How To Calculate Your Zcash Taxes With Kryptos
Zcash (ZEC) is a cryptocurrency focused on privacy and anonymity. Launched in 2016, it uses advanced cryptographic techniques, notably zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge), to provide secure and completely private transactions. Unlike many cryptocurrencies that have transparent blockchain, Zcash offers users the option for shielded transactions, hiding sender, recipient, and transaction amount. Zcash is based on Bitcoin's codebase and shares some similarities, but with a strong emphasis on privacy protection, positioning it as an important player in the field of secure and private digital currencies.
If you are using Zcash, 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 Zcash wallet to Kryptos.
- View and analyze all your transactions in a single dashboard and manage your portfolio
- Kryptos automatically categorizes all your Zcash 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 Zcash tax report for free and download it once everything looks good.
- File your Zcash taxes online or leverage our crypto tax accountant network to help you out.
How To Connect Zcash With Kryptos
On Zcash :
- Go to your browser-based or any Zcash wallet.
- It can be Exodus, Ledger, or any wallet that supports the Zcash 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 Zcash or select it from the list below.
- Now, click on the Zcash icon.
- Name your wallet anything you would like.
- Paste your Zcash 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 Zcash 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 Zcash 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, ZEC, BTC, ETH, etc.), you incur capital gains tax.
Essential things to keep in mind while integrating Zcash
- 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 Zcash 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 email@example.com.