- This topic has 3 replies, 1 voice, and was last updated 1 month, 3 weeks ago by dodobird16.
- Tuesday, October 4th, 2022 at 12:51 #386813BTCwatcher92Participant
Simple enough topic, I checked this past weekend and CoinTracker still does not support Juno, unfortunately I didn’t try atom.
But how are you guys handling taxes for these chains? Chains on Keplr, I would feel more comfortable adding to my bags if I knew I could cash out legally.
My long term plan is to cash out in a different country later in life where taxes are not collected but that plan could fail and I’d like to invest more in some of these chains but I don’t want to go to cash out and have my account locked or get irs audited, I don’t want legal issues from collecting staking rewards, I stopped collecting rewards on atom in one of my wallets when I realized this issue…if no transactions, no tax liability but I already collected some on accident and I can’t report it, I guess since I did not do that transaction intentionally with the intent to profit, it may be considered a hobby making it not taxable? A loophole would satisfy lol bc I don’t know where I can bring my cosmos Juno osmo transactions for taxes, last year I could not find an app that worked, keep in mind I also need it to work with ledger and MetaMaskTuesday, October 4th, 2022 at 12:51 #386814flyfreeflylow
Hobby income is taxable.
Edit: Fixed linkTuesday, October 4th, 2022 at 12:51 #386815Defiant-Exam
https://stake.tax or https://apollo-export.io are both your friend for taxes with transactions.
Both are great for generating CSV files to import into tax softwares. I personally use koinly and just create a separate wallet for each chain of the cosmos ecosystem. Then import the CSV file for each chain every so often with my different staking rewards.
Chains that are not supported yet I just copy the layout of the CSV file and keep track of my transactions when I do them and then import the file them whenever I want to.Tuesday, October 4th, 2022 at 12:51 #386816dodobird16
>My long term plan is to cash out in a different country later in life where taxes are not collected but that plan could fail
by moving to said country? really warming up to this idea as time goes on, lol
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