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RE: HiveBit.io Beta - Export Your Hive Transaction History In Seconds & Import/Sync to Tax & Portfolio Svcs (Koinly, CoinTracker & more)

in #hive-18363011 days ago

I'm currently working on a python script to create an excel file that can be imported.
I will compare the results. How do you handle powered up Hive (currently waiting on my report from your site)?

As I understand it, powered-up Hive is not accessible by the taxpayer and therefore events that increase the powered-up Hive amount do not immediately lead to tax-relevant events. Only when I do a power-down, I trigger tax events, as I'm only able to sell and move powered down Hive.

I have therefore two accounts, one for liquid Hive/HBD and one virtual account for powered up Hive.

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Powering up/down really had me confused on how to handle them. For now I've ignored both of them, but on powerdowns to your own account, I was triggering events. I think it would be more accurate to make it so that if any account powers down to you (withdrawl routes) it should trigger an event since you are receiving liquid funds.

How are you handling VESTs received? I was thinking of getting the historical pricing of them somehow and use the equivalent HIVE value at first, but the more I think on it, the more I feel like ignoring that would be best, since it'd get captured by the powerdown amount and no need to work out historical vests pricing.

I'm counting all powered up HIVE. When there is a power-down that exceed the powered up HIVE, I create a deposit with the remaining HIVE. Powering up HIVE and powering the same amount is not a tax event, only when I power down more hive then powered up, I have created a tax event. The powered down HIVE, which was not powered up before, is then a staking reward (Could be author, curation, witness or staking reward, but I few all as staking reward regarding tax).

Receiving HIVE through a withdrawal route is the same as a normal transfer.

I do not consider VESTS, as they do not have a price. Only when the get accessible by the tax payer through a power down, a tax event is created. So meaning when I receive an author reward as hive power, I only have to pay taxes, when I more power down as I have powered up.

Hope this makes sense.

That makes sense. Smart way to do it as well. Thanks for sharing your ideas.

These are excellent questions, and ones we've had to internally debate ourselves.

@Rishi556 handled pretty much all dev regarding the actual scripting of this - I am more of the marketing/idea/front-end of this project.

However, you are correct in that technically, this isn't a taxable event so long as there's no "sale" - I'm not even sure a power-down would trigger a taxable event, as you're not technically "selling" or "transacting" anything, simply making it liquid vs staked.

We'd love it if you joined our Discord so we could discuss further - this is an open-source project as per @Rishi556's wishes (only our API would be the "premium/paid" version, which I'm personally reaching out to multiple companies to integrate support for).

Discord: https://discord.gg/6bvkta7