Have you invested in NEM and made transactions from your wallet? If yes, you may need to calculate and report taxes for all your NEM transactions. Coinpanda can help you with calculating crypto tax for NEM by following these steps:
Create a free account and add your NEM addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from NEM
Wait for Coinpanda to calculate capital gains for your NEM transactions automatically
Download your NEM tax report
File your NEM taxes before the deadline
To calculate your taxes accurately, you must import all transactions from NEM to Coinpanda. Coinpanda supports the following transactions from NEM today:
How to connect NEM with API
We are only requesting view permissions. This does not give us access to your private keys or the ability to move your funds.
Coinpanda will automatically sync all transactions from a NEM public address you add. You will most likely find your public address after logging in to your NEM wallet. Next, copy and paste the address into Coinpanda, and all transactions will be imported automatically!
Not sure how to find the public address of your wallet? We have written instruction articles for the most popular cryptocurrency wallets used today on our integration pages.
Remember that you must add all your wallet addresses to Coinpanda for your tax calculations to be accurate. This also includes wallet addresses you are not actively using anymore.
How to connect NEM with CSV
Follow these steps to export your transactions from NEM:
You can also add transactions by uploading the Coinpanda generic file. We support both XLSX and CSV formats. Please follow the steps described in this guide.
How are NEM transactions taxed?
The exact tax implications on NEM transactions depend on which country you live in and the type of transactions you have made. However, in most countries, you must generally pay capital gains tax on all NEM transactions except transfers between your own wallets.
To learn more about how NEM transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my NEM taxes?
First, you must calculate capital gains from all taxable NEM transactions. When this information is ready, you have everything you need to report capital gains in your annual tax return. However, the actual procedure for reporting crypto tax in the tax return might vary from country to country.
To calculate your capital gains, you must first export a complete history of all transactions made on the NEM blockchain. Once you have this data, you can calculate your capital gains or losses by determining the price at which you bought the cryptocurrency (your cost basis) and the price at which you sold it (your proceeds). Luckily, Coinpanda can help you with this and generate ready-to-file tax forms quickly and easily.
After downloading your NEM tax statements from Coinpanda, the last step is to report the capital gains on your tax return before the deadline. Most countries allow you to self-declare taxes online in 2023, but you can also get help from a professional tax accountant to file taxes for you.
How do I troubleshoot the imported NEM transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from NEM to Coinpanda, it can happen that either not all transactions are imported or that some data is imported incorrectly. Some reasons for this can be:
Changes in the NEM API
Updated CSV file format
The NEM API does not provide a complete record of all transactions
To get the best help from Coinpanda support, you must first identify which transactions are missing or incorrectly imported. To do this, we recommend comparing your transaction history on any NEM block explorer with the transactions imported into your Coinpanda account. See also our help article with an overview of known blockchain API limitations.
The quickest way to get help from our dedicated support team is to send a message in the Live Chat.
The easiest way to get tax documents and reports is to connect your NEM account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for NEM.
Do I have to pay taxes for NEM?
Yes, all transactions on NEM involving the disposal of a crypto asset are in most cases taxable. You must also pay income tax on earned crypto such as staking, airdrops, or interest rewards.
Is sending NEM taxable?
No, sending NEM is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes for NEM?
It is impossible to avoid paying taxes completely for NEM legally if you live in a country that taxes cryptocurrency. However, there are several ways you can reduce your taxes, such as tax loss harvesting.