Describe the problem:
I have the FET token in my Metamask Wallet. The transaction where I Staked the token shows as a Profit/Gain. I haven’t actually sold these tokens
Which exchange/wallet is this regarding?
Metamask Wallet (ERC20 Token)
How did you import data into this wallet?
Connected Wallet Address
What have you tried to fix this so far?
I tried editing the transaction and marked them as “Lost/Stolen/No Longer have access” but is this correct?
The token left your wallet and Koinly doesn’t know where it went, so it classifies it as “Withdrawal”.
I solved this problem by adding a new manual Koinly wallet, let’s call it in your case “Metamask Staking” and added the staked coins with the Koinly Excel template. Now I can see that there was a transaction, it’s classified as “transfer” and the coins went from “Metamask” to “Metamask Staking”.
Hi Brian and Dom,
Dom’s explanation is quite accurate. Koinly will only see a withdrawal on the blockchain and won’t know that the tokens actually just went to a staking pool.
Dom’s way of solving this is correct but there is an easier way of doing this. You can tag the Withdrawal as ‘Sent to pool’ which basically just tells Koinly that the tokens are still your property (FYI, Koinly just creates a hidden ‘Pool’ wallet where the tokens are transferred so the results are exactly the same as Dom’s method).
When receiving the tokens back from the staking pool, you should tag the deposit as ‘Received from pool’
Best regards
Petur
I think Koinly should consider adopting a VISIBLE pool. For the way it is now, the assets sent to the invisible pool disappear from the dashboard listings. And tbh, I’d always like to know where my assets are and how many I have.
I shall post the way another app does it. With the same info taken off of the blockchain!
An overview like that within KOINLY would be so helpful.
It’s clear and simple.
and this is what the claimed staking assets look like returned into my wallet in both apps. Judge for yourself which one is easier to read and follow:
Add to that the MISSING PURCHASE HISTORY Error. which, duh, they weren’t purchased they’re staking yield/rewards.
Wouldn’t this affect the tax calculation? As with DonHaeberle, transactions would be categorized as transfer between owner’s wallets.
@poolsidestudios
This is not quite accurate.
Anything that is sent to the Pool is still tracked and included in your dashboard.
It will be shown as a ‘POOL’ wallet like this: (One regular Huobi and one Pool version of Huobi)
It also seems like you are using the ‘Received from pool’ label for your rewards. This will result in missing purchse history errors. Any rewards that are being received should be tagged as ‘Reward’ or ‘Income’. You should only use the ‘Received from Pool’ label when receiving back the asset that was sent to pool (like when you unstake).
Best regards,
Petur
Poolside has given a great answer: use the ‘Send to Pool’ feature when you send coins to Liquidity Pools.
Later when you withdraw, you may find that there is a chunk of your reward coins for which there is no purchase history. The way to deal with this is to add a new Deposit transaction at the time when you claim your reward as you withdraw from the LP. Since this will be seen as a taxable income event by the tax authorities, you should tag this as an Income transaction into your CoinPool wallet, and then you will be able to withdraw them into your own wallet
