Reasons Why You Should Keep Track of Your NANO Investments
- With the recent market, the IRS and other countries tax services are more interested in the crypto environment and will try to get the most out of the gains made in the last months. In case you want to cash out some of your gains or plan to use them legally in the future, you should report your crypto gains in your tax report (remember also, crypto-crypto trades are taxable).
- You can easily lower your tax burden in most countries if you can prove that your Holdings are older than 1 year. A proper record keeping allows you to do that.
- If you plan to cash out some of your gains into your bank, you often have to prove where you got your funds from.
- By importing all historical transactions in a Portfolio tracking tool, you can analyze your performance and the overall gains you made in crypto.
This article describes how you can get all of those benefits with a simple 3 step process that takes only a few minutes of your time
Step by Step Guide
1. Sync your NANO Address with ACCOINTING.com
This step shows you how to enter your Nano Wallet’s public address in ACCOINTING.com to import all your historical transfers. You can find your address in your nano wallet (e.g. https://nault.cc/).
Once you have your address, you can enter it here, and ACCOINTING.com will automatically sync your Nano transfer History: https://www.accointing.com/app/import-data/connect/private/nano.
Note: ACCOINTING.com can only read historical transfers. A public address doesn’t allow any sort of interaction with the blockchain.
After you have finished this step you’ll find your historical Nano Holdings in the Dashboard.
Once you have all your Nano Address connected with ACCOINTING.com, it’s important to also sync your other Exchanges and Wallets in order to get accurate results. ACCOINTING.com supports more than 70 Exchanges and Wallets with a direct connection. You can find a full list here: https://www.accointing.com/de/wallets-exchanges.
2. ACCOINTING.com calculates all NANO gains, losses and taxes automatically
This step doesn’t require any action from your side. The only thing you have to make sure is that you chose the correct country: https://www.accointing.com/app/settings.
ACCOINTING.com uses different calculation methods and they are all preset for your country: FIFO, LIFO, HIFO, Multiple Depot, Single Depot, HMRC Pooling (incl. Bed and Breakfast).
3. File your NANO Tax Report
After you synced your exchanges and Nano Wallets you’ll find all sorts of analysis tools and insights in your Portfolio.
The Tax Report Feature allows you to easily create a tax report for the current year or for all past years you’ve been in crypto.
ACCOINTING.com creates country specific crypto tax reports. The only thing you have to make sure is that you select the correct country in the settings.
Use the 10% Discount code for the Report: NANO2021
Some more notes and FAQs about NANO:
In case you don’t see all transfers for the NANO Address, you can upload your address here in the explorer and search for transfers with the date “1 Jan. 1970”. Due to NANOs fast and slick blockchain, the blockchain doesn’t store the exact dates and when an explorer didn’t see the transfers it can’t identify the time. We skip those transfers due to the missing time stamp. Please follow the next steps in order to add those missing transactions:
- Insert your NANO address to the nanocrawler explorer: https://nanocrawler.cc/
- Check the history for any transfer with the date: “1 Jan. 1970”
3. You can manually add those transfers here by choosing your NANO wallet: