Hi, I swapped some physical gold coins for some BTC, the BTC is showing up on my Koinly transactions but of course the gold coins are not so it looks like the BTC was free. How do I add the physical gold coins to show that they were in exchange for the BTC?
Thanks
Disclaimer… I’m not a tax professional and this is not tax advise. I’m just sharing what I would do.
Assuming you’re in the USA, the Tax Man will want to know the value (in $USD) if whatever you traded for BTC (gold, euros, a car… whatever.) So, I suggest that you edit the current transaction to show a “Trade” where you ‘sent’ USD (based on the spot price of gold at the time, for instance) and ‘received’ a certain amount of BTC. Then I would add some detail to the “Description” field as a note / reminder of where that $USD value came from (referencing a bill-of-sale if you can.)