Except for salary income, I rarely insert anything for taxes until the EOY.
> Logically, there isn't any income. Is there any way to post a lot with a cost basis of 0 while accounting for the factual income of 8.17 USD? I don't understand your question. On Sat, Oct 29, 2022 at 3:09 PM Peter <[email protected]> wrote: > Hi, > > in the crypto-space airdrops are a common ting. That is when someone (more > or less) gifts you crypto assets. This can be, e.g., part of a promotion. > > Regarding the accounting of this there are two things to consider: > > 1. Someone just gifted you money. I'd account that as some sort of > income. > 2. You might need to pay taxes on this gift. > > Tax-wise an airdrop itself isn't taxed. It is assumed that I "*bought*" > the asset at a cost basis of 0. If I sell the asset later, everything I'll > receive in exchange for the airdropped asset counts as gain—as I can't > deduct any costs. In other words: The taxation of the airdrop is delayed to > the time when I sell the airdropped asset. And at that point the airdrop > gets fully taxed at the current asset price. > > If you want to account only for (1) *or* (2) this is fairly easy. But I'd > like to account for both. This is where my problems come: > > > - For tax-purposes I need to post a transaction leg with a cost basis > of 0 > - For income tracking purposes I need to post a transaction with a > cost basis of whatever the airdropped asset is priced at the moment of the > airdrop > > It seems that accounting for the actual income and for tax purposes is > mutually exclusive: > > > option "booking_method" "FIFO" > option "operating_currency" "USD" > plugin "beancount.plugins.auto_accounts" > > 2021-01-07 * "Coinbase Earn" "Coinbase Earn Airdrop $XLM" #airdrop > utc: "2021-01-07T05:34:19Z" > Assets:Crypto:CEX:Coinbase:XLM 29.1631914 XLM { 0 USD } @ > 0.28 USD; @@ 8.17 USD > Income:Crypto:Airdrops > > This example creates this transaction context: > > ** Transaction Id -------------------------------- > > Hash:01ed10463f3915cbc81b0999886944ab > Location: Test.Airdrop.bean:6 > > > ** Balances before transaction -------------------------------- > > Assets:Crypto:CEX:Coinbase:XLM > > Income:Crypto:Airdrops > > > ** Unbooked Transaction -------------------------------- > > 2021-01-07 * "Coinbase Earn" "Coinbase Earn Airdrop $XLM" #airdrop > utc: "2021-01-07T05:34:19Z" > Assets:Crypto:CEX:Coinbase:XLM 29.1631914 XLM {0 USD} @ 0.28 USD > Income:Crypto:Airdrops > > ** Transaction -------------------------------- > > 2021-01-07 * "Coinbase Earn" "Coinbase Earn Airdrop $XLM" #airdrop > utc: "2021-01-07T05:34:19Z" > Assets:Crypto:CEX:Coinbase:XLM 29.1631914 XLM {0.00 USD, 2021-01-07} @ > 0.28 USD ; 0.0000000 USD > > ** Residual and Tolerances -------------------------------- > > Tolerances: XLM=5E-8 > > ** Balances after transaction -------------------------------- > > * Assets:Crypto:CEX:Coinbase:XLM 29.1631914 XLM {0 USD, > 2021-01-07} > > Income:Crypto:Airdrops > > > Logically, there isn't any income. Is there any way to post a lot with a > cost basis of 0 while accounting for the factual income of 8.17 USD? > > I guess, I want to eat the cake and have it (accounting wise). Is that > possible? > > -- > You received this message because you are subscribed to the Google Groups > "Beancount" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to [email protected]. > To view this discussion on the web visit > https://groups.google.com/d/msgid/beancount/d481c8bd-8310-44ac-9350-73676c4301cdn%40googlegroups.com > <https://groups.google.com/d/msgid/beancount/d481c8bd-8310-44ac-9350-73676c4301cdn%40googlegroups.com?utm_medium=email&utm_source=footer> > . > -- You received this message because you are subscribed to the Google Groups "Beancount" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To view this discussion on the web visit https://groups.google.com/d/msgid/beancount/CAK21%2BhNHgLCu_hy0gXYj1Ya9dkM8CRf11q0cf%2BHqNT6aKm0tCw%40mail.gmail.com.
