How to Set Transactions as Income or Spending

Crypto mining, income, and spending have different tax implications

It's important to properly categorize any deposits / withdrawals that are actually income, mining, or spending crypto on goods or services. Income / mining / spending have different tax implications compared to normal deposits and withdrawals between your own exchanges and wallets.

In your All Transactions tab, you can change what kind of type a transaction is by checking the box next to a transaction (or multiple transactions) and then, at the top of the table, clicking “edit transaction type.” 

If you'd rather upload your spending / income data separately, skip to the last section of this article!

How to set imported transactions as mining, income, or spending

Let's say we have three withdrawals that synced into your account from Gemini. But you know all three of those withdrawals were actually sending crypto to pay for goods / services, so it's spending.

TokenTax Gemini transactions example

We want to set these transactions as spending. First, we check the boxes next to the transactions. Then, at the top of the table, click "Edit Transaction Type."

TokenTax edit transactions modal example

This screen lets you change what kind of transaction your deposits / withdrawals are, so you can make deposits income, or, in this example, make withdrawals into spends.

TokenTax spend transactions example

Et Voilà. Your withdrawals are now properly calculated as spends of crypto. Our platform automatically pulls the USD equivalent amounts of these spends, as you can see in the newly updated transactions.

Situations where you might change transactions

This is most useful for setting deposits as income or mining transactions and setting withdrawals to spend, lost, or stolen transactions. For example, you may know that a number of withdrawals on your Coinbase account were actually spends. Or maybe some deposits to a wallet were a payment received, so it should be income.

Importing a mining / staking wallet

If you are importing a wallet that was used for mining or staking, it may be advantageous to go about this in the reverse fashion. On the import page for the wallet, you can set all incoming transactions as income; then, you can sort by that wallet in All Transactions and set transactions that were actually deposits to “deposit.”

Uploading your income / spends manually

If you've been recording your spending / income / mining manually, or would otherwise prefer to upload the data manually or as a spreadsheet rather than to specify individual transactions, you may want to use our manual entry screen or manual CSV upload template instead.

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