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Chia Tax Statement

This guide will help you understand how to use Spacescan.io's tax reporting features to track and manage your Chia blockchain transactions for tax purposes.

Overview​

Spacescan.io provides comprehensive tax reporting tools that help you:

  • Track farming income and rewards
  • Monitor capital gains/losses
  • Generate IRS-compatible tax reports
  • Export transaction history in various formats
  • Receive automated tax-related notifications

Getting Started​

Step 1: Access Tax Reports​

Navigate to the Tax Reports section:

  1. Log into your Spacescan.io account
  2. Click on "Wallets" in the main navigation
  3. Select the "Tax Reports" tab

Accessing Tax Reports

Step 2: Configure Your Wallet​

Add your wallet information to begin tracking:

  1. Click the "Add Wallet" button
  2. Fill in the required details: 
    - Wallet Name: Choose a recognizable name
    - Master Public Key: Your wallet's public key
    - Currency: Select your preferred currency (e.g., USD)
    - Number Format: Choose your preferred format
    - Non Observer Addresses (optional)

Wallet Configuration

Transaction Monitoring​

Viewing Transaction History​

Monitor all your transactions in one place:

  1. Select your wallet from the dropdown menu
  2. View detailed transaction information:
    • Transaction type and category
    • Amount and timestamp
    • Gain/Loss calculations
    • Transaction status

Transaction History

Understanding Transaction Categories​

Transactions are categorized as:

  • Farming Income: Rewards from farming
  • Pooling Income: Rewards from pool farming
  • Trading: Buy/sell transactions
  • Transfers: Wallet-to-wallet movements

Tax Report Generation​

Available Reports​

The platform offers several types of tax reports:

Tax Reports Interface

  1. Net Income Reports

    • Farming income summary
    • Pooling income details
    • Total income calculations

  2. Capital Gains Reports

    • Long-term gains/losses
    • Short-term gains/losses
    • Aggregate gain/loss summary

Downloading Reports​

Export your tax information in multiple formats:

  1. IRS Form 1040

    • Quick download for official filing
    • Pre-formatted for tax submission

  2. Transaction Reports

    • DEFAULT format for general use
    • KOINLY compatible format for tax software

  3. Capital Gains Reports

    • DEFAULT format with detailed calculations
    • TURBO TAX compatible format

Automated Notifications​

Stay updated with automated email notifications:

  • Transaction alerts
  • Report generation confirmations
  • Tax deadline reminders
  • Important updates and changes

Report Download Options

Best Practices​

  1. Regular Updates

    • Keep your wallet information current
    • Monitor transactions frequently
    • Download reports periodically

  2. Record Keeping

    • Store downloaded reports securely
    • Maintain backup copies
    • Document any manual adjustments

  3. Compliance

    • Verify tax calculations
    • Consult with tax professionals
    • Stay informed about regulations

Tips and Recommendations​

Regular Monitoring

Check your tax reports monthly to ensure accurate tracking and avoid end-of-year surprises.

Professional Consultation

While our tools provide comprehensive reporting, we recommend consulting with a tax professional for specific advice about your situation.

Important Note

Tax regulations vary by jurisdiction. Ensure you understand your local tax requirements and maintain appropriate records.

Support and Resources​

If you need assistance with tax reporting:

  1. Check our FAQ section
  2. Contact our support team
  3. Review our tax documentation
  4. Consult the Chia Network tax guidelines

Next Steps​

After setting up tax reporting:

  1. Configure automated notifications
  2. Schedule regular report downloads
  3. Set up backup procedures
  4. Review transaction categorization

For additional help or feature requests, please contact our support team.