Managing and Reporting your cryptocurrency transactions is essential when it comes to accurately calculating your tax liabilities. If there are transactions from unsupported exchanges/wallets or there are non-exchange transactions, these can be added manually or through CSV to your CRPTM account.
If you have a few transactions to add, you can add easily add them through our ”Add Transaction” feature. Adding transactions manually can assist in addressing any discrepancies in synchronized or potentially absent transactions that have not been imported into CRPTM.
We recommend you add all your wallets or exchanges to your CRPTM account before adding or editing transactions manually to ensure your complete transaction history has been added and to avoid duplicate transactions. With automatic syncing, the need for manual edits will be eliminated.
Once you have added all your wallets or exchanges, follow the steps listed below to manually add a transaction.
(a) For Deposit type of transactions - Enter the In amount and In currency.
(b) For Withdrawal type of transactions - Enter the Out amount and Out currency.
(c) For Trade type of transactions - Enter amount and currency for both In and Out
Select the transaction type in CRPTM. We have multiple transaction types such as :
For Trade types -Select the value for “Is In/Out amount inclusive of the Fee?” from the dropdown.
Fees play an important role from a tax perspective as they can have implications on the calculation of gains and losses for tax reporting purposes. When determining the capital gains tax owed, the fees associated with acquiring or selling cryptocurrency are factored into the overall gain or loss calculation. Subtracting the fees from the sale proceeds can help accurately determine the taxable gain or loss.
Mostly Exchanges charge fees for the trades and the withdrawals. They can either give the net amount deposited or withdrawal which includes the fee, or they can give fee and the deposited or withdrawal amount separately.