Celo.Tax
  • About Celo.Tax
  • Pricing
  • Product Guide
    • Transaction Labelling & Tax Treatment
    • Wallets
    • Settings
      • CSV Format
    • NFTs
  • Blockchain Guide
    • Celo.Tax
      • Wallet Compatibility
      • Supported Transactions
      • Supported Tokens
  • Extras
    • Contact Support
    • Newsletter / Early Access
    • Terms of Service
  • Blog
    • Top 3 Crypto Tax Mistakes
    • Income Tax Guide for Celo
    • Capital Gains Tax Guide for Celo
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  • Currency
  • Gain Algorithm
  • Realised Gains
  • Unrealised Gains
  • CSV Format
  • Split short + long-term gains
  • Effective Date for Tax/Portfolio Calculations
  • Ignore gains/losses for trades of similar tokens
  • Default Wallet Labelling

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  1. Product Guide

Settings

A summary of options found under the "Settings" Menu

PreviousWalletsNextCSV Format

Last updated 2 years ago

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Currency

Users can select their base currency for tax calculations.

Gain Algorithm

Users can select whether capital gains are calculated using a First-in-First-Out (), Last-in-First-out () or a Highest-in-First-out () method.

Realised Gains

  • Accurate calculation of capital gains typical requires information about all historical ownership of a given asset. If your assets changed value while on a centralised exchange where you don't have a unique wallet address to input into Celo.Tax, your calculated gains are likely under or overestimated.

  • If historical data is missing for certain tokens, Celo.Tax sets the buy price equal to the sell price, which results in zero capital gain. This may result in underestimating your capital gains.

Unrealised Gains

Unrealised gains are calculated by taking the difference in value of tokens in your portfolio and the cost basis for those tokens.

CSV Format

Split short + long-term gains

Users can choose to separate out short term (<1 year) and long term (>1 year) capital gains/losses.

Effective Date for Tax/Portfolio Calculations

Allows users to only analyse transactions up to a certain date. Useful for generating a historical snapshot of portfolio value. Transactions are included up until the end of day UTC on the specified date.

Ignore gains/losses for trades of similar tokens

Default Wallet Labelling

Under "Settings", users may choose a default label to apply to any deposits that are not already automatically labelled. The two options are:

  • Income - deposits are labelled as "Revenue". If you use a wallet to receive business income, this is often the right setting.

  • Transfer from exchange - deposits are labelled as "Transfer from exchange". If you have deposits to your wallet from an exchange, this allows you to ignore them from counting towards revenue.

Note that these defaults are overridden in cases where the software automatically detects the transaction type (see Supported Transactions in the Blockchain Guide).

This feature (on by default) considers similar tokens (e.g. USDC and aUSDC) as fungible and ignores any gains or losses when swapping between these tokens. A list of tokens treated as similar is - broken down by blockchain.

FIFO
LIFO
HIFO
CSV Format
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