Cost basis of airdropped coins | Voters

Cost basis of airdropped coins

Johnny

Would be good for a feature which told you what the coin was worth when it was airdropped. Would make tax calculations easier. Or an integrated app which calculates cost basis of coins (value when airdrop converted to Fiat) and then gain or loss when selling

January 9, 2022

Shane Schofield

Personally prefer the "Account Worth" xApp. XUMM wallet should remain decluttered and 'idiot proof'.

Wo Jake

This would definitely be beneficial for tax purposes, not only for 'airdropped' coins but for all purpose transactions.
I suppose this should be a core feature in XUMM rather then a xApp.
when a user receives XRP/issued currencies, get the XRP value based on DEX offers and attach that to the transaction history.
I don't know how it should work since im not an expert at taxes but this is 100% beneficial.
Example:
Received 1000 XSG @ 3:04:04 AM.
Get DEX offer for 1000 XSG/XRP at that time/ledger.
If there are XRP offers, use that as the value.
Tx History:
Received 1000 XSG @ 3:04:04 AM
XRP Value: 0.038 XRP

Wietse Wind

Wo Jake: "I suppose this should be a core feature in XUMM rather then a xApp."
I disagree. What is being discussed here relies on a feature of the XRP Ledger, not a XUMM specific feature. Issuing? XRPL. Sending (airdropping)? XRPL. Value? DEX, XRPL. This means not only XUMM users could need an app like this: this is relevant if you use XUMM or any other wallet/client.
This is reason to not include it in the XUMM native app, if we would consider building this, it would be an xApp for sure. I rather see the ecosystem build this (as an xApp) though. We're only a small team, if the ecosystem grows with more devs building things, we all benefit in the long run.

Johnny

I’d actually pay for this service as well