The price of the NFT purchased on NFT platforms (hen, objkt, teia) and the cost of the transaction are not separated and with no ability to do so nor indication that is the case.
Example:
NFT: 1 xtz
Transaction cost: 0.1 xtz
Is reported as 1.1 xtz
This is via API import
That is odd. I have numerous NFT purchases on HEN, objkt.com, FXHASH, Versum, Teia, etc. and the purchase price and tx cost are almost always imported to Koinly via API as 2 separate transactions. I have to go through all of these split transactions and merge them to add the tx fee to the cost base of the NFT for capital gains tax calculations. If I had your jurisdiction and Koinly settings, I wouldn’t have to do all this manual work.
I am curious why you want to split the purchase price and tx fee. It seems inconsistent with capital gains tax laws in most jurisdictions.
In any event, below is a link to a Koinly Help Center post on splitting transactions that Koinly has merged. Not sure if it will address your situation though.
How to merge/split transactions manually | Koinly Help Center.
Don’t you want/need to know the value of the NFT vs. the transaction cost? Let’s say it’s an ETH NFT…the NFT is $250 and the gas is $250. When you sell, you are selling an NFT that originally cost $250 not $500. Or am I wrong?
Assuming that you are subect to capital gains taxation on NFT sales in your tax jurisdiction, you will be calculating capital gains and losses using the following formula: Net Sale Proceeds less Cost Basis where Cost Basis is your Original Cost plus any Chargeable Costs, which include gas or other transaction fees incurred on purchasing an NFT.
So in your example, let’s say you sold the NFT for $1,000. Your capital gain would be $500 calculated as $1,000 (your net proceeds) less $500 (your cost basis). When Koinly records your NFT purchase in a single tx, inclusive of the gas fee, it records your cost basis for the NFT as purchase price plus gas fee. Your NFT will carry this cost basis in Koinly’s records until you sell or otherwise dispose of the NFT.
If you did not add your tx fees to the purchase cost of your crypto you would be overstating your capital gains to a material extent. Here is a brief excerpt on point from the Koinly’s USA Crypto Tax Guide 2022:
So how much tax do you pay on crypto gains?
A capital gain or loss is the difference in value from when you acquired your crypto to when you disposed of it. So any time you sell, trade or spend your crypto - you’ll have a capital gain or loss. If you’d made a profit from your crypto disposal - you’ll have a capital gain. If you’ve made a loss from your crypto disposal - you’ll have a capital loss.
Calculating your crypto capital gain and losses is easy enough. First, you need to figure out your cost basis. Your cost basis is how much it cost you to acquire your crypto asset, including any transaction fees. If the crypto didn’t cost you anything to acquire - like if you were gifted it - you’ll instead use the fair market value of that cryptocurrency asset in USD, on the day you received it.
Ok. I think that makes sense (to me). I was thinking of the transaction cost as a disposal of crypto (ETH) at the time of the NFT purchase. As in, you must declare that ETH disposal at the time of NFT purchase because you are exchanging ETH for ‘NFT’.
…errr, still wrapping my head around it.
It’s not all that easy with crypto for crypto trades. There is a disposal of the ETH or XTZ used to purchase the NFT or other crypto as well as a disposal of the ETH or XTZ used to pay the tx fee. These two disposals produce a capital gain or capital loss on the transaction. Then both the purchase price value and the fee value are combined to create the cost basis for the acquired NFT or other crypto as discussed in my last reply. So there is a lot going on with these types of trades that can be quite confusing.