Joitn wallet with partner

Tax Questions
#1

Hello,

My partner and I trade separately using our own wallets. All profits are collected in a joint wallet that we both control, from which we split the profits 50/50 and send them to our respective cold wallets. This joint wallet is also used to refill our individual trading wallets when needed.

I believe I need to add the joint wallet to my Koinly profile. However, I’m unsure how to neutralize my partner’s deposits and withdrawals. What’s the best way to mark his transactions so they don’t affect my calculations and are simply treated as pass-through in the joint wallet?

Appreciate all the help!
Thanks!

#2

Hi @Purjo_Sopan

You can create a custom wallet in Koinly for the joint wallet and add only the transactions you’ve made (excluding your partner’s transactions). If the situation is more complex than this, it’s best to consult your accountant.

#3

I like the idea but since we add all the profits to the wallet and then shares it 50/50, I might add more SOL than my partner or vice verse. Would I in that case get a error that theres “No purchase date for x SOL”?

If I withdraw more money than I have inserted to the wallet, it is intended to be a gift from my partner. Since the “No durchase date” error calculated the purchase price as 0. Wouldnt it turn out to be correct since the gift should be fully taxable?

#4

Hi @Purjo_Sopan

I suggest you reach out to a crypto-aware tax accountant.

#5

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