How should Crypto burn be tagged

I am currently tagging crypto burns as a lost transaction. Is that what I should be doing or is it a cost? What is the difference between the two as it relates to tax?

Hi, Koinly doesnt realize any gains on Lost transactions, these will also appear in a separate report that you can use if you want to claim back any losses. A cost will realize a gain and will also appear in your tax report under Costs expenses

You did not answer my question. Should this transaction be tagged as “cost”, “realized P&L” or “lost”? And what is the difference from a tax reporting perspective?

It’s not a realized p&l. The choice between cost and lost depends on why you are making that transaction, difficult to answer without knowing the context. The difference between the 2 tags is that a Cost will realize a gain while a Lost tag will not.

Where do you even find NFT burns to mark them accordingly? I’m not seeing any of my transfers to the burn address in my transactions.

Are we unable to track NFT losses like this until NFT support comes online?