Post
Topic
Board Service Announcements (Altcoins)
Re: CoinTracking - Profit/Loss Portfolio and Tax Reporting for Digital Currencies
by
matblam
on 08/12/2021, 00:02:12 UTC
Hi,
How can I handle the following please?

Burning of NFT "Token A"
Receive 5 NFT's "Token B,C,D,E,F"

ie One NFT is being burnt to receive 5 very unique new NFT's.

Do I state "Token A" as a Withdrawal? And then all 5 new tokens as Deposits with value of "Token A" split evenly between all 5 new tokens? ie token A value divided by 5
If so what happens to it in accounting/tax?

Thanks
Mat