Sep 28, 2021 - 1 week read

Wallet Transfers - Update for Trade.report

Jürgen Koch 17.7k

Via Medium

A few weeks ago eToro started to mark crypto trades, which have been closed for a transfer to the wallet, with "Transfer to Wallet" in the account statement. These trades are no longer taken into account for taxation by Trade.report.

A few weeks ago eToro started to mark crypto trades, which have been closed for a transfer to the wallet, with “Transfer to Wallet” in the account statement. These trades are no longer taken into account for taxation by Trade.report.

Only this marking made it possible for Trade.report to distinguish the process of transfer from a normal closure and so to recognize a booking process.

But what does that mean for the fees incurred?

The transfer fees are shown as a separate point in the report only for crypto-trades that are taxable at the time of transfer.

However, since Trade.report does not evaluate the wallet and cannot verify whether transferred taxable coins were not sold immediately after the transfer to the wallet, it is the trader’s responsibility to indicate the transfer fees in the tax return.

With this, we were able to make the evaluation a bit more accurate, but we can carry out a timely implementation of such solutions only with equally timely information from eToro.

Happy trading!