Item history data, taxes

tl;dr: Include issuance # on receipt emails. Even better, give us purchase history data. Ideal dream, give us tax friendly documents like brokers and exchanges do.

I just finished building my books preparing for tracking for tax implications in the future. There’s a lack of data access that will hurt many in the future. Purchase emails don’t include issuance # for example, that’s a bad receipt. You have to be on top of it from the get go, otherwise you’re already cooking the books. There’s no way to match a purchase amount to an issuance # at the moment, except tracking it manually as you make the purchase itself. If you have only 1 item, easy perfect match. If you have 2+, it’s an issue. Much less if you have, like me, 40-ish of the same item. You can’t match purchases to the actual NFT after the fact.

Many countries have progressively gotten more serious and aggressive about taxes and audits. Fines and even jail time are a real issue that have already been faced from this.

Purchase emails are the only form of receipt, so it not having the issuance # included with them is bad.

Adding issuance # of purchase items to the emails after purchase is the minimum requirement to avoid cooking the books for anyone that wasn’t doing this preventive stuff from the get go.

Even better and the ideal solution would be getting access to our item’s history, purchase history, or even better the ability to download this data into a CSV file list a statement. Even if it’s not optimized data for manipulation and is just the receipts. Data is there given it’s tracked. Emails say stuff like, “Order Number: d445a067-0468-9f45-b89a-f185e589c246

So the data is available to y’all. Make it available to players. Many in many countries are already in murky waters with the current available limited data. Purchase history shouldn’t be an out of place concept given the space. Y’all have the data and pay taxes on it too. Give us access.

In a pipe dream world we’d get already made tax forms like any broker provides as well as crypto exchanges. If this was possible, that’d be amazing and the ultimate solution. In a realistic current world, at least let us do our own books without needing extra overhead and running the risk to need to cook them.

2 Likes

Issue number in email seems like a very easy short term fix/solution for this. Awesome job for bringing this up!

-Blazo