All the coins I’ve staked e.g. SWAP generate a withdraw transaction on accointing from the API with my ledger wallet. There is no option to classify the transaction as Staked. What to do? Ignore the transaction? Help!
From my understanding you don’t need to classify the withdraw but only if you receive a reward for that staking. That should then happen on a deposit. Maybe someone can cofirm this?
The transactions appear in “Step 3. Classify Transfers” review section so I need to classify in some way don’t I?
Hi @JoCoin! You can just leave it as “unclassified”, because you’re going to get it back as in its being sent to staking so you still own it.
Thanks for replying Rod.
Can I “ignore” the transaction entirely because at the moment it isn’t included in my portfolio value?
I would just leave it as “unclassified” as a reminder to be honest @JoCoin
This is really a needed feature. Would make things much easier, especially coins would just not disappear anymore, because the system then would know they are staked and are coming back.
So is there still no resolution to this? I can’t just have my coins disappearing from Accointing just because there is no option to mark them as being staked… especially when my staked coins make up the largest part of my portfolio. Can they be marked as ‘lending’? Will this fix the issue? Seems mad that there is no option to mark them as staked when staking is so popular. I have no idea of the value of my portfolio if I can’t see my staked coins!
I also agree it is important to be able to distinct. This makes reporting easier when there are high volumes of transactions. It’s nice having the red dot to notify us of items that need to be reviewed, but is pointless if you have a bunch of unclassified, waiting to be finished.
You can also consider this approach:
. How to Import Liquidity Pool Transactions to ACCOINTING.com - Accointing Blog - Cryptocurrency Portfolio Tracking & tax Software
Hey guys! I understand your frustration with the staked and staking classifications so just to clear this out from out 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.
Please vote for this if you also want a tag “staked”: