Cointracking App - Transfer BTC between Binance and Cake Defi

BitMaxz

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Quote from: hannestirol on April 06, 2022, 05:21:54 PM

Hi, thx for your answer.
Cake Defi is a different wallet where i work with my coins.
I dont mean that Cointracking should tell me the exactly tax.
But if i send BTC from the Binance wallet to the Cake Defi wallet it normally should give me a value of the profit i made with this transfered Bitcoins before on the binance wallet, or?
Or are these transactions from one wallet to another wallet tax free?
Regards
Hannes

So are you talking about the transaction fee or the withdrawal fee?
You can imports them in Cointracking manually if you don't see the deduction of fees in your Bitcoin from the Binance wallet to the Cake Defi wallet.

I think it would be better if you read the Cointracking guide from this link below on how to manually add withdrawal and deposit fees.
- https://cointracking.freshdesk.com/en/support/solutions/articles/29000007202-entering-fees

Yogee

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Quote from: hannestirol on April 06, 2022, 03:25:35 PM

... Why does the app cointracking not calculate a fee for this.

Don't they have a customer support? They are the best people to answer your question or just wait for someone who also uses this tool.

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In Austria i think transfer between wallets is also like selling coins with a profit?

Transfers between wallets are tax free from what I read about the new regulation that took effect last month. Crypto gains are taxable when you sell it for fiat or used it to buy items or pay for some service.

You better read them and not just rely on some apps or get yourself an accountant until you fully understand how to compute and file on your own.

hannestirol

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Activity: 2

Merit: 0

Hi, thx for your answer.
Cake Defi is a different wallet where i work with my coins.
I dont mean that Cointracking should tell me the exactly tax.
But if i send BTC from the Binance wallet to the Cake Defi wallet it normally should give me a value of the profit i made with this transfered Bitcoins before on the binance wallet, or?
Or are these transactions from one wallet to another wallet tax free?
Regards
Hannes

noorman0

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What's "cake defi"? Did you mean PancakeSwap(PS)?
I guess this is the reason.

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Currently, Uniswap is not sending any tax reports to the IRS.

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As a result, you need to determine your crypto gain based on the difference between your sales proceeds and your cost basis. In the US, you need to report the gain/loss for each trade you conduct. The capital gains tax rates will depend on your holding period and other factors.

Cointracking can't calculate your transactions tax using a decentralized service due to the uncertainty of the transaction fee basis (regardless of transaction amount). Like Uniswap does, it's likely that PS also doesn't provide tax guidelines to the IRS, which also means PS won't make them available to tax authorities in other countries (including Austria).

Solutions you can try:

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You can easily report your Uniswap trades by pasting your Ethereum address and importing your trades with a crypto taxes software like CoinTracking. Moreover, Cointracking calculates all your gains automatically and generates the necessary tax reports. For more clarification check our guide on how to report your crypto taxes.

cmiiw

source: https://www.blog.cointracking.info/defi-taxes-the-complete-guide

hannestirol

newbie

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Merit: 0

Hello,

i am using Cointracking to create my Tax report for 2021.

My binance API import has two transactions, where i send bitcoins from binance to cake defi.

Why does the app cointracking not calculate a fee for this.
In Austria i think transfer between wallets is also like selling coins with a profit?

Can somebody help me please?

Thx and Regards Hannes

Topic: Cointracking App - Transfer BTC between Binance and Cake Defi (Read 64 times)