Product update - 22nd June 2022
At Summ (formerly Crypto Tax Calculator), we are constantly working on improving our product so you can have the best experience at tax time. Check out our blog for the latest product updates.
UI uplift: Review Transactions page
Our review transactions page has had an uplift, enabling you to see the most important information of each transaction with ease. If you have any feedback for this updated design, don’t hesitate to leave a comment down below.
New transaction categories: Add/Remove Liquidity + Send/Receive LP token
Do you frequently interact with liquidity pools and LP tokens? We have added in the ability to use 2 new transaction categories: Add/Remove Liquidity and Send/Receive LP Token. Both of these new transaction categories are set to have the same tax implications as a buy/sell.
If you are not sure how LP tokens are taxed in your region, please speak to your local tax professional.
New cost basis method: Specific ID by exchange
You can now navigate to the settings page and select whether your cost basis should be tracked universally, or by wallet/exchange. By default, your cost basis will be tracked universally across all wallets and exchanges. This feature is not available for the HMRC and Adjusted Cost Basis inventory methods.
New Dashboard toggle: Reported + Calculated balances
You are now able to toggle between your “Reported” and “Calculated” balances on the dashboard. Depending on what types of transactions you have made, a different balance type will be more accurate. Below is a summary of the two balance types:
Reported Balance:
Shows a live view of your balances reported by your exchanges and wallets. Balances that are not in your wallets (e.g. staking deposits) will not be shown. Please note that CSV imports, as well as some exchanges and wallets do not support live reporting of balances, and in these cases, the holdings calculated by Summ (formerly Crypto Tax Calculator) will be used.
Calculated Balance:
Shows your balances as calculated by Summ, based on your imported wallets and exchanges. This includes holdings from wallets you have not yet imported (e.g. collateral deposits). Accuracy relies on the correct reconciliation of transactions.
Tax toggle: setting “Bridging” as a taxable or non-taxable event
You are now able to toggle whether bridging assets are seen as taxable or not within the tax settings. If you’re unsure about the tax implications of bridging in your region, we recommend getting in touch with a local tax professional.
Minor Changes
Since our last product newsletter, the following minor changes have been implemented:
- The name of the Borrow category has changed to Loan
- We have consolidated the two Kucoin imports, into only one Kucoin import
- We have added support for the new Coinstash CSV format
De informatie op deze website is algemeen van aard en vormt geen fiscaal, boekhoudkundig of juridisch advies. Ze is opgesteld zonder rekening te houden met jouw doelstellingen, financiële situatie of behoeften. Voordat je op basis van deze informatie handelt, moet je nagaan of de informatie passend is voor jouw eigen doelstellingen, financiële situatie en behoeften, en professioneel advies inwinnen. Summ (voorheen Crypto Tax Calculator) wijst alle garanties, toezeggingen en waarborgen, expliciet of impliciet, van de hand en is niet aansprakelijk voor enig verlies of schade (waaronder menselijke of computerfouten, nalatig of anderszins, of incidentele of gevolgschade) die voortvloeit uit, of verband houdt met, het gebruik van of vertrouwen op de informatie of adviezen op deze website. De gebruiker aanvaardt de volledige verantwoordelijkheid voor het gebruik van het materiaal op deze site, ongeacht het doel waarvoor dit gebruik of de resultaten worden toegepast. De informatie op deze website is geen vervanging voor deskundig advies.
Samara has been working in the crypto industry for the last 3 years and is passionate about helping other crypto users learn about the tax implications of their trading activity.
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