I am getting massive gains showing up because of defi liquidity provision on the Ubeswap platform on the CELO blockchain.
By using the API for CELO using my wallet’s address all of the LP transactions I have made through Ubeswap show up as transfers and therefore count as capital gains. I think Ubeswap isn’t supported by Koinly and therefore these transactions needs to be updated manually…
I have tried exporting a .csv file from the celo blockchain explorer but nothing is comprehensive to me. I have also tried updating the transaction details manually in the Koinly interface but whenever I choose the “swap” option instead of “withdrawal” I find many duplicates of the ULP token and have no way to see the contract address…
I am hopeless and starting to accept the fact that I might need to just bite the bullet and pay the several 1000s worth of capital gains.
Please, if anyone on this forum has been experiencing this issue and has any advice whatsoever to handle this, you would be an absolute lifesaver.
I feel your pain. I’m pretty much in the same boat. I paid estimated tax and filed for an extension. Celo API integration is new and I am hoping that it may improve over time and support more defi protocols natively. You can try importing a csv from CeloTax but I don’t think that is going to be a better solution than the API. I would upvote the Celo feature request for Ubeswap, Mobius and Moola support in Updates. I you can be patient, I would hold off on making a lot of manual adjustments because if they do update the API the easiest fix will be to delete the wallet and reinstall it, in which case you will lose all the manual changes you made. Koinly did offer an Expert Review service which could have helped sort things out but they took this down as the team that handled that is based in the Ukraine.
Keep in mind however that most tax authorities will tell you that deposits to two sided liquidity pools are taxable transactions because you are exchanging tokens and when you withdraw from the liquidity pool you are not getting back the same number of each token that you put in.