Avalanche - Cryptiony - crypto tax automation solution

How to File Your Avalanche Taxes With Cryptiony

Avalanche is a popular Ethereum alternative with improved scalability and environmental friendliness. This guide explains how you can file your Avalanche taxes in just a few minutes using Cryptiony.

What is Avalanche?

Avalanche is an open-source, decentralised blockchain capable of processing up to 4500 transactions per second. The great thing about avalanche is that its consensus mechanism’s parallel design means it does not have to sacrifice decentralisation for scalability.

The chain is EVM compatible, so Ethereum, Binance Chain and other EVM blockchain dApps can easily migrate to Avalanche. The blockchain also has many native dApps, and it’s used to deploy enterprise-level blockchains.

How do I calculate taxes on Avalanche transactions?

Most users make many transfers and transactions due to the low fees on the Avalanche network; this means calculating your Avalanche taxes manually would take a very long time. Also, most accountants are not equipped to calculate crypto taxes due to the technical industry jargon and complex tax rules.

On the other hand, Cryptiony is designed to automatically calculate your crypto taxes in minutes and is based on the most up-to-date tax laws in the UK.

How to Import Avalanche transactions to Cryptiony

To get started with Cryptiony, you should import your Avalanche transactions to our app. All you need to import your transactions is your wallet address, which you can usually find on the homepage of your wallet (it is the long alphanumeric text starting with 0x).

Once you have your Avalanche wallet address, follow the steps below.

Step 1

Step 2

From the Cryptiony dashboard, click transactions, then connect the wallet. .

Step 3

Select Avalanche, then name the wallet and input your wallet address.

Step 4

Select connect wallet.

Important things to know about importing Avalanche transactions

To ensure we attribute all your transactions to the correct taxes, sync all your wallets and exchanges.

Although our software is accurate, it’s always best to double-check that all your transactions have been imported correctly. You can do this by clicking taxes on the left navigation bar, scrolling to the bottom of the summary and selecting the transaction list. Then you can ensure all your transactions are included and attributed correctly.

If your transactions have not been imported correctly, please visit our help centre.

FAQs

What is the fastest way to report Avalanche taxes?

The quickest way to report your Avalanche taxes is using the Cryptiony automated software. Our expert engineers have developed APIs to import your crypto transactions faster than any other tax software.

What’s the difference between Avalanche’s C-Chain, P-Chain and X-Chain?

C-Chain is used for DeFi, P-Chain is used for staking, and X-Chain is mainly used for transferring funds.

How do I report my Avalanche taxes to HMRC?

To report your Avalanche transactions to HMRC, you need to import your transactions and generate a tax report on Cryptiony. Next, download the report, visit the HMRC website and download a Self Assessment sheet. Finally, attach your Cryptiony tax report to the Self Assessment sheet and file it to HMRC online or in the post.