Ampleforth Tax Reporting
TokenTax imports Ampleforth data for easy cryptocurrency trade tracking and tax filing.
What is Ampleforth?
The Ampleforth token, AMPL, is a cryptocurrency which adjusts its supply automatically depending on market demand to reduce volatility. The supply of AMPL adjusts daily in response to market conditions. The Ampleforth platform allows you to trade and stake AMPL to facilitate utilization of the token for purchases as a medium of exchange.
Taxes for Decentralized Finance (DeFi) platforms can be complex
In general, trades of crypto for another crypto and sales of crypto for fiat currency are all taxable events. Rewards in the form of additional tokens are, however, taxed as income, similar to the interest income you earn in a traditional fiat-based savings account.
For more information about taxes on DeFi platforms, read our in-depth DeFi tax guide. If you traded across both centralized and decentralized platforms or used crypto a variety of different ways, you will want to have a look at our crypto tax overview guide, which covers almost anything you can think of about crypto taxes in the United States and a variety of other countries.
Ask our team anything about your individual tax situation on our chat function (lower right corner), and we can help you through the entire tax filing process or help you file an extension if you simply need more time.
How crypto tax software makes your tax filing easier
If you experimented with a few different DeFi protocols or were yield farming, using crypto tax software will save you immensely on time and money for taxes. With our software, you can simply enter your public ETH addresses to import all of your data into our tax dashboard for seamless formatting, labelling and organizing. Our team can help you understand anything that looks different than expected and walk you through your options for accounting methods accepted by your national tax agency. You can then automatically calculate your tax liability for your crypto transactions and download your tax forms in any format you need.
If you have any questions, we are very proud of our rapid response rate on our chat function (lower right corner). Many on our team have actively traded on DeFi platforms and use our software, so we know it works, and we have seen a plethora of unusual and complex tax situations. We’re here to help.
We can help you save on your tax bill by starting early tracking your crypto transactions
Using crypto tax software automates many processes used by major institutions and seasoned traders. For example, before the close of your local tax season, you will want to evaluate your positions for the year trailing. One technique frequently used by hedge funds before they close out the tax year is tax loss harvesting, a process by which they sell underperforming tax lots strategically to lower their tax bill.
You can also take advantage of the lower capital gains tax rates on long-term holdings by using our software to identify holding times for different tax lots. Lastly, you can use our proprietary minimization algorithm to lower your tax bill if your national tax authority allows for specific identification accounting.
Ask us for more tax tips and about your unique tax situation on our chat function (lower right corner).