How to connect Ledger Nano S with Kryptos & Generate Tax Reports

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How to connect Ledger Nano S with Kryptos & Generate Tax Reports

by
Varun Mehra
Reviewed by
5
min read
Last updated:
2023-08-07
Follow these steps below and get insights into your Ledger Nano S wallet and file your crypto taxes stress free with Kryptos

How To Calculate Your Ledger Nano S Taxes With Kryptos

If you are using Ledger Nano S, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

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

How To Connect Ledger Nano S With Kryptos 

On Ledger Wallet App:

  1. Go to your Ledger Wallet app on your Android or iOS device.
  2. Select your blockchain on the search bar. We currently support Bitcoin, Ethereum, Solana, Cardano and Cosmos. We’re constantly adding new blockchains for Ledger Wallets!
  3. Copy your wallet address belonging to that particular blockchain.

On Kryptos:

  1. Go to kryptos.io & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for Ledger Wallet or select it from the list below.
  4. Now, click on the Ledger Wallet icon.
  5. Select your blockchain & name your wallet anything you would like.
  6. Paste your blockchain address.
  7. Click on Import Your Transactions if you wish to proceed with single-blockchain integration, however, if you want to add multiple blockchains, repeat steps 5 & 6 and then click on Import your Transactions.
  8. Sit back and let Kryptos synchronize with all of your wallets from Ledger Wallet. 

How to download Ledger Nano S Tax Reports

  1. Once synchronization finishes, head to Reports under Menu on Kryptos.
  2. Under summary, click on the Download Tax Report button.
  3. Choose your Tax Report Type and click on download. 

How are Ledger Nano S 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 Ledger Wallet 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, BTC, ATOM, ETH, etc.), you incur capital gains tax.

Essential things to keep in mind while integrating Ledger Wallet

  • In your wallet, make sure you’ve selected the correct network before integrating it.
  • Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting Ledger Nano S 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 support@kryptos.io.

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