Nft purchases and sales

I have noticed that my nft sales are marked as deposits and my nft purchases are marked as withdrawals.

Should the sales be tagged as “income” instead?

Should the purchases be tagged as “costs” instead?

NFT stands for non-fungible token

thank you

Looks like they don’t have proper support yet, once they do you would be marking the transactions as trades and sales as potential capital gains/losses

Each is unique so would carry it’s own cost, so right now it’s impossible to make the system account for them properly hopefully they have this feature soon

How did you get Koinly to acknowledge the NFT? I bought an ERC721 NFT and it went into my ETH wallet, but Koinly didn’t pick up on it at all…

Yeah I’m a little confused on how to best record them.

My AtomicHub/WAX purchases appear to be marked as withdrawels, which seems vaguely right as I believe spending my crypto is a taxable event. Most of my NFTS came in packs, so I’m not sure how I’d attribute a cost to each one. I’d agree selling them for crypto feels like income (rather than a deposit). The selling of that crypto earning would then be a withdrawel perhaps?