I’m attempting to use your product to calculate tax impact for a series of DeFi related trading activity and I’m finding I’m running into a lot of difficulties
The imports (from a public address) never seem to use the “registered” token symbol in your system, requiring each transaction to be manually updated which always then ignores the original transaction and makes a new “manual”-tagged trade. I’ve seen this with the YAX token and a few times with DAI
The cost basis for some of these more commonly known tokens that should be automatically recognized and calculated seem way off. For example, take this transaction:
It’s reporting the cost basis of the USDC token as $385.91 when it should really be ~$492.08, because it’s tied to the dollar. Even when I try to manually adjust the proceeds for the 54.49 YAX that’s being sold, the cost basis for the USDC side remains the same, which inflates my gains when I do end up selling the USDC token. What am I doing wrong here?
The cost basis of the USDC is based on the fair market value of the YAX at the time it was traded (not on the price of USDC). In this case, our price history is showing $7.08/YAX on October 7, 2020 (thus yielding the $358.91 proceeds for YAX and thereby cost basis for USDC). Is the price you expect for unit YAX higher than $7.08? If so, could you please send us a note of what it should have been to Contact Us?
Hmmm regarding the 1st point it seems now like I have a bunch of new, yet duplicated transactions that are now appearing with the proper registered coin (because its icon is included next to the currency).
On the 2nd point, regarding the price of YAX. Because I did this trade on the Balancer pool, I would’ve expected it to just match the price of USDC that was there at this time. So in this case, it would be around ~$8.95
Looking into this and will update you on that thread
This was our intention with the update that caused the issue above!
Got it; it’s possible that Balancer had a different price for YAX at that time than other platforms. You can edit the cost basis / proceeds for now to get the value you want to show. Here’s how to manually edit transactions.