Transactions Tags
Transaction tags are used to define the different types of cryptocurrency transactions for tax and reporting purposes. You can add and edit transactions tags from the Transaction page. Take a look at our guide on how to tag and edit transactions for more information.
Tag Definitions
Staking reward a transaction that is a staking reward
Mining reward a transaction that was a mining reward
Airdrop a transaction that was received in an airdrop
Forked a transaction that was received as the result of a fork
Payment a transaction that was received as a payment for a good or service
Interest a transaction that is interest income
Other Income defines any other type of reward received. (Example: Coinbase Learn rewards)
Gift a transaction that was sent as a gift
Lost / Stolen a transaction that cannot be recovered
Donation a transaction that was donated to a charity
Margin means the trade occurred in a margin wallet (separate from a spot trading wallet)
Margin fee indicates a payment to execute a margin transaction
Margin gain indicates a profit earned on settling a margin trade
Margin loss indicates a loss from settling a margin trade
Margin rebate indicates a fee refunded for a margin transaction (the opposite of a margin fee)
How does tagging a transaction impact my tax calxulations?
When you receive or send a cryptocurrency transaction, it can have tax implications based on the nature of the transaction. Here's what you need to know about the tax implications of tags on Send and Receive transactions:
Send Transaction Tags
When you send cryptocurrency, the tax implications depend on the type of transaction. Here are the Send transaction tags and their tax implications on CoinTracker:
- No tag
- capital gain calculation
- CoinTracker assumes you made a payment or in some way disposed your crypt
- Included in other capital gains in the Tax Center
- Donation
- no capital gain calculation
- CoinTracker does not calculate the donation deduction
- Gift
- no capital gain calculation
- CoinTracker shows the FMV (fair market value) of the gift in the Tax Center
- Lost
- no capital gain calculation
- CoinTracker shows the cost basis of the lost crypto but it does not get reported anywhere else.
- Included in other capital gains in the Tax Center
- Margin fee
- capital gain calculation
- FMV (fair market value) when it is disposed of will be included in margin fees in the Tax Center
- the capital gain or loss is in the Capital Gains CSV file available in Tax Center > Tax Reports
- Margin loss
- taxable event
- can be found in the Net Futures Gains in Tax Center.
Receive Transaction Tags
When you receive cryptocurrency, the tax implications depend on the type of transaction. Here are the Receive transaction tags and their tax implications on CoinTracker:
- No tag - Taxable event (to be reported and shown as Other Income in the tax center)
- Airdrop - Taxable event
- Fork - Taxable event
- Interest - Taxable event
- Margin gain - Taxable event (Net Futures Gains in Tax Center)
- Mining reward - Taxable event
- Payment - Taxable event
- Staking reward - Taxable event
- Other income - Taxable event
It is important to note that the tax implications of Send and Receive transactions can be complex and vary depending on various factors, such as your tax jurisdiction, the nature of the transaction, and the amount involved. CoinTracker calculates your tax liability based on the transaction types, tags and other factors.
It is always a good idea to consult a tax professional for tax advice specific to your situation. To learn more about connecting with a tax professional, check out this page: CoinTracker Connect.