Credit card rewards are automatically being tagged as taxable on Gemini
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Credit card rewards are non taxable. I would love an easy way to either manually adjust a transaction to a reward with no cost basis or for this to be automated
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Sam - CoinTracker
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This is now resolved! New credit card reward transactions will no longer be tagged. This fix is not retroactive, users can bulk select erroneously tagged transactions and remove taxable tags.
Here is a guide on how to bulk tag and untag transactions. Please reach out to CoinTracker support directly should you require further assistance!
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Matt - CoinTracker
We are working to update the default product behavior for Credit Card Rewards transactions (so they aren't tagged as taxable for income).
That said, an untagged "receive" transaction in CoinTracker will not show up as taxable income, and the cost basis will be based on the fair market value of the received asset on that date (and this cost basis can can be edited).
Some users have reported that edited credit card transactions (marked as "other income") are duplicating after the "other income" tag is removed. We are investigating this and will share updates here.
Matt - CoinTracker