> I don't understand your question.
Sorry for being unclear. Let me try to rephrase it.
This 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; @@ 8.17 USD
; ↑↑↑ 29.16 units of XLM, which are worth 8.17 USD, but have a (fictive)
cost basis of 0 USD
Income:Crypto:Airdrops
reflects basically a gift of 29.16 units of XLM, which are worth 8.17 USD.
So, I'd like to post an Income of 8.17.
At the same time I need to post the 29.16 units of XLM into my inventory as
a lot with a cost basis of 0 USD. So, that when I sell these 29.16 units of
XLM at some point in the future the whole amount that I'd get in return for
selling it, would count as gain/income.
E.g. If the market price was 1 USD when I'd sell, I'd have an
income/taxable gain of 29.16 USD. If the price were 0.1 USD when I'd sell,
I'd have an income/taxable gain of 2.91 USD.
Does this make it any clearer?
[email protected] schrieb am Sonntag, 30. Oktober 2022 um 03:22:12 UTC+1:
> 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?
>>
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>>
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