On Sun, Jul 30, 2023 at 9:09 AM Martin Blais <[email protected]> wrote:
> On Wed, Jul 19, 2023 at 8:50 AM Eric Altendorf <[email protected]> > wrote: > >> I'm trying to understand how to construct legs for a transaction where no >> legs are in the operating currency. For example, one might exchange USDT >> (Tether) for BTC. USDT is sorta like USD but actually not, and its >> exchange rate does fluctuate. Such a transaction isn't technically just a >> purchase from the standpoint of US taxation; it rather is considered: >> >> 1) a virtual sale of the USDT for USD, for which capital gains may be owed >> 2) a virtual purchase of BTC with those USD proceeds, which establishes >> the cost basis for the BTC >> > > FYI, I don't think we do crypto well in Beancount (yet). I mean, if it > works it's incidental, other than participation in threads and some design > notes for the future, its author never really sat down to solve those > issues. > > > I don't yet have a deep enough intuition on Beancount "cost" and "price" >> to understand whether this can be accomplished simply with two legs (a USDT >> leg and a BTC leg) with some "price" magic, or whether I need four legs >> (two additional USD legs). >> >> How would one record such a transaction? >> > > Does this work well enough? > > plugin "beancount.plugins.sellgains" > > > 2022-01-01 open Equity:Opening-Balances > > 2022-01-01 open Assets:Coinbase:USDT USDT > > 2022-01-01 open Assets:Coinbase:BTC BTC > > 2022-01-01 open Income:Coinbase:Pnl USD > > > > 2022-06-01 * "Initial balances" > > Assets:Coinbase:USDT 20000 USDT {1.0000 USD} > > Assets:Coinbase:BTC 10 BTC {10000.00 USD} > > Equity:Opening-Balances > > > 2022-06-01 * "Your transaction" > > Assets:Coinbase:USDT -10209.18 USDT {} @ 1.023 USD > > Assets:Coinbase:BTC 1 BTC {10444 USD} > > Income:Coinbase:Pnl > > The thing is, the capital gains between the USDT and the BTC are mixed > together, maybe that's not great. > This is basically what I ended up with. I think it should be good enough. Thanks! > > > > >> (For bonus points, some exchanges charge transaction fees in other >> assets, e.g. USDT. In that case, the transaction fees are then also an >> implicit sale for USD, so I need to figure out how to enter that as well.) >> >> thanks, >> eric >> >> -- >> 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/CAFXPr0tqjUwuu6FPkN5wc9M0v5PrYnXoMDyzao%3DNY2zyiL69pg%40mail.gmail.com >> <https://groups.google.com/d/msgid/beancount/CAFXPr0tqjUwuu6FPkN5wc9M0v5PrYnXoMDyzao%3DNY2zyiL69pg%40mail.gmail.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%2BhPrCQ%3DLnrSNnRj4RsEz7-1L-vh0y1mKu7if33h8X_bRuw%40mail.gmail.com > <https://groups.google.com/d/msgid/beancount/CAK21%2BhPrCQ%3DLnrSNnRj4RsEz7-1L-vh0y1mKu7if33h8X_bRuw%40mail.gmail.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/CAFXPr0t3YCiYrVN8O8EAa9SUs-Wj_YkuUYFyV3kbTOaeNA5p6Q%40mail.gmail.com.
