How To Calculate Your BounceBit Taxes With Kryptos

BounceBit is a decentralized platform designed for seamless token transactions, offering a variety of DeFi applications and supporting multiple financial instruments. If you use BounceBit (BBIT), follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes. We help users with DeFi taxes and provide an overview of their DeFi portfolio as well.

1. To start, sign up on Kryptos and choose your country and currency.
2. Once done, link your BounceBit wallet to Kryptos.
3. View and analyze all your transactions in a single dashboard and manage your portfolio.
4. Kryptos automatically categorizes all your BounceBit transactions into gains/losses or income.
5. Now you can relax while we calculate your Capital Gains Tax and Income Tax from BounceBit Blockchain.
6. Generate the BounceBit tax report for free and download it once everything looks good.
7. File your BounceBit taxes online or leverage our crypto tax accountant network to help you out.

How To Connect BounceBit With Kryptos

On BounceBit:

1. Go to your BounceBit Wallet.
2. We support all major BounceBit wallets like MetaMask, Trust Wallet, MyEtherWallet, and many more!
3. Copy your wallet address.

On Kryptos:

1. Go to Kryptos.io & sign up using your Google account.
2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
3. Search for BounceBit or select it from the list below.
4. Now, click on the BounceBit icon.
5. Name your wallet anything you would like.
6. Paste your BounceBit wallet address.
7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
8. If you wish to import custom history, select Advanced Options. Now you can specify the start and end date of your transaction history.
9. Sit back and let Kryptos generate the report for you!

• Note: If you wish to accurately calculate your BounceBit (BBIT) capital gains taxes, add all the wallets of your BounceBit Trading history.

How are BounceBit transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to BounceBit transactions:

• Income Tax: If you are earning rewards (e.g., through lending or staking) or receiving, you may need to pay income tax.
• Capital Gains Tax: If you profit from the disposal of your crypto assets (e.g., by selling your tokens), you incur capital gains tax.

Essential things to keep in mind while integrating BounceBit

• In your wallet, make sure you’re copying the address from the correct network.
• Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting BounceBit To Kryptos?

• Go to Resources and head over to the Help Centre page from the dropdown menu.
• Send your queries via the Support Desk.
• For critical or urgent issues, use the live chat option on the right side of the screen or email us at support@kryptos.io.