Staking rewards in Binance

You should look into that.

The API sync does not pick up any transactions from the distribution tab.
It is located in the transaction history.
You have in this tab: airdrops and staking rewards.

Hi @JN,

We’ll work on adding this and let you know as soon as it becomes available.

Hi Chandan,
On the same topic, the tokens I have under Savings in Binance is not picked in CT.

Hi @JN,

Makes sense — we’ll work on adding support for Binance Saving and let you know as soon as it is available.

Hi @Chandan,

Is there any update on the ECD for adding Binance Savings support?

Thanks!

Hi @hartwilliamj,

Thanks for your patience! We don’t have an exact ETA yet but it’s a popular request and we’ll let you know as soon as this is ready to go.

Hey @Chandan was about to ask about this and then found this post.

Is there any update? I checked the roadmap but didn’t see it as a feature request, can you add it please?

And can you confirm how CT see’s Binance Coins in savings?

Because I cross checked balances, and from what I see, it does NOT see them.
But when you insepct the wallet, and hover over the (i) for a coin (to see its balance)
It does see them.

I have all my ADA in savings in binance


So its not shown in the list of coins for binance in CT
But when I go to the wallet:

It does pick this info up from somewhere?
But from what I can see, the wallet balance is only coming from spot and not inc saving.

Hope that helps.

Would love this update please.

Thanks

@LeadGr8,

We’re tracking full support for Binance Saving here. We’ll let you know as soon as we have an update on this.

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monitoring. thanks @Chandan hoping its by H1 2021 :slight_smile: if so ill just let it ride and add it to portfolio manually

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Hello Support Team,

I have a similar issue, I have created a CSV file for the Airdrops “From Binance distribution history” However, this is causing duplicates as I noticed the number of coins increased from 128k to 133k - Any suggestion on how I can resolve this even manually - Basically I want to make sure the Airdrops are reported for Tax Purpose but this is creating duplicates -

Thank you!

Hello Support Team,

Here is what I did trying to resolve the Duplicate caused by manual CSV update “From Binance distribution history” and having the Total Balance of TRX coins without the Duplicate added - I have added comments as well just in case so I have a good track of the manual update in the last added Transaction

Is that an okay Practice as I didn’t find another manual solution, any advice here would be appreciated - I have tried many things, I am new, I like your platform and I am trying to file my taxes for 2020 "already Purchased 2020, 2018 & 2018

Basically what I see after this manual update - The final Balance reflects what I actually have as Total Balance after doing the below updates

Thank you!

Hi,

I believe I understand from this thread that the activity in the binance ‘‘earn’’ section isn’t brought into cointracker with the API key, but that’s something that’s being worked on.

In the meantime, tax reports will be due in the near future and, being kind of a noob, I would like to know how to bring this info into my cointracker account so I can get my reports right and ready for my declaration…??

I have been trying to figure out this same issues for a week and a half. No luck.
I have tried downloading the transactions from Binance, formatting them into Cointracker’s template and uploading, but still cannot as I always receive formatting errors even though I see none.
Have sent a help ticket to Cointracker but no reply

When I go to add my VTHO staking rewards received via Binance.US, Cointracker wants me to input my cost of these free coins. How do we enter these?

Put the cost base as zero. and then when its saved, click the edit button and mark it as “earnings/interest” so CT allocates it correctly. that should work but please let me know.

Except, if you do that…then you have an incorrect cost basis for the future sale/exchange of those coins; basically double taxing you on the received value. The way i see it – in this crazy taxation system we’re subjected to – the coins are initially ordinary income; but then since you didn’t immediately sell them, you effectively reinvested that value back into the coin. Therefore, your cost basis is now equal to the value at time of receipt.

Hey @japeters1 cheers for your POV. I’ve pondered this and I don’t understand sorry (note, i come for UK tax perspective but have tones of USA friends. Is that your jurisdiction?). Either way, a staked coins that pays interest, the cost basis for said paid interest…is ZERO, because its interest. My understanding is when you mark a entry as INTEREST then cointracker does all it needs to do according to the tax system you have selected. I am also not sure what figure you can provide for a cost basis if the interest paid out to you didnt cost you anything? If im mistaken please do provide more info? Cheers.

@LeadGr8
I live in the UK. All staking rewards should be marked as staked. You pay income tax for all those staking rewards and the income value is based on the price of the token when you receive it. You could also have capital gains when the token increase in price and you sell it. There is no mention about interest in the HMRC Guidelines as far as I remember. I would stick to the staking rule for now if I were you.

Hi leadgr8…

I am in the US, and don’t know the UK taxation mechanics. But in the US, the interest/stake reward/etc. is treated as ordinary income immediately upon receipt. Earned or passive income by definition has 0 cost basis for individuals (not exactly fair, in my opinion). So you are taxed on 100% of the reward. But then, by virtue of having paid taxes on that amount, you now have established a cost basis – which equals the value that was included in that first tax calculation. Therefore, your subsequent sale of the asset is only taxed based on the gain above and beyond the basis. I have to assume it works the same way in the UK though, and here’s why: Let’s assume that I receive a staking reward and immediately sell it. If I have no basis at any stage, then that would mean I have to pay tax on the receipt of value and then on the sale of the token (even though its the same value I just was taxed upon)…which would be a double tax of the SAME value.

Look at this way:

  • received $25

  • owe income tax on $25 (say 30%, e.g)

  • pay $7.5 to gov

  • sell that same coin as soon as received for $25

  • pay tax again (based on zero basis) on $25 [wait, whaaat? I just paid tax on that amount!]

  • pay another $7.5 to gov

  • effectively, this would mean you paid 60% tax on $25

So as I said before in my first comment, the IRS views this as actually being 3 transactions instead of 2:

  • received 25 (owing tax on it, as if the issuer had sold the coin for you and given you the cash equivalent)
  • reinvest that “virtual” 25 in cash back into the coin (when you invest in anything…your cost basis is the value to put into it – in this case the 25 you just “earned” as income and were taxed on)
  • sell coin for xx (market price at time of eventual sale)

In most countries, interest is considered income and taxed accordingly.
Im not familiar with their definition of staking income but I know that cointracker will provide a report at the end that meets gov guidelines, thats what their job is to do, so as long as its marked correctly, then thats all you can do without either personal research or paying a tax advisor.