New to this system and just wanted to check a couple of things so it makes sense to me
The allowable costs on here in my mind are basically showing what i have bought an asset for vs when it becomes a Disposal proceed when i have sold that asset? If this is incorrect please could you eli5 Allowable costs
Also with the Total Fees, these are not included in the calculation on my net gains from my understanding? and i would have to add this to my tax reports manually, which then become deducted from my gain, i presume these are all the gas transactions for ETH, BSC etc ?
UK based if this helps
Calculated allowable costs are what you have bought + the fees. E.g. 100 GBP (initial costs) + 10 GBP (fee) = Allowable costs 110 GBP → Proceeds 1000 GBP → Gain 890 GBP
Transaction fees incurred as a result of the user transferring coins between wallets or from an exchange to a wallet cannot be directly attributed to a taxable or tax-free disposal transaction. The result report therefore shows these costs separately unless they are directly related to the acquisition or sale or exchange of coins. The allocation and assignment of these income-related expenses has to be carried out by the user himself.
Here is the breakdown of classifications: Crypto Tax Classifications : Accointing AG
Here is how you are taxed per classification: The Hub - ACCOINTING.com
Hi Matt, where on the are the transaction fees for internal wallet to wallet transactions shown separatly on the report?
Do we need to filter out the internal transfer fees ourselves? What do you recommend?
Please download a new report, and select "I file with a CPA’ and look at the .pdf titled: Full_Tax_Report, there you can see the 2 separations of the fees