ISTARI VISION & TITAN STAKE

Prepare your tax report with ENTITY Tax Tools

Entity Tax Tools Istari Vision

As a crypto investor, it is important to comply with tax regulations. ENTITY Tax Tools provide users with an overview of their transactions on the Elrond blockchain to then generate a professional tax report with external software. We are pleased to introduce an updated version of our Tax Tools.

Last updated on: May 13, 2022

Utility of ENTITY’s Tax Tools

The core idea and long-term goal of the Entity Tax Tools is to provide users with a complete overview of all their transactions on the Elrond network. The generated CSV dataset can be imported directly into accounting services like cointracking.info. This makes it simple to create a complete tax report that aligns with your country’s compliance requirements.

Currently, our Tax Tools provide an overview of ESDT token swaps, EGLD staking, transfers, Metastaking rewards (RIDE, ITHEUM, ZPAY), and all the incoming and outgoing transactions of a connected Elrond wallet.

Our Tax Tools do not yet take into account all transactions generated on the Maiar Exchange such as activities within a liquidity pool, farming, metabonding, or any type of smart contract interaction. However, we are committed to integrating this functionality into the Entity Tax Tools.

In this article, we will guide you step by step through the features of each tab within the Tax Tools and explain their current status.

1. The “Settings” tab in ENTITY Tax Tools

entity tax tools settings

Screenshot: ENTITY Tax Tools – Settings

  1. First, select a login method to synchronize one or more wallets. Once logged in, select one or more whitelisted wallets.
  2. Set a timeframe to analyze. Select Last Year, Last Month, This Year or use the calendar tool to set a custom start and end date. For example, if you want to consider your transactions for 2021, select the period from January 1, 2021 to December 31, 2021.
  3. When you first connect a wallet to Entity, it may take a few minutes to fully synchronize. The progress bar will display “SYNCED – 100 %” once the wallet is ready. Subsequently, you can switch to the next tab (staking). In some cases, it is necessary to “reload” the website to see the correct status of the progress bar. We are working on fixing this problem.

2. The “Staking” tab in ENTITY Tax Tools

entity tax tools staking

Screenshot: ENTITY Tax Tools – Staking

On this page, you will get an overview of:

  • your EGLD staking rewards in the specified timeframe
  • the ratio between claimed and redelegated EGLD staking rewards
  • further details about your wallet holdings and staking activities

The “Transactions” tab in ENTITY Tax Tools

entity tax tools tranactions

Screenshot: ENTITY Tax Tools – Transactions

ENTITY displays transactions within the specified timeframe in a structured table. Currently, users can:

  • view transaction details, including transaction ID, token amount, transaction value, date and time, and transaction category
  • change the currency for the value displayed (EUR/USD)
  • search for specific transactions with a full text search (Keyword, Transaction ID, Account)
  • filter transactions according to the transaction categories provided by Elrond
  • manually change the transaction category via the “action function”
  • add comments to individual transactions
  • select individual transaction IDs to open the corresponding page on the Elrond Explorer for further transaction details

The “Tax Report” tab in ENTITY Tax Tools

entity tax tools tax report

Screenshot: ENTITY Tax Tools – Tax Report

ENTITY enables users to export a CSV file containing all transaction details within the specified timeframe. You can submit this file to a tax advisor or import it into cointracking.info for a detailed tax report that complies with your country’s regulations. Currently, Entity’s CSV export supports the following transaction types:

  • Swaps
  • Delegate/undelegate to or from a staking pool
  • Claimed and redelegated staking rewards
  • Maiar Exchange Metastaking rewards

Learn more on the Entity Knowledge Base

The Entity team just released a Knowledge Base to support the community, and Tax Tools is the first module to be featured!

Visit the Tax Tools Guide for an in-depth look at how to generate an Entity CSV report, import your transactions to CoinTracking.info, and ensure your tax report is accurate.

Our knowledge base will be continuously updated to include other Entity modules as well as all upcoming Tax Tools features.

Coming up next

A complete view of Elrond blockchain transactions
As the Entity Tax Tools are constantly evolving, the goal for the 2022 tax declaration is to map all relevant transactions in the Elrond Network. Join Entity on Telegram and Twitter to stay tuned for the latest Tax Tools updates.

Interfaces to other tax tools
Besides cointracking.info, we are currently analyzing the possibility of providing interfaces to other external tax tools like:

  • Koinly
  • Cointracker
  • Blockpit

Regular updates
We have exciting news in store for you in the coming days and weeks:

  • Provision of new versions including updates every 14 days.
  • Provision of the beta version with additional functions in the second quarter of 2022.

Disclaimer

Please note that ENTITY does not currently map all transactions on the Elrond blockchain. Depending on your country-specific tax policies, capital gains tax, income tax or other taxes may apply to tax profits from crypto transactions. The ENTITY Tax Report is under continuous development and does not represent a final tax assessment. Please consult a tax advisor for further details.

Bug reports and feature proposal

We are working on implementing a form in ENTITY to facilitate reporting bugs and feature suggestions. In the meantime, we ask that you use our Telegram channel:

https://t.me/EntityCommunity

Our admins will evaluate all incoming suggestions and forward them bundled to the development team. Please understand that due to time constraints, we cannot comment on every reported bug or suggestion.

We thank you in advance for your valuable support and feedback!

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