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How to Do Your Jaxx Liberty Taxes & Integrate Jaxx Liberty with Accointing

Link Jaxx Liberty to Accointing automatically or via CSV. Jaxx Liberty taxes can be calculated with Accointing for mobile & PC.
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Need help with your Jaxx Liberty cryptocurrency taxes and tax report? We are going to cover Jaxx Liberty tax and tax papers for transactions, stakes, and loans. Accointing is Cryptocurrency tax software that helps you prepare a customized Jaxx Liberty tax statement within minutes.

What is Jaxx Liberty?

Jaxx Liberty is a digital wallet for crypto coins that gives you a safe place to store a wide range of crypto coins such as your cryptocurrencies portfolio. Jaxx Liberty gives you security, the ability to manage holdings, track pricing data, and smooth integrations.

How is Cryptocurrency Taxed?

Yes, both capital gains tax and income tax are paid on cryptocurrency income in the US.

Why? Because Cryptocurrency is classified as an "Asset" by the Internal Revenue Service (IRS). There is no difference between Bitcoin (BTC), Ethereum (ETH), and other crypto coins in the blockchain regarding income tax and capital gains tax.

Income tax - If you make money (profit) from cryptocurrencies, there is a tax you will have to pay on that profit. Taxes on income are due whether you are self-employed, are employed, or have received financial assistance in the form of payments or subsidies, for example.

Capital gains tax - This is the tax you pay when you sell or otherwise dispose of an asset and yield gain in value. Taxes are levied on the sales profit (gain), not the whole revenue.

For example, you paid $5,000 for bitcoins and sold them for $20,000 in the end. $15,000 is the profit, which is taxed.

How Are Gas Fees Taxed? 

Every Ethereum transaction is subject to a gas fee. Whether or not your gas fees are tax-deductible depends on your transaction.

E.g - $3,000 buys 1 ETH, for example. The gas fee is $100. The added cost basis is $3,100. You finally sell your ETH for $4,000. Gas costs $100. Add $3,200 to your basic cost.

Does Jaxx Liberty Report to the IRS?

Jaxx Liberty sends out Forms 1099 to all of us brokers who staked over $600 in bitcoin in the previous fiscal year. It is important to remember that these tax forms do not show gains and losses from capital investments.

The 1099 form notifies the IRS that a user is using the system actively and may have cryptocurrency-related activities other than winning prizes or staking to record.

How Does Jaxx Liberty Tax Reporting Work? 

Most individuals want a Jaxx Liberty tax report. Jaxx Liberty does not offer this type of tax report. To analyze your transaction history, use the Jaxx Liberty portfolio monitoring system to evaluate your tax statute and prepare a tax report following your country's standards. First, add your Jaxx Liberty to Accointing. 

  • Automatic - Just give us the address of your Jaxx Liberty, and we will take care of the rest.
  • CSV: Export transaction history from Jaxx Liberty and import into Accointing
  • Templates for Accointing - To get started, download our template, fill it out, and send us your information.

Integrate with Accointing Via the Jaxx Liberty Address

Accointing makes it easier for APIs to work with Jaxx Liberty. By taking these simple steps, you can add Accointing to your Jaxx Liberty account.

  1. Go over to your profile dashboard and find the API set.
  2. Click on "New API"
  3. Click "Create API Key" and save your key.
  4. Next, click "Add Wallet."
  5. Choose Jaxx Liberty from the drop-down menu.
  6. Select "Connect with Jaxx Liberty," and that`s it.

Integrate with Accointing Via the X CSV/XLSX File

If you don’t want to link your Jaxx Liberty 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 Jaxx Liberty

Importing CSV files into Accointing

  1.  Click "Add wallet" in your Accointing profile to add a wallet.
  2. From the list of choices, click on Jaxx Liberty Pro.
  3. Click "Continue" after choosing "Import a file."
  4. Enter "Jaxx Liberty Pro" as your wallet`s name and select your downloaded CSV file.
  5. From the drop-down, select "Import All."
  6. Click Save to import the data.

How to Review and Track Your Jaxx Liberty Transactions in Accointing?

  1. Once your Jaxx Liberty activities are uploaded to Accointing, your portfolio breakdown will appear on the dashboard.
  2. To see how much, you have earned and lost with Jaxx Liberty, select the start and finish dates.
  3. Click on various coins to see when you bought and sold them.
  4. It will also be possible to compare the progress of various assets at once.
  5. Jaxx Liberty has simplified investment and distribution.
  6. Find wallets with the assets you want.

Common Issues with Importing Transactions from Jaxx Liberty

Failure to Transfer - Sometimes a Jaxx Liberty wallet-to-wallet transaction disappears. You notice your Jaxx Liberty account was debited but the money was not sent. The system says "No Transaction Detected” with a specific hash.

Security Breach - In the past, there have been significant cases of security being compromised in some way.

Unable to Recover Lost Security Key - If a user misplaces both their security key and their backup seed password, they will be unable to access their accounts under any circumstances.