How to record crypto income on Sharesight?

Reporting & tax
1

How can I record crypto interest income from staking on sharesight? E.g. I had some Cardano, I took it off exchange, staked it on Nexo, have a small amount of extra units, now have sold the whole lot. I need to record the income and then the sales.

Otherwise I am selling more units than I have from the original purchased amount on Sharesight. Thanks in advance

2

I found a way to ā€œadjustā€ it by using Bonus but this does not show up in the taxable income report.
Can Sharesight please add a feature for the ā€œotherā€ (Custom) holdings to have a interest income or staking income for Crypto please that ALSO shows up in the taxable income report. As you can see from the 3rd screenshot - the Bonus doesnā€™t show up as taxable income.

Screen Shot 2022-01-01 at 5.30.13 pm
Screen Shot 2022-01-01 at 5.30.13 pm902Ɨ668 100 KB

Screen Shot 2022-01-01 at 5.36.37 pm
Screen Shot 2022-01-01 at 5.36.37 pm792Ɨ298 18 KB

Screen Shot 2022-01-01 at 8.22.22 pm
Screen Shot 2022-01-01 at 8.22.22 pm1020Ɨ400 36.4 KB

3

Hi @JohnnyS, can you check if the following approach works for you.

  1. Add the interest income under ā€˜all incomeā€™, you will have to mention it equivalent to the instrument currency you have picked when creating the custom investment.
  2. Use the ā€˜dividend reinvestedā€™ option to add the ADA units received.
    With this approach you will have the interest income recorded in your taxable income report and the number of ADA units correctly recorded.
    Let us know how you go. Please reach out to Sharesight support via the chat icon in the bottom right hand corner if you have any questions.
1 Like
4

Thank you! That seems to resolve it. So should we record Crypto staking income as ā€œinterest incomeā€ in our tax returns? OR where should it appear? Thanks

5

With anything specifically related to tax/your tax return, itā€™s best to contact a tax professional for advice :grinning: