How To Calculate Your eCash Taxes With Kryptos
eCash (XEC) is a rebranded form of Bitcoin Cash ABC, emerging from the Bitcoin Cash network splits. It underwent a significant redenomination and focuses on being a peer-to-peer electronic cash system with low transaction fees and fast processing. Key features include the implementation of the Avalanche protocol for enhanced security and an emphasis on building a strong ecosystem with decentralized finance applications. eCash aims to stay true to the original vision of Bitcoin's creator, with added functionalities for improved usability and governance.
If you are using eCash, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.
- To get started – Sign up on Kryptos here and choose your country and currency.
- Once done, link your eCash wallet to Kryptos.
- View and analyze all your transactions in a single dashboard and manage your portfolio
- Kryptos automatically categorizes all your eCash transactions into gains/losses or income.
- Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax.
- Generate the eCash tax report for free and download it once everything looks good.
- File your eCash taxes online or leverage our crypto tax accountant network to help you out.
How To Connect eCash With Kryptos
On eCash :
- Go to your browser-based or any eCash wallet.
- It can be Exodus, Ledger, or any wallet that supports the eCash blockchain.
- Copy your wallet address.
On Kryptos :
- Go to kryptos.io & signup using your Google account.
- From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
- Search for eCash or select it from the list below.
- Now, click on the eCash icon.
- Name your wallet anything you would like.
- Paste your eCash wallet address.
- Click on Import Your Transactions. All transactions are directly imported and tagged by default.
- If you wish to import custom history, select Advanced Options.
- You can specify the start and end date of your transaction history.
- Sit back and let Kryptos generate the report for you!
How are eCash 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 eCash 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, XEC, BTC, ETH, etc.), you incur capital gains tax.
Essential things to keep in mind while integrating eCash
- In your wallet, make sure you’ve selected the correct network.
- Do not use your private keys for integrations on Kryptos.
Facing Issues While Connecting eCash To Kryptos?
Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at firstname.lastname@example.org.