LKMEX Tax Update

Hi @Catafa / @J_K / @Platypus-Sam_Koinly / All other LKMEX holders,

What is everyone doing for LKMEX for their tax returns? Have you used the value on the day of receiving the LKMEX or the day you unlock back to MEX? (or nothing as they are still LKMEX and non transferable).

@Platypus-Sam_Koinly - you mentioned that Koinly were going to create a LKMEX token - will this be done or not?

@Catafa / @J_K - what did u do for your tax returns?

Anyone else got any further advice?

Hi, I’ve just been treating MEX/LKMEX as the same token and use the MEX token ticker. From a tax perspective, as they are worth the same amount, I think it’s okay to do (not tax advice).

If you want a separate token, you can use one of Koinly’s “placeholder” tokens like NULL1 in place of LKMEX.

Thanks @specialk2000. However in that case there is huge income tax to pay (cost when received) when the tokens aren’t even sellable (as they are locked). would make sense to declare when they are unlocked as they then become a sellable asset?

Hey Anthony,

Thank you for raising these questions.

I just thought to let you know that the LKMEX token was added on the back-end and the transactions with the token can be added manually or via CSV files.

Have a great rest of your week!