# Swapping USDT - USDC tax issues

**URL:** <https://discuss.koinly.io/t/swapping-usdt-usdc-tax-issues/18081>\
**Category:** Koinly Support\
**Created:** [July 12, 2023, 10:00am UTC](https://discuss.koinly.io/t/swapping-usdt-usdc-tax-issues/18081 "2023-07-12T10:00:25Z")\
**Posts on this page:** 3\
**Page:** 1

<div class="post-metadata">

**Author:** ![Vibemaster](https://yyz2.discourse-cdn.com/flex052/user_avatar/discuss.koinly.io/vibemaster/32/609_2.png) [@Vibemaster](https://discuss.koinly.io/u/Vibemaster)\
**Post date:** [July 12, 2023, 10:00am UTC](https://discuss.koinly.io/t/swapping-usdt-usdc-tax-issues/18081/1 "2023-07-12T10:00:25Z")

</div>

**Describe the problem:**

When swapping USDT with USDC (I had recently accumulated USDT other cryptos (eg: RSR/USDT) I often get very large proceeds even when I recieve less USDC than what I held with USDT

In one instance on 12 may 2022, USDT was depegging and I swapped for USDC and received 1500 USDC tokens less than what I originally held with USDT… (Thats a loss in anyone’s books surely), however Koinly didnt see it this way.

In all these instances the convesion from a crypto coin to USDT has already created a gain/loss… so then why when I then convert USDT/USDC is it either creating another large gain or not enough losses (such as in a depegging event)

**Which exchange/wallet is this regarding?**

Kucoin and Metamask usually

**How did you import data into this wallet?**

Kucoin via an API and metamask via API

**What have you tried to fix this so far?**

I have no idea what to do

---

<div class="post-metadata">

**Author:** ![Michael\_Koinly](https://yyz2.discourse-cdn.com/flex052/user_avatar/discuss.koinly.io/michael_koinly/32/10244_2.png) [@Michael\_Koinly](https://discuss.koinly.io/u/Michael_Koinly)\
**Post date:** [July 14, 2023, 5:46pm UTC](https://discuss.koinly.io/t/swapping-usdt-usdc-tax-issues/18081/2 "2023-07-14T17:46:20Z")

</div>

Hi @Vibemaster!

Welcome to the Discuss community and thank you for raising this issue!

These are instances are imported from KuCoin side, the issue may be with MetaMask not reporting it on the correct day/time.

What you can do, is simply Edit it to a transfer to MetaMask.

[https://help.koinly.io/en/articles/3661312-how-koinly-handles-transfers-between-your-own-wallets](https://help.koinly.io/en/articles/3661312-how-koinly-handles-transfers-between-your-own-wallets)

[https://help.koinly.io/en/articles/3839630-why-are-transfers-between-my-own-wallets-showing-a-profit-loss](https://help.koinly.io/en/articles/3839630-why-are-transfers-between-my-own-wallets-showing-a-profit-loss)

Please connect with our support team for targeted guidance. We’d be happy to help anytime and have account information available for efficient resolution!

[support@koinly.io](mailto:support@koinly.io?subject=Contact)

Thank you and have an awesome day!

---

<div class="post-metadata">

**Author:** ![system](https://canada1.discourse-cdn.com/flex052/uploads/koinly_app/original/1X/7ac58e5593a7122893d066794a7254dcdb5ddb31.png) [@system](https://discuss.koinly.io/u/system)\
**Post date:** [September 12, 2023, 5:47pm UTC](https://discuss.koinly.io/t/swapping-usdt-usdc-tax-issues/18081/3 "2023-09-12T17:47:07Z")

</div>

This topic was automatically closed 60 days after the last reply. New replies are no longer allowed.