All About The Transaction Details Window

On the Transactions page, you have the option to drill into any transaction to see its additional details. Depending on the transaction type, different sets of details will become visible. 

In this guide, learn more about: 

• Sale, trade, and expense transaction details window
• Income and transfer in/out transaction details window
• Buy transaction details window

Sale, trade, and expense transaction details window

After selecting a sale, trade, or expense transaction, you'll be presented with a summary that includes transaction type, the platform where the transaction occurred, the date and time of the transaction, the amount and fiat currency involved in the transaction, and a breakdown of the proceeds and cost basis of the transaction.

NOTE: Everything in the top half of the transaction details window will be the same across all transaction types, but the information in the bottom half will be specific to the transaction type you selected.

If you look closely, you'll notice the total cost basis field gets subtracted from the total proceeds field to calculate the total gains or losses of the transaction. In this example, the cost basis of $478.34 is subtracted from the total proceeds of $1,183.58 for a total gain of $705.24. 

If you want to see how we calculated your total proceeds and cost basis for the transaction, you can select the + icons next to each field. If you expand both fields, you'll see information such as the market price of that transaction, the fee incurred by the transaction, and your assigned cost basis.

In this example, the total proceeds were calculated as follows: the transaction fee of $17.90 USD was subtracted from the market price of $1,201.48 USD—based off the market value of ~793.21 NU at the time of the transaction—for total proceeds of $705.24. 

When determining cost basis, all of the cost basis pools being used in the disposal are displayed and summed together to establish the cost basis of a transaction. In this example, there is only one cost basis pool assigned, so your total cost basis is equal to the cost basis of that pool, or $478.34 USD. 

Income and transfer in/out transaction details window

For income and transfer transactions, the only field you'll see is your total proceeds, which is the sum of the market value of crypto being transferred or received as income, and the fee associated with that transaction. 

In this example, no transaction fee was recorded when 6.699382 XLM was received, so the total proceeds of the transaction is equal to the market value of XLM at the time of the transaction. 

Buy transaction details window

For buy transactions, the only field you'll see is total cost. Total cost is the sum of the market value of the crypto you bought as well as the fee associated with the transaction. Your total cost translates into your cost basis for the new cost basis pool the buy transaction created.

In this example, we have $405.84 USD—based off of the market value of 348.00 NU at the time of that transaction—plus a transaction fee of $0.81 USD for a total cost of $406.65.

Still have questions? Send us an email at support@taxbit.com or chat with us using our live chat feature, and we'd be happy to help!