account now has a profit of $900 in it. You must pay a capital gains tax of $900.
  • Income tax - Taxes on your earnings are given if you are self-employed or have a business.
    Example: Unearned income includes both salaries and commissions (interest, or dividends).

How Are Gas Fees Taxed? 

The gas fee is a tax associated with every Ethereum operation. It depends on the nature of the transaction whether you can deduct the cost of gas or not.

For a $1,000 Ethereum (ETH), the gas fee might be $200. Now, there is a $1,200 price tag to bear in mind. Your ETH is worth $2,000.00 when you sell it. Gas is still $200. Making it $2,400 the total price.

Does Horizen Report to the IRS?

There have been no Horizon crypto transactions reported to the IRS 1099 reporting, at this time.

As part of the Internal Revenue Service's Criminal Investigation (CI), the agency's law enforcement branch, the IRS recently published a document titled "Development of Exploitation Techniques Against Crypto wallets" (IRS).

Cryptographic hardware wallets are what is at stake here, due to prevalent crypto tax declaration failure.

How Does Horizen Wallet Tax Reporting Work?

In this article, you will find information on the Horizen wallet tax report. For a tax report, you can utilize Accointing's Horizen wallet calculator and portfolio tracker, which evaluate your transaction history and compute your Horizen wallet taxes as well as provide a tax report in the format required by your country's tax authorities.

To begin, link your Horizen wallet to Accointing and import your Horizen wallet transaction:

Follow either of the below steps:

  • Automatic - you only need to provide us with the URL of your Horizen Wallet and we will take care of the rest.
  • CSV - Export transaction history from Horizen and import into Accointing
  • Accointing template - you can fill out our data entry form and send it back to us by visiting this link.

Integrate with Accointing Via the Horizen Wallet Address

  1. To begin, go to your Horizen Wallet account and sign in.
  2. Click on the wallet that you want to integrate.
  3. Then choose the green "Receive" option.
  4. Copy your Horizen Wallet address into Accointing, and you are done!

Integrate with Accointing Via the Horizen CSV/XLSX file

If you don’t want to link your Horizen wallet with Accointing directly, you can also do so by importing a CSV file containing your history of trades, withdrawals, and deposits. Here is a simple step to go about it.

Downloading CSV Files from Horizen Wallet

Horizen does not have a CSV import option on their platform now. This is a pain point with this wallet. However, we are hoping that will be addressed soonest.

Importing CSV files into Accointing

  1. You can add a wallet to your Accointing profile by clicking the "Add wallet" option in your profile.
  2. From the drop-down menu, select “Horizen Wallet Pro.”
  3. Click "Continue" after selecting "Import a file."
  4. In your wallet, save the CSV file as "Horizen Wallet Pro."
  5. "Import All" will be included in the drop-down menu, click it and it has done. 

How to Review and Track Your Horizen Wallet Transactions in Accointing?

  1. It is possible to see a summary of your portfolio in Accointing's dashboard when you import your Horizen Wallet transaction history.
  2. To see how your Horizen Wallet has performed financially, you must select the exact start and end dates.
  3. It will be possible to see when you made transactions on various cryptocurrencies. It is also advantageous to be able to correlate the execution of various assets at the same time.
  4. You can now see all your Horizen Wallet investments in one spot. It is a plus to the study process to learn which cryptos and exchangers are storing valuable assets. 

Common Issues with Importing Transactions from Horizen Wallet

  1. Because the patch for the zk-Snarks vulnerability took so long, the community has lost faith in the assurances made.
  2. For Securenode and Supernode implementation, the requirements to meet are tighter than for a standard masternode.
  3. Many countries, including the United States, have spoken out against the use of anonymous cryptocurrencies.