Coinpanda uses labels to classify your Receive and Send transactions. If you import transactions using API or by uploading a CSV file, Coinpanda will in most cases tag your transactions correctly. If you add transactions manually, you will need to tag each transaction yourself. The terms labels and tags are used interchangeably and refer to the same.

Receive transactions can be tagged as:

  • Airdrop, Fork, Mining, Staking, Income, Gift, Realized P&L

A few important notes:

  1. Receive transactions tagged as Airdrop, Fork, Mining, Staking, or Income will be included in Section 6 - Income summary in your tax report.

  2. Receive transactions tagged as Gift will appear in Section 8 - Gifts, donations, lost assets.

  3. Trading gains from margin/futures trading should be tagged as Realized P&L and will be included in Section 2 - Margin & derivatives summary. All your trading gains will also be included in your capital gains summary unless you specify otherwise on the Settings page.

Send transactions can be tagged as:

  • Lost, Donation, Gift, Cost, Realized P&L

Send transactions can also be tagged as Margin Trading Fee or Margin Funding Cost, but this can only be imported directly from API or CSV file upload.

A few important notes:

  1. Send transactions tagged as Lost, Donation, or Gift will be included in Section 8 - Gifts, donations, lost assets in your tax report.

  2. Send transactions tagged as Cost, Margin Trading Fee, or Margin Funding Cost will be included in Section 7 - Expense summary.

  3. Trading losses from margin/futures trading should be tagged as Realized P&L and will be included in Section 2 - Margin & derivatives summary. All your trading losses will also be included in your capital gains summary unless you specify otherwise on the Settings page.

If you don't tag a Receive transaction: this will simply increase your holdings and the cost basis will be calculated as the fair market value at the time of the transaction. This is no different than buying crypto with fiat.

If you don't tag a Send transaction: this will be considered disposal and Coinpanda will calculate capital gains using the fair market value at the time of the transaction for the selling price. This is considered equal to selling crypto and receiving fiat for tax purposes.

Read also:

Did this answer your question?