Isn't interest income on crypto taxable?

Tax
#1

I hold my crypto in a Celsius.network wallet and receive interest payments every week. Cointracker doesn’t seem to be taking that into account when generating the tax reports. Why isn’t Cointracker tracking that as taxable income?

1 Like
#2

Thanks for reaching out — you’re right! We’re working on getting interest added to the tax center as well and we’ll let you know as soon as that’s available.

3 Likes
#3

Do you have a sense whether you’ll get to it in time for the current (2020) tax year?

1 Like
#4

We don’t have an exact ETA on this feature yet but we will let you know as soon as we have an update on the request above!

#5

Since interest is taxable, but Celsius sends us a 1099-misc, if its over $600, could there be a conflict if cointracker gives us that info? Or would it be its own “1099” generated?

Thanks.

#6

I am wondering the same thing with Gemini Earn as they send a 1099-misc, if its over $600 as well?

#7

I have the same issue. Is the answer for now to mark the interest from Celsius as “Staking Reward”? That is what I’ve done for my interest from BlockFi & I have been wondering why “Interest” is not included as an option in the dropdown menu for marking transactions.

#8

What would be your recommendation to list interest income through Celsius as within the provided selections on Cointracker? 1. Ignore 2. Mark as staking reward 3. Mark as transfer