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PeanutButter · 01-03-2022, 03:35 PM

Hey @68style, since you're the only one who put a market capitalization guess, I guess you'd be the default winner. Send me your ADA address, i'll send you $50 worth of ADA

On another note, does anyone know how to document this crypto transaction?
I have $1,000 CAD.
I want to deposit it into Crypto.com as USDC and earn 10% APY with their "Earn" function.
Once I deposit $1,000 CAD, I'll have to convert that to USDC (should be about $780 USDC), then I'll have to deposit it in crypto.com "Earn", after one year the $780 USDC should give me $78 USDC @10% APY.
I'll have to convert it back to CAD and then withdraw it

How do I claim that on my taxes?

Can I just record the $1,000 CAD initial deposit and then minus whatever the final withdraw amount is, let's say the final withdraw amount is $1,100 CAD. Do I just claim the $100 as income? Can I claim any conversion fee's etc?

I'm not really sure how to do it.

01-03-2022, 03:35 PM	#3845
PeanutButter I contribute to threads in the offtopic forum Join Date: Jun 2013 Location: Burnaby Posts: 2,626 Thanked 3,085 Times in 838 Posts Failed 412 Times in 112 Posts	Hey @68style, since you're the only one who put a market capitalization guess, I guess you'd be the default winner. Send me your ADA address, i'll send you $50 worth of ADA On another note, does anyone know how to document this crypto transaction? I have $1,000 CAD. I want to deposit it into Crypto.com as USDC and earn 10% APY with their "Earn" function. Once I deposit $1,000 CAD, I'll have to convert that to USDC (should be about $780 USDC), then I'll have to deposit it in crypto.com "Earn", after one year the $780 USDC should give me $78 USDC @10% APY. I'll have to convert it back to CAD and then withdraw it How do I claim that on my taxes? Can I just record the $1,000 CAD initial deposit and then minus whatever the final withdraw amount is, let's say the final withdraw amount is $1,100 CAD. Do I just claim the $100 as income? Can I claim any conversion fee's etc? I'm not really sure how to do it.