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
The information provided on this website is general in nature and is not tax, accounting or legal advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider the appropriateness of the information having regard to your own objectives, financial situation and needs and seek professional advice. Summ (formerly Crypto Tax Calculator) disclaims all and any guarantees, undertakings and warranties, expressed or implied, and is not liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or Consequential Loss or damage) arising out of, or in connection with, any use or reliance on the information or advice in this website. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information in this website is no substitute for specialist advice.
