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Staking Rewards - Taxes
Main Post:
For those of you who are staking, are there any tax programs that are able to track rewards for WAXP?
Top Comment:
Not sure if this is what your looking for but Stuckatsixpm made this tool for doing taxes: https://waxtax.sixpm.dev/
Paying Taxes
Main Post:
I am new to crypto and using DCA trading bots. My question is with the hundreds or maybe thousands of trades that will occur over time to generate income, does 3 commas give you a summary of all those trades for the IRS (US citizen) in reporting short term taxable gains and losses? I understand that the profits shown take into account my trading fees but I am wondering if I have to report each gain to the IRS, will it be worth it in the long run?
Top Comment:
I'm also in my first year of trading, so no definite answer. But I believe that your exchange would provide you with the relevant information, not 3commas. Ultimately, it's the exchange that has checked your identity (Binance, in my case), and since you can also trade manually via the exchange, it's the final holder of all trading data.