Is there a way to display the Staked rewards as income?
For all the Crypto.com wallet stake rewards they appear as a 0.00 cost basis. This seems fine, but in the tax center there is 0 dollars accounted for as income.
Is there a way to export the actual income from each staking reward? You can see the cost in $ in transaction screen. But this does not appear in the export. The only method I have right now is to manually type 1000’s of stake rewards for income by referencing this page to produce a income report.
This also raises the issue. When I eventually sell the stake rewards will it calculate a capital gain on the 0.00 cost basis or from the amount gained/loss on price I received from staking? I would want to avoid paying income tax on the staking reward then paying the capital gain on the full amount few years later on.
For example for the first example in the screen shot, 0.119365 ELA $0.28, lets say on sale that amount of ELA is worth $0.50, will I pay 0.50 capital gains or 0.22? From what I can tell it will record a capital gain of 0.50. Hence if I do my tax properly… I will be paying 0.28 income but then in the future when I sell cointracker will state 0.50 capital gains.
Another option I have thought of is that I will need to edit the cost basis to be be the same value. For the same example I will need enter a cost basis of 0.28.
Thank you for looking…
Further testing at my end, I have notice labelling them interest instead of staked is showing as income and entering the cost basis. Is the work around delete every import and reimporting but modify the crypto.com export to trick it to be interest?
Seems like I cannot bulk import with a note of “interest” . I tried mining and airdrop instead but both options result in 0 cost basis as well.
Further I have decided to manually click 1000 transactions to mark as interest, note the mass sleected items does also not have interest in the list.
I think this will resolve this problem for the current tax period, though next year I really hope there is a solution .