I’ve imported my Nexo account, but only the transfers of crypto in, and the accumulation of interest are showing. Liquidations of the loan aren’t. Is this because they aren’t taxable events? Or just because the software doesn’t handle it yet? As it is, it’s leading to skews in my balances (Cointracker thinks I have a load of crypto on Nexo when in fact most of it has been forcibly sold to pay back my loan when the price crashed!)
Hi Hamish, can you give me an example of what a Nexo liquidation looks like? I’m happy to run through the details with you.
Hi! Loan liquidations, just like margin calls, should be considered taxable events.
Please remove your Nexo account (from your Wallets Page) and try re-adding it to fix the problem.
Just tried that, but it’s still not showing the liquidations/repayments that are in the csv.
Thanks for flagging this Hamish — we will work on adding a direct NEXO API integration with margin support and let you know as soon as it is available.
Hi Chandan, any update on this? I need to do some trades before April 5th to minimise my tax liability for the 2019/20 tax year, and it would be good to know exactly where I stand in terms of amounts needed. Thanks.
Sorry, we don’t have an ETA yet, but it is on our queue and you’ll be the first to know when we roll it out!
I have liquidation items in my CSV and it is marked as a send.
Do I mark it as a
margin loss to make it count for tax purposes?
edit: it would be nice if I could batch update as
margin loss it has to do a page refresh each time which is a little annoying.
I’m a bit confused here. If a margin call for paying back a loan is a “margin loss”, is the taking out of the loan counted as a “margin fee”? (there is no “margin gain”). Also, would be good if this was handled automatically from the csv upload. On the Next generated CSV they are marked as “Liquidation” (crypto liquidation) and “Repayment” (fiat repayment). And “Withdrawal” for taking out the loan.
Good point; we’ll see how we can improve this in the future. For now you can use the bulk editor at the bottom of the transaction page to do this one page at a time.