How is the new liquidity mining in Gate_io added to Koinly?
I have the api v2, which pulls up all the transactions in Gate.io but not the “Add liquidity to Gate.io”.
What would be the appropriate way to manually add this transaction?
I have the same question.
I guess we gonna have to be creative with this one and a little bit of elbow grease.
The only way I think this can be done for now is creating a manual withdrawal transaction for each crypto sent to Gate.io liquidity pool mining and then tag it as Pool. When redeeming (withdrawal) from the liquidity pool do the same, creating a manual deposit transaction for each crypto received from the pool and tag a received from pool.
I have viewed other discussions on koinly on how to handle the difference when receiving less (impermanent loss) then the initial amount, or more then the initial amount.
I quote from Chugsteruno:
" yeh thats why the reducing the tokens received while doing a “receive from pool” option should work like a charm with the manual transaction as the impermanent loss should be called out as a fee so it net evens out. not ideal but at least should be a workaround till koinly does some magic on their ends.
If u end up with more tokens - that koinly already handles it by calling out those excessive tokens at zero cost so u pay tax on the full amt. eg- if u went to into a xx-yy LP and ended up with xx+70$ and yy-50$ , then manual transaction mentioned above would take care of yy-50$ and koinly will put the cost basis for the additional 70$ as 0 so u pay tax on the full 70$ which makes sense as u got extra ."
To quote also from the FAQ of Koinly:
" FAQ
How to handle reward payments that are received from the pool along with initial investment?
This is slightly more involved let’s say you sent 10 ETH into a pool and received 10.5 ETH back from the pool. If you were to mark the first transaction as Sent to Pool and second one as Received from Pool then you would see a missing purchase history error for the 0.50 ETH. You can resolve this by creating a manual Reward transaction in the Pool wallet right before the “received from pool” txn. We are working on making this easier to handle."
So you would create an additional manual transaction right before you receive from the pool.
Hopefully this help others not only with this situation but others that are similar. I know what a pain in the neck it is to try to get this right for taxes.
1 Like
And something useful I found out by paying attention to when I select 2 transaction is: the merge button. Why do I say useful cause when sending liquidity to a pool and you receive the lp token and you look at the transaction on Koinly they show up as “send” and “deposit” to different contract addresses so they don’t connect. You select both and merged them with the merge button. Something simple that I had overlooked but very useful, although it is not needed in the case of Gate.io liquidity mining but I thought I would put it out there just in case somebody had the same situation.
Any chance that someone could put together a sample spreadsheet of how you were able to accomplish getting this to report correctly for US tax purposes? Thx!
This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.