sOHM --> gOHM reporting and reportable tax

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.

  1. 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.

  2. 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.

  3. 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?

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I figured it out:
I went through the SEND transactions of “Metamask OHM → OHM wallet”, and copied the Fiat Value. Then went to each EXCHANGE transactions of “Metamask OHM → Metamask sOHM”, and pasted in the Fiat Value. This now defined the cost basis of sOHM, and then accurately updated the my sOHM → gOHM transaction, and accurately reported a loss! :slight_smile:

@RogueFenix You’ve entered the fiat value on the date of the transaction ? Where did you got the data ?

Here is a super helpful dashboard to get all your OHM activity and the market prices at the time of transactions.

I’m still struggling with how to handle the “Missing purchasing history” error message in Koinly for when I converted from sOHM v1 to sOHM v2 and from sOHM v2 to gOHM.

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