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Carsten ✈️
@cpoetter.eth
sunday, sun is shining. preparing crypto taxes. stop being in crypto.
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Chaotic Monk
@chaoticmonk
Enjoy the sun and hopefully the tax prep too ;)
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Carsten ✈️
@cpoetter.eth
I need to cut the number of transactions. but I already said this last year, iirc
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Chaotic Monk
@chaoticmonk
I was doing some research on a crypto tax tool and remembered this post 😄 do you have any recommendations for a tool which works well from a Finanzamt's perspective? I have tested Koinly but got a feeling that the numbers aren't accurate. 🤔
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Carsten ✈️
@cpoetter.eth
not really a recommendation. I'm using Cointracking (not to be confused with CoinTracker). I've got used to it by now. the problem with all these tools is costs as they are based on the number of transactions. and transactions compound over the years. you're quickly paying three digit EURO numbers each year.
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Carsten ✈️
@cpoetter.eth
those tools were designed for CEX use cases, without many transactions. if you lead an onchain life with several transactions per day, it becomes costly. LPing as an example: usually, this is 3 txs (approving 2 tokens, 1 actually LPing). in Cointracking this results in 5 txs:
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Carsten ✈️
@cpoetter.eth
2x approving tokens, 2x provide liquidity for those tokens, getting one LP token, gas fees. oh, that's 6 txs. you can only add gas costs to one tx, if the tx involves buying or selling the gas token. otherwise it's an additional tx.
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