CoinLedger integrates with hundreds of centralized exchanges and decentralized protocols and smart contracts. Unfortunately, some centralized exchanges do not export all the data required in order for CoinLedger to calculate both sides of a crypto transaction. This guide explains how to detect incomplete data from various exchange exports and the steps that you can take to fix the transaction so that it is accurately calculated within your tax reports.
Exchanges that export incomplete fiat buys
Within the CoinLedger app a Fiat Buy refers to any transaction where fiat currency is exchanged for crypto. Purchasing crypto with fiat currency is not taxable event in that there is no profit or loss to report until the crypto is sold or traded away. However, it is still critically important that all fiat buys are imported in order to ensure that the original cost basis for the coin is included in your tax calculations.
In some cases exchanges do not export the fiat amount spent and instead only export the crypto amount received as a one sided deposit. This is especially the case for exchanges that use third-party payment platforms such as Ramp, Gem, Simplex, or Moonpay to facilitate debit, credit or ACH bank transfer purchases of crypto.
When exchanges only export the crypto amount received, CoinLedger does not have enough data to parse the transaction as a Fiat Buy. Instead, the transaction will be imported as one-sided crypto Deposit transaction. Within CoinLedger, Deposits are treated as non-taxable self-transfers and are excluded from report calculations.
These are the exchanges that export Fiat Buys as one-sided crypto Deposits:
Abra - File Import
Bitrue - File Import
Celsius - API and File Import
CoinEx - File Import
Exodus - File Import
Gate.io - File Import (Deposits file)
KuCoin - API and File Import (Deposits file)
NiceHash - File Import
How to change a Deposit into a Fiat Buy within CoinLedger
Within the CoinLedger app you can edit any transaction to include the data that the exchange has excluded from file or API import.
1. Filter your transactions to look for one-sided Deposits
If you know that you purchased crypto with fiat currency on any of the exchanges listed above, the first step is to confirm whether those fiat buy transactions have been imported as Deposits within CoinLedger.
Navigate to the Review stage and select filters for the exchange and Deposit.
In the above example, some of the transactions labeled as Deposits are actually debit card fiat purchases made through the Ramp payments platform on Exodus.
2. Locate the original fiat buy from within your exchange account
Log in to your exchange account and search for the original fiat buy transactions. The timestamp and the crypto amount displayed in your exchange account should match up with the timestamp and the crypto amount on the Deposit in CoinLedger.
Heres an example of a fiat buy transaction on Exodus
Here is how the Deposit transaction appears within CoinLedger
3. Change the Deposit transaction to a Fiat Buy and enter the fiat currency amount
Click the three dots and select Edit Transaction.
From the Edit Transaction window change the Classification to Fiat Buy, select a fiat currency as the Sent asset and enter in the amount of fiat currency you paid. You can also enter in any associated transaction fees.
4. Repeat these steps for any other Fiat Buys that the exchange exports as one-sided deposits
It's important to carefully review all your original transactions within the exchange app to confirm which Deposit transactions should be changed to Fiat Buys (exchanging fiat for crypto). If you transferred crypto from one wallet to another, this should be left as Deposit.
Other types of incomplete data exports
Coinbase File Import
The Coinbase Transaction History file does not include both sides of the trade for "Advanced" crypto-to-crypto trades. Within CoinLedger these transactions get imported as Uncategorized one-sided transactions. To fix this, switch to API import for Coinbase. Or you can follow the same steps outlined above edit the one-sided Uncategorized transaction so that it includes both assets exchanged. Filter for all Uncategorized transaction for Coinbase, change the classification to a Trade, and enter in the missing crypto amount.
Binance File Import
The Binance Transaction History file does not include both sides sides of the transaction for P2P trades. These transactions get imported as Uncategorized one-sided transactions. To fix this, change the one-sided Uncategorized transaction to a Trade and enter in the missing crypto amount.
Have any questions? Our support team would be happy to help :)