Have you invested in Terra Classic and made transactions from your wallet? If yes, you may need to calculate and report taxes for all your Terra Classic transactions. Coinpanda can help you with calculating crypto tax for Terra Classic by following these steps:
Create a free account and add your Terra Classic addresses to Coinpanda safely and securely
Next, Coinpanda will import all your transactions from Terra Classic
Wait for Coinpanda to calculate capital gains for your Terra Classic transactions automatically
Download your Terra Classic tax report
File your Terra Classic taxes before the deadline
To calculate your taxes accurately, you must import all transactions from Terra Classic to Coinpanda. Coinpanda supports the following transactions from Terra Classic today:
LUNC and token transfers
Smart contract executions
How to connect Terra Classic 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 Terra Classic public address you add. You will most likely find your public address after logging in to your Terra Classic 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.
All your token transactions will also be synced in addition to LUNA transfers. This also includes transactions from different DeFi protocols like Anchor.
Certain limitations with the Terra Classic API may result in transactions either not being imported or being labeled incorrectly. Unfortunately, this is out of our control, but we report any issues found directly to Terra Classic developers. If you see a transaction either missing or not imported correctly, please reach out to us so that we can look into it and potentially forward the issue to the Terra Classic team.
How to connect Terra Classic with CSV
Follow these steps to export your transactions from Terra Classic:
Enter your wallet address and select ‘Lunc’ for chain
Click ‘Start Parsing’
Click ‘Go To Dashboard’ when parsing has completed
Select ‘Transactions’ on the left side
Click ‘Export’ and select ‘Regular’
Download the CSV file and upload it to Coinpanda
How are Terra Classic transactions taxed?
The exact tax implications on Terra Classic 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 Terra Classic transactions except transfers between your own wallets.
To learn more about how Terra Classic transactions are taxed in your country, we recommend reading our in-depth guides to cryptocurrency taxes.
How do I file my Terra Classic taxes?
First, you must calculate capital gains from all taxable Terra Classic 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 Terra Classic 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 Terra Classic 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.
Calculate your Terra Classic taxes
Sign up free today to calculate your Terra Classic taxes
How do I troubleshoot the imported Terra Classic transactions to Coinpanda?
While we strive every day to ensure the highest possible accuracy for importing transactions from Terra Classic 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 Terra Classic API
Updated CSV file format
The Terra Classic 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 Terra Classic 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 Terra Classic account with Coinpanda which will automatically import your transactions. After that, you can download complete tax reports for Terra Classic.
Do I have to pay taxes for Terra Classic?
Yes, all transactions on Terra Classic 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 Terra Classic taxable?
No, sending Terra Classic is not taxed as long as you transfer between your personal wallets or exchange accounts.
How do I avoid paying taxes for Terra Classic?
It is impossible to avoid paying taxes completely for Terra Classic 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.