I am a bit confused on some “Contract Execution” ETH transactions and how to classify them.
For example, I had an ETH transaction that was just a fee for ‘approving’ some USDC for trade. (transaction is below). But it was marked as a ‘send’ which is taxable. I thought fees like this were deducted and should be added to cost basis. How should I handle this to make sure it’s added to cost basis and not added to my tax obligation?
I have the same question and am astounded it has not been addressed yet by CoinTracker. One problem that it creates is that is does NOT change the running balance of your wallet’s ETH amount, so I am worried that significantly affects cost basis / returns when that ETH is then later sent or traded.
CoinTracker, please fix this ‘feature’ so that it accurately deducts that fees displayed from our ETH balances. Thank you.