SInce DFsocial token changed for DFSG token, my realized gains in my portfolio/performance is incorrect. Now it’s written 6282$ realized gains but i didn’t sell a single penny yet. So i have no idea where this comes from. I’m sure you understand the importance of an accurate realized gains calculation
Thank you for your help !
May I know which wallet or exchange you are holding these on?
Can you check if the amount of the new DFSG token is correct?
Accointing to this article, you were supposed to switch your old tokens into the new tokens, therefore you may need to do that in your Accointing. Especially since you’ll receive 1050 $DFSG for every 1 $bDFSocial you bridge.
on MMwallet. Yes i received the exact same amount (x1000 that is).
‘‘therefore you may need to do that in your Accointing’’ What do you mean by that ?
And it should be 1000 dfsg for every bdfsocial (the swapping is close, the ending date was end of october)
In your full data set does it show the swap from the old DFSocial to the new DFSocial?
If not, please manually create one for the time you did it.
If you decided to keep the old tokens, let me know.
Yes the swap is written, at the time there was a 15% bonus if you were swapping before otober 8 or around that time. But even with a bonus, it shouldnt be written any realized gains because i didnt sell a single token. Realized gains column should be 0 and everything should be in unrealized gains…
The way this crypto works is: depending on the tournament, you can lock 2000 dfsg on a player for a tournament, its locked for 1 month. If your player does well, you get 50/50 (sponsor/player). Could there be a miss calculation because of that ? because im getting “free” tokens by sponsoring?
Yes, the free tokens may be the issue.
Please see if this helps: Staking Transactions - The Hub: Crypto and Bitcoin Tax Blog | ACCOINTING.com
This message may also apply:
Hey guys! I understand your frustration with the staked and staking classifications so just to clear this out from our standpoint:
all tokens that were staked=do not classify
all tokens that came as a reward for staked tokens=staking
The reason why we don’t have more strict guidelines is because there aren’t any and they are subject to the interpretation of the different jurisdictions. That bein said, here is an article from Bloomberg providing further context on the matter:
Now, the lender could be considered to have converted their crypto for another crypto when they “stake” their money into the liquidity pool and received another token they can sell elsewhere. That is a taxable event, so in this example, just as dividends are taxable, so are tokens generated from staking activities.
However, it’s not as straight-forward as that because this transaction can also be viewed in another way; in that what the lender deposited in the liquidity pool is still their money and the tokens they receive in exchange is nothing more than a receipt. That means it is not a taxable event.
Meanwhile, on the borrower’s side, it can be argued that depositing collateral and receiving a loan in a different token form is akin to an exchange transaction, so a taxable event. Of course, usually taking a loan is not a taxable event. However, the transaction on a DeFi is unique. Unlike conventional loans, it includes depositing one currency as collateral to receive a loan in another.
If you need any tax assistance with your crypto taxes, make sure you visit ACTAN in the Hub where any of our crypto tax professionals can help you out.
I calculated the rewards i got by sponsoring here and there since the beginning of the year 2021 and its 1/6 at best of the written realized gains, so that’s still doesn’t explain the situation here.
Any idea ?
I also didn’t stake any of it.
Would you be willing to send us your data so that we can take a deeper look into this? Go to the Full Data set and export the full history. Please fill out this support ticket form
In the form please also leave a link to this post so that we have background context
The reason we ask for your data is that we do not see your data, whatever you put in your Accointing account, is encrypted.
I did and apparently its normal to have realized gains when you just swap things but dont sell any of it.
Yes, when you swap a coin, or trade one coin for another, both coins have a value. The government taxes a crypto to crypto exchange just as if it was a crypto to fiat exchange.
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