Hello all, I have a BlockFi account (and a couple other interest bearing accounts) and although I can record the transactions and interest payments fine, they always count against my ‘average buy price’ in portfolio, which misguides the loss/profit tracker for my coins. Is there a classification for deposit transactions that will still add the coin & value to a wallet/exchange but not report it as a ‘buy’ order? I have them marked as ‘lending income’ right now; What should I do to correct my average buy price in this case? This will be a problem that will scale up in severity the more interest payments I receive over time, as each one is counted as a new ‘buy’ and will continually grow in value with my portfolio.
Read through a sort of similar post that I’ll link here. Says they should be classified as income so sounds like what I did was fine, doesnt mention anything about price tracking here though.
Attach : Interest category
Here is the breakdown of classifications: Crypto Tax Classifications : Accointing AG
Here is how you are taxed per classification: You searched for classifications - The Hub on ACCOINTING.com
Yes, essentially this is what I would like to solve, perhaps a thread merge or something might be in order. Didn’t see this thread when i was searching.
please vote to the one I linked above, I will close this post