I’ve been hodling Safex since it was Safe Exchange Coin from back in 2017. I did receive an airdrop of Safex Cash for the safe exchange coin that was converted to Safex Token. There are tax consequences for that, as well as for earning crypto through mining, staking, purchasing, and receiving as payment. In addition, capital gains must be paid for crypto that is held, thereby potentially increasing in value. The tax liability for capital gains depends on the period of time the newly acquired crypto was held, i.e. less than a year or more than a year.
While there are many crypto tax software companies out there, Koinly, Cointracker, Accointing, Tokentax and ZenLedger to name a few, TaxBit is another one that I reached out to directly. I received the following response:
<<< Hey Joseph!
Hope you are having a great Thursday afternoon.
If the wallet itself offers an API then it’s totally possible that TaxBit may be able to use it! I definitely can’t make any guarantees about TaxBit being able to use the API, as there are a ton of logistics and things that need to be worked out in order for it to be possible, but I can tell you this:
When the wallet gets launched, and you decide to use TaxBit to help you keep track of things and keep up with crypto taxes, let us know that you use Safex wallet, that you believe they offer an API, and that you like to request that it be added so that we can take a look at things for ya.
Hopefully this helps, Joseph. Have an amazing rest of your day! >>>
If anybody uses or knows of crypto tax software that integrates the Safex API’s, please let me know.