All About The Transaction Details Window

From the “My Transactions” page where you see a full list of all of your transactions, you have the option to drill into any transaction to see additional details about it. Depending on what transaction type you drill into, you'll see different sets of details become visible.

In this guide: 

• 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  the transaction type, the platform where the transaction occurred, the date and time of the transaction, the amount and FIAT currency involved in the transaction, as well as 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 that the total cost basis field gets subtracted from the total proceeds field to calculate the total gains/losses of that transaction. In this example, 445.73 USD (cost basis) - 478.56 USD (total proceeds) = 32.83 (total gains/losses). 

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

In this example, the total proceeds were calculated in the following way: 7.24 (the transaction fee) - 485.80 (the market value of ~0.2053 ETH at the time of the transaction) = 478.56 (total proceeds)

When determining cost basis, all of the cost basis pools being used in the disposal are displayed and are 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 (445.73).

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 the crypto being transferred or received as income, and the fee associated with that transaction. 

In this example, there was no transaction fee recorded when receiving 0.000194 BTC, so the total proceeds of the transaction is equal to the market value of that BTC at the time of the transaction.

Buy transaction details window

For buy transactions, the only field you'll see is your total cost. The 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 what your cost basis is for the new cost basis pool that the buy transaction is creating.

In this example, we have 4926.84 (the market value of ~2.3 ETH at the time of that transaction) + 73.16 (the transaction fee) = 5000.00 (the total cost of that buy transaction).

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!