How do you correctly deal with bridge transactions?

Koinly Support
#1

Describe the problem:
Bridging tokens from either Ethereum to Polygon Network, or vice versa, cannot be allocated/merged correctly as it is one tx to send to the bridge and another coming from the bridge. Moreover, to make matters worse, sending ETH from Ethereum is received as WETH in Polygon.
(There’s a simmilar thread to this but unfortunately with no answer!)

Which exchange/wallet is this regarding?
Ethereum to Poylgon (same wallet)

How did you import data into this wallet?
API (CSV does not help either)

What have you tried to fix this so far?
Relabeling as ‘transfer’ but this results in double the amount of tokens as there are still 2 separate Tx’s (often also with different tokens like ETH and WETH).

5 Likes
#3

I also need help with this. Thanks.

#6

I am also looking for an answer how to resolve this.

#2

Can someone from support please reply to this?

For test purposes, I have for now proceeded as follows and it would be great if someone could at least provide some feedback on whether this is the right/best approach:
Merge Exit-Tx out of Eth Network with In-Tx into Polygon Network and re-label as Swap. In addition, manually add a Cost-Tx for the Tx-Fee of the Exit-Tx as Koinly of course does not take care of this correctly either.
Waiting patiently for now and looking forward to a reply.

Thanks.

4 Likes
#4

This is an extremely important topic. Why is there still no answer?

2 Likes
#5

Agree, this is real important…An answer to the above would be very much appreciated.

Thanks in advance

#7

Hello everyone!

Alex from Koinly here :slight_smile:

For bridge transactions where you have one Deposit and one Withdrawal but the asset is the same then you can merge these into one and it should show as a “Transfer”.

If you are bridging ETH from Ethereum to Polygon and you receive WETH then this will still be considered a “Trade” since they are technically two separate assets. If you are sure that your tax agency will allow you to report ETH > WETH as a transfer then you will have to do manual work and edit all transactions where you send or receive WETH to instead show as ETH.

Sorry for the delay on a reply!

If you need urgent help I would recommend contacting us on [email protected] instead, we reply much faster there. :slight_smile:

Best regards,
Alex

#8

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