How is everyone monitoring their transactions with DeFi? I know it’s quite easy with typical crypto and I’ve never been concerned about those transactions, but within the works of DeFi where you’re a glorified day trader and gambler making multiple transactions in a day or even hour, how do you keep track accurately?
4 thoughts on “Taxes and DeFi”
Honestly. I’m not reporting any gains from difi until I take the tokens back into a centralized exchange and cash out.
I know the # I started with & at said point the delta is what I’ll report.
i mean if ur lazy, you can say you’ve started with x $ in 2022 and ended in x $ in the end of the year and just tax the gains accordingly
you can use a software platform like cryptotax and it’ll calc it all for you if your looking to be specific – it takes ur wallet (metamask, etc) or transactions off an exchange
I’m not reporting anything related to DeFi to IRS for 2 main reasons: 1. I don’t want to; 2. I have no idea how to do it.