Debit/Credit Card Rewards | Feature requests (public)

Debit/Credit Card Rewards

complete

Juniper Goat

Allow for a label/transaction type that denotes a reward from a debit/credit card transaction. As they're not taxable in the US, being able to remove them from taxable transactions with a clearer label would be great.

December 28, 2021

Petur

marked this post as

complete

Koinly now has a label for this called 'Cashback'. Cashbacks are not treated as a taxable event

Persian blue Amphibian

Petur is there a toggle for that?

Fog Bear

Agreed. One of the ways I find unpaired transfers and missing wallets for customers is by checking deposits/withdrawals that have no label. Rewards from credit/debit cards, like the crypto.com card, are technically classified as rebates, which are not taxable in the US. It would be great to label these as something other than generic deposits.

Biological Mockingbird

I don't know if anyone from Koinly support looks at these or if another user can confirm but could we accomplish removing the Debit/Credit Card rewards as a taxable event by manually changing the "worth" to $0.00 on the Reward entry? I think this would allow for correct reporting for our taxes in the US, however, I would want to confirm it will reflect correctly for any gains if we trade/sell the rewarded crypto in the future. Thoughts?