Best way to handle BNB to BSC Swap in Trust Wallet? How to handle Pancake Swap Staking (Non-LP)?

A prior post (in German) indicated that BNB to BSC swaps must be handled manually. For BNB to BSC, is the best way to handle to add a withdraw to the BNB wallet that offsets the BSC deposit? Since the conversion is done 1:1, is it correct to assume that this does not create a taxable event and this simple accounting is good enough?

Is there an efficient way to handle staking on Pancake Swap into the Syrup Pools?

Thanks

Yes, it’s not actually a coin swap, its just a transfer of the same coin onto a different network. So you make that work by classifying a deposit and withdraw as internal.

the best way is to create a new wallet without an address that represents the pool. deposit the stake amount into that wallet with the same timestamp and amount as the withdraw from your other wallet. List the transaction as internal and when you want to un-stake just do the same. when you claim any rewards or interest on it mark it as ‘staking income’.

here is a link for the other classifications if you need them.

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Extremely helpful, I really appreciate the help. Thank you!

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It would be much easier to have the swap from BNB to BSC detected automatically… Is it something in the to-do-list for developers?

@NicoCrypto

It isn’t a swap, in Accointing’s eyes it is the same coin, moving from the Binance Chain to the Binance Smart Chain. So it is already detected automatically in the same way all other internal transactions are. Just make sure there is a matching deposit and transfer which should be done automatically using the api of your wallet / exchange. Then click review and under the internal transfers section it should automatically show up asking you to confirm the internal transfer.

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Can you link that german post?
And then on the german post, put a link to here?

And I believe that @alantbarlow answered your question :slight_smile:

Am I okay to close this post?

i think this post is meant:

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