ETH gas fees not being incorporated into cost basis / capital gains
complete
Chandan - CoinTracker
Including for Uniswap transactions and NFTs. Gas can be a large part of minting costs so this is especially important for NFT accounting.
Because gas fees are not accounted for in the cost basis, users report that their capital gains are too high.
Until this change is made to the software to include gas fees in cost basis automatically, you can manually add the gas fee to the cost basis if you wish.
Log In
Eivind
complete
We have recently shipped an upgrade to our accounting engine which more accurately incorporates fees in cost basis. This has taken a while to implement and we thank you for your patience. As such, we are closing this issue out.
See the following article for more details: https://support.cointracker.io/hc/en-us/articles/12029908614289-Incorporating-tax-implications-of-fees-paid-on-exchanges-and-blockchains
If you have manually edited transactions to account for fees, see the following guide to correct: https://support.cointracker.io/hc/en-us/articles/12029990029073-How-can-I-remove-manual-edits-I-made-to-account-for-fees-.
Eivind
complete
We have recently shipped an upgrade to our accounting engine which more accurately incorporates fees in cost basis. This has taken a while to implement and we thank you for your patience. As such, we are closing this issue out.
See the following article for more details: https://support.cointracker.io/hc/en-us/articles/12029908614289-Incorporating-tax-implications-of-fees-paid-on-exchanges-and-blockchains
If you have manually edited transactions to account for fees, see the following guide to correct: https://support.cointracker.io/hc/en-us/articles/12029990029073-How-can-I-remove-manual-edits-I-made-to-account-for-fees-.
This post was marked as
in progress
Eivind
Merged in a post:
NFT Gas Fees are not deducted from gains
C
CT-RqvP6V8X
Gas fees paid for buying, minting, approving nfts sale, and cancelling listings are not being properly accounted for by the software in reducing taxable income from gains. Please fix this for 2022 tax year. CryptoTaxCalculator does this accurately but they lack elsewhere.
Eivind
Merged in a post:
Gas/transaction fees not included in cost basis
C
CT-kQEbVnYX
This has been reported already but is a
significant
issue with the Cointracker software. Gas fees are part of the cost basis (as cointracker says on their own blog! https://www.cointracker.io/blog/how-to-claim-tax-benefits-on-your-cryptocurrency-gas-fees) but they aren't added to the cost basis automatically, meaning tax burdens will be significantly higher than they should be.Eivind
Merged in a post:
Deduct Gas Fees from Capital Gains
C
CT-Nq035BvO
Currently, gas fees are not deducted from capital gains or included in cost basis for any of my transactions. When will this be fixed? Right now, Cointracker says I have $30k in realized capital gains in 2021 when after gas fees I only have $4-6k realized.
Eivind
Merged in a post:
Better Gas Fee Calculation
C
CT-EXmWE9pq
There are many transfers and other activities that have accumulated gas-fees and it would be nice to have a better way to write them off. Maybe make it so you are able to toggle (On) total gas usage for the year and then be able to remove transaction costs. (this would make for a more wholistic and accurate estimation of my proper gas fees used for maintaining my assets.