I am using cointracking.info for calculating my taxes. My wife and I use two separate accounts on cointracking.info and also we have separate exchange accounts / wallets.
I have on occasions transferred coins from my wallet / exchange to my wife’s and wanted to know if I can use the Gift Out and Gift In option of their service to calculate cost basis correctly. When I asked this question to cointracking.info, I got the following response:
“You have the option to enter the withdrawal as (OUT) gift and the deposit as (IN) gift, however both transactions will then be listed in the respective donation and income report of the tax report with the value at the time of transfer. While this work around ensures correct cost bases for the coin in the new account and taking it out of the purchase pool in the sending account, please ask a tax accountant whether it is legal to then omit the values from the donation and income report in the tax total.”
Given the way they calculate taxes,”. Would it be appropriate for me to use the transaction type as ‘Gift out’ at my end and ‘Gift in’ on my wife’s end and vice versa to calculate taxes. We will be filing taxes jointly. Thank you.
