The following describes how deposits and withdrawals are handled by Accointing, taking into account the holding period. A more detailed overview of the tax treatment of the individual classifications can be found in the Crypto Tax Guide 2022.
Deposits
Withdrawals
- ICO, OTC, and Swap classifications act similarly to orders. The deposit (acquisition) of the new coins is not taxable, but the withdrawal (coins traded) is taxable.
- Fees that are allocable to a specific crypto asset are included as part of your tax basis within your taxable disposals. These fees represent other fees, such as internal fees that are not directly allocable to a specific crypto asset.
- Adjustments from the use of the reconcile function due to variances between imported data and actual balances. Disclosed separately in your tax report.
- In certain circumstances, lost or stolen cryptocurrencies may be deductible and will be reported separately on your tax report. Please refer to the Crypto Tax Guide.
- Margin gains, losses, and fees are separate and count as capital gains. For this reason, these classifications are listed in a separate table in the tax report.
- The “Mint” classification is similar to orders. The deposit (acquisition) of the NFT is not subject to taxation, but the sale of the NFT may be taxable. It is recommended to review the cost basis of the NFT based on the acquisition costs and adjust it if necessary.
