Hi Chandan
I used an exchange where it was charging a 1% fee for deposit.
When I import manually: can I add the fees to the received quantity to make it work?
For instance:
Received Quantity: 1 ETH and Fee Amount: 0.01 ETH
But the received quantity quoted should before or after adding the fees?
Yes, you can do that. The received amount should be net of fees (not gross of fees). So if you sent in 1 ETH and they charged 0.1 ETH you would put:
Received: 0.9 ETH
Fees: 0.1 ETH
Thanks for your reply. I figured it out after several attempts in CT.
The fees don’t appear to show up in the Tax math or Cost Basis math. For example, when I added fees it did not change my Total Gains on the tax paid. I waited 24 hours for CoinTracker to do the math.
For the USA, On the Schwab website > Tax Planning > Investment Expenses; What’s Tax Deductible it describes the TCJA - Tax Cuts Jobs Act that gives a bigger standard deduction and eliminates some of investment related expenses from being used as a tax deduction. Maybe gas (transaction fees on crypto) count as investment related expenses?