Can anyone give an update on NFT trades ? Im currently seeing a number of strange issues with regards to NFT Trades :
some trades show a negative ETH balance with a $0 cost basis and a subsequent fiat net gain value - assume this then becomes a taxable event for some reason ? Despite there being no realized gain in value in the purchase of the NFT ?
some trades show a Negative ETH balance, with a positive ( fiat ) cost basis and a subsequent fiat net gain - although a different amount to the cost basis - again seems to be registering as a net gain and as a taxable event.
Purchases of NFTs are resulting in a “missing ETH” error - the ETH has been spent on the NFT so im not sure how to rectify this missing ETH / WETH?
Can you send screenshots of the examples so we can look into this in more detail? We’ve just recently added support for NFTs so it’s possible there may be some issues we haven’t seen yet. Hopefully it should just be a quick fix.
In this example i purchased an NFT for 0.09 ETH - coinpanda is showing a $257.95 gain, two different cost basis’ figures - can you explain ?
The negative Eth balance is a separate issue i think - still trying to chase down the incoming ETH source.
Also i have noticed that converting ETH to WETH via the Opensea contract does not appear when sync’ing your metamask … so i am now showing outgoing WETH transactions but have not registered the incoming WETH from the conversion.
and the last piece - im seeing tons of these transactions … which are smart contract fees - and should simply be costs that balance against the current ETH available in the wallet.
They are each showing as a negative balance to the value of the exact fee amount ?
Over 100 transactions that are showing as negative with no real ability to trace the issue and resolve it.
Its still unclear what is causing it because there was always money in the wallet.
I think there’s a bug or the accounting method for how these sends are being recorded.
The asset balance calculation is quite straightforward. A transaction will either increase or decrease an asset balance. It’s not a calculation process that is particularly prone to errors.
That said, I do routinely check this manually, as people often feel adamant that the negative balance warning is being displayed incorrectly. This isn’t easy to do if you have several thousands of transactions. In that case you will need to export the transaction data to a CSV, isolate the transactions with the asset you want to check and then use some simple formulas in Google Sheets or Excel.
If you reach out to us via the support chat on Coinpanda.io, I’d be happy to double-check this. I can share the Excel sheet with you as well.
