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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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Carsten ✈️
@cpoetter.eth
this results in strange txs: if you mint an NFT only costing gas, you have 2 txs. if you pay ETH for an NFT, it's only one tx because gas fees can be added to the ETH of the costs of the NFT. also I check txs daily, e.g. the OP importer imports wrong gas values. I have reported this. it's complicated.
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Chaotic Monk
@chaoticmonk
Thanks so much ser! I'll take a look at this. I did notice the pricing based on txn count, which downright is not meant for being a on-chain native (i have around 60k txns for one of my wallet for 1 year 😭) On the brighter side, I guess we could say we're still early? 😂
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