Do You Need NFT Tax Software?

April 22, 2022
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Syncing NFT Transactions with Ledgible Tax

Syncing Ledgible with Exodus for NFTs

Syncing Ledgible with Abra for NFTs

Ledgible fully supports Abra (and all cryptocurrency wallets and services) today - any transaction activity involving it can be imported via our standard wallet option for transactions on natively-supported chains, or if on a different chain through the file import wizard or manual entry feature.  The only caveat is that for data sources added by file import or manual entry the transaction activity will not automatically update in Ledgible.

Standard Wallet

For natively-supported blockchains, you can simply add your wallet's receiving address(es) to Ledgible and Ledgible will automatically find and add all past and future transactions associated with that address.  See our article on the standard wallet option for detailed steps.  The list of supported chains can be accessed by selecting this method when adding your wallet data from the Wallets tab.

You can locate your wallet's receiving address by completing the following steps:

  • In your Abra app go your Trading account.
  • Select +Add Money.
  • Select Deposit Cryptocurrency.
  • Agree to the terms.
  • Select the desired cryptocurrency (ex: Bitcoin)
  • Copy your receiving address.

File Import

Obtaining Your Transaction History File

If you opt to use the file import option, you will first need to obtain a file containing your transaction history.  Here is a link to Abra's support website that contains instructions on how to download the transaction history into a file.

Be sure to export your full transaction history so Ledgible performs calculations correctly.  Abra limits the transaction history to one year at a time, so be sure to export each year in which you had transactions in your Abra wallet.  Please note that the File Import option is limited to importing a file with up to 500 transactions at a time, so if you have more than 500 transactions you may want to break your file into multiple sections.

Adding Your Transactions to Ledgible

  1. Once you have your transaction history file, open the File Import Wizard by clicking the Add Wallet Data button from the Wallets tab, select the File Import / Manual Entry option and then Next.
  2. Select Standard (default) if you do not have any DeFi transactions.  Select DeFi Activity if you have engaged in DeFi activity such as swaps, staking or liquidity pools.  Leave the File Import option selected.
  3. Select Next to download the template file using the Template button and upload your edited template file using the Import Data button.   The template file contains detailed instructions and examples on how to format your data correctly.  We highly recommend downloading the template file, copying the relevant columns from your transaction history file and pasting them in the appropriate columns in the Template file, then uploading the completed file from this screen.  This will ensure that the required columns are included in your upload and simplify the mapping process.

    Please note: Ledgible expects different fields for each type of file import depending if you are adding your data from a Wallet (StandardDeFi Activity or NFT) or Exchange.

  4. Click Next to proceed to the File Import Wizard, which will guide you through mapping the columns in your uploaded file to the fields in Ledgible and reviewing the data for errors prior to upload.
  5. Please note that you will need to add future transaction history for this wallet by exporting your Abra transaction history beginning with the time the original transaction history file ended. This might mean that you need to download this year after the year ends and remove the transactions in the file that you have already added prior to upload.  You can delete any duplicates if you accidentally add them from the Wallets tab.  Select this wallet from the Wallets tab, then click the Import Entries button to import your file using the same method.

Manual Entry

You can add transactions one at a time by adding the relevant data to Ledgible manually.  This is only recommended if you have a few transactions.

  1. First, create a new wallet from the Wallets tab by clicking the Add Wallet Data button.
  2. Select the File Import / Manual Entry option and then Next.
  3. Give your wallet a name and select the type of entry you would like to add (StandardDeFi Activity, or NFT).
  4. Select Manual Entry and then Next.
  5. Add the DateTimeTime Zone, and Type of transaction.  The Categorization field is optional.  Click Next.
  6. Add the Currency Symbol and Quantity of this transaction.  Select Spot Pricing to have Ledgible lookup the price at the approximate time of the transaction or Custom Pricing to add your own pricing data.  Check Add Fee if you would like to add fee data to this transaction using the Fee and Fee Currency fields.  Click Next.
  7. Review your transaction data to ensure it is correct and then click the Create button to add this transaction to Ledgible.
  8. Select Close if you are done adding transactions or View Wallet to review this wallet and add more transactions.
  9. To add more transactions to this wallet, simply click the Create Entry button.  You can also access this by selecting the wallet in the Wallets tab.  Please note that you will need to add future transaction history for this wallet manually.

If you need more information on NFT Taxes and NFT Tax Software, you can learn more on our crypto Knowledge Base here.

About Trevor English

Trevor is a technology journalist & engineer who has made a career out of engineering and technical communication. His work has appeared on Curiosity, BBC, Interesting Engineering and other sites across the web. Originally the Chief editor for Interesting Engineering back in 2016, he now works with software & tech companies, aiding them in content marketing and technical communication. Currently living in Texas, he’s also a published children’s book author and producer for the YouTube channel Concerning Reality.

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