Best Way To Record Selling Cheaper Crypto

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#1

A long time ago, I agreed to help someone and buy crypto for them inside my portfolio.
We keep track of it and I’ve come to separate it out this week.

Lets assume…
I bought 1 BTC for $10k
Its now worth $20k

I send it to their wallet, so its no longer part of my wallet.

How can I best record this in CT so it nets out as neutral?

I see two parts to this…

  1. The net deposits (because it will have $10k extra deposit
  2. The “sale” because I sent it went its worth $20k, but I didn’t make a $10k profit.

Im less bothered about number 1. I don’t mind if my portfolio forever records an extra $10k deposit.
…so long as, I can record the “sale” at $10k also. Worse case it nets out as neutral.

The only way I can see to force CT to have different figures is to move it from a SEND to a SELL and make a trade from BTC>USD (fiat) and put a receiving amount in.

I appreciate that this is a weird one, and I appreciate it may effect my tax in some way, but I need to do the best I can with it.

Would love your technical insight please @Chandan and team and community.

Regards
D

#2

I’d recommend ignoring all the transactions that synced to your account (buys, trades, sells, transfers, etc.) that you did on behalf of your friend. Make sure that they are filing the taxes on those transactions and that you are keeping good records/comments of what happened.

In the future, better to keep separate accounts for separate users to mitigate confusion if possible.

#3

Yes I wont be doing this again. #nightmare.
Your solution is much simpler than mine!
I will go through and ignore the buys and sells.
Thanks

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