RenVM Tax Reporting
TokenTax imports RenVM data for easy cryptocurrency trade tracking and tax filing.
What is RenVM?
Ren is a decentralized finance (DeFi) protocol providing access to liquidity across blockchains for all decentralized applications. You can use Ren for lending, collateralization and trading tokens.
What are the taxes on your RenVM transactions?
All trades between tokens, including wrapped tokens, are taxed as capital gains and losses. Similarly, all sales of tokens for fiat currencies are taxed as capital gains and losses.
Recall that crypto is typically considered property by many international tax authorities. To take a conservative tax view, your earnings for providing liquidity through Ren are also taxable as income.
You can learn more about crypto taxes in the United States and other countries in our overview resources and learn more asking questions on our chat function. To learn more about taxes on all decentralized finance (DeFi) platforms, read our DeFi crypto tax guide. The overview manual is very helpful if you were yield farming across protocols. Our team wrote it while some of them were yield farming themselves, so we spared no details.
Can crypto tax software simplify your DeFi taxes?
Your trading and lending activity through Ren is subject to taxes, which may seem a daunting idea given how many transactions you may have made while day trading. It is important to be able to consolidate all of your trades (from all DeFi protocols and centralized exchanges) into one aggregate tax calculation adhering to your local tax agency's guidance.
Our TokenTax tax software automatically aggregates all of your Ren transactions into your tax dashboard, formatting them alongside your other transactions. Afterwards, it automates the calculation of your capital gains and losses based on your country and preferences. You can then automatically download your tax forms in any format you would like to submit to your local tax authority.
At TokenTax, many of our team members have used DeFi platforms ourselves. We successfully filed our taxes for the DeFi platform Uniswap the first year it gained popularity and are ready to help you with all your DeFi tax needs.
Our minimization algorithm and tax loss harvesting tools can also help you save money on taxes. Ask us all your questions on our chat (lower right corner), and we will handle your individual tax situation.
Uploading a RenVM CSV with TokenTax