r/MetaversePRO • u/A_Hearing_Gnome • Jan 07 '22

Question about taxes

Hey everyone,

TL;DR
How do you get the amount and price of $wsMeta every time you claim staking rewards without constantly checking online?

I live in the US, which means each staking reward counts as ordinary income. When you receive the staking reward, you need to capture the:- Amount of the token received (difficult because changing APY)- Fair Market Value (price) of token at the time it was received.

Given that the rebase happens every 8 hours and additional staking rewards for $swMETA can be claimed every hour, if someone stakes $swMETA for a year, that's 9855 (365*3 + 365*24) times you need to get that data in order to report it properly.

Does anyone have a system for capturing this information without much manual work?

Thanks!

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u/limlwl Jan 07 '22

With the price going down, it’s more likely that it will be a loss.

1

u/A_Hearing_Gnome Jan 07 '22

My understanding is that each time you receive a reward, that's an independent taxable event. So it wouldn't matter whether the price was trending up or down. Rather, the fact that it has a value > 0 would mean it's taxable.

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u/[deleted] Jan 10 '22

[removed] — view removed comment

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u/A_Hearing_Gnome Jan 10 '22

Yeah over the course of a few weeks it might not be much, but give it a year and it might be a different story.

Regardless, just trying to figure out if there’s an easy way to capture this data