Importing Binance Commision Fees Tagged as Sent From "unknown sender"

Hi,

I have imported my Binance commision fee rebates excel file through the “improve your data” tab for Binance accounts. It imported thousands of fee rebates for each trade, but each is showing as sent from “unknown sender” and tagged as “unclassified”. Shouldn’t these trades be automatically tagged as something taxable since it is a return on your trading fees?

While I was expecting these trades to be tagged appropriately, they now all show up my in “needs review” trades, making it almost impossible to search through thousands of trades to find the ones that actually need attention. Is there a way to delete all these trades in one ago? They don’t seem to show up separately on the wallets page.

Thanks for you help!

Fee rebates are a hard one, technically they reduce your fees, so depending on which fees they belong to and how those are treated, allocating those rebates against those fees would be the correct answer > the fees could be in your tax basis if they are trading fees or could not if they are internal type fees. The point being, the fee rebates could have an impact to a taxable basis or could have no impact and only to fees

So I don’t think we are going to be able to get this right, but depends on how the fee rebates are paid (how often, what triggers payment, how does the data come)

We could call them not taxable, but that’s just not accurate when they are reducing fees (or we’d be overstating tax basis if fees are included, as they should be); Saying they are all taxable would be the more conservative answer and more accurate. Are most of these fees rebates related to trading fees?

I believe they are all related to trades yes. Thinking about this again, the IRS generally doesn’t consider rebates as taxable. That is related to purchases though, and this to trade fees, so not sure. Safest would indeed be deducting those rebates from the trade fees paid for each trade, but I see how that is not possible within Accointing since it is not part of the trade data sent through API. For now I’ll either consider tagging them as “income” or just leaving them as is. What do you think is most fair?

I will talk to our tax guy and get back with you :slight_smile: