Transfer to Trezor wallet treated as profit

transfer from Exodus wallet to Trezor treated as profit

Which exchange/wallet is this regarding?

How did you import data into this wallet?

What have you tried to fix this so far?

I understand you transferred your crypto from one exchange or wallet to another wallet of yours.You typically pay gas or other transaction fees when you make a transfer of crypto. Paying transfer fees or any fees using crypto is a disposal of the crypto and triggers a capital gain or loss for tax purposes in most jurisdictions around the world. This would explain why you would have a small profit (or loss) on your transaction.

Having said this, Koinly does provide an option in Settings called “Treat transfer fees as disposals?”. This feature is turned on by default in most jurisdictions but you can try turning it off if you don’t want transfer fees to be taxed at the date the fee is incurred.

Hey @Jane_Wolters :wave:

Thanks for reaching out, its really great to hear from you :smiley:

So if you are seeing a profit or a loss on a transaction that is a transfer between your own wallets, its because Koinly thinks that this is a payment/sale and not a transfer!

This usually happens because one side of the transfer has a different date or time. In order for Koinly to match transfers, they have to obey the rules for auto-matching.

I have attached a guide here which explains how to fix such issues, or if your problem was to do with transfer fees as @Mark_DesLauriers pointed out, then the “Treat transfer fees as disposals” toggle will be the solution :+1:

If you want us to take a look into this in more detail, please send an email to support@koinly.io and we will be happy to assist!

Ali :rocket: