I’m trying to figure out how to handle/tag the Koinly report for transaction swap from sOHM to gOHM. I know I should be reporting a loss on my Olympus investments because I’m tracking in a separate spreadsheet, but Koinly reports a gain of $7K because the cost basis is $0.
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Tokens received: Say I bought 6 OHM. When OHM converted to sOHM it remained at a 1:1 token value. After rebasing, I now have 10 sOHM. Then I converted to gOHM and Koinly reports the transaction total profit of 10 sOHM.
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Profit reported: Because the swap is not a rebase reward, nor is it depositing into a pool since gOHM is a completely different token listing and token type, the transaction in this case would be treated as a sale/earnings and is considered taxable event.
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I imagine, IRS views sOHM and gOHM as wholly separate tokens and projects. Is there a chance it could be considered staking in the same project (Olympus DAO) rather than different tokens?