Hi there 👋
You may be notified of certain warnings. Among them is the warning “Withdrawal to be labeled”, several cases can explain this warning.
Tips 💡
👉 It is essential that you upload all of your transactions from day 1 before you begin labeling your withdrawals.
👉 Here are the different labels for withdrawals, and those for deposits.
Here are the different cases and how to solve them:
Case 1: Your withdrawal does not match his deposit
In order not to match a withdrawal with a bad deposit, our tool can ask you to do it manually. You can do it in the new interface during the analysis step.
💡 When you edit or create a withdrawal, we will look to match it directly with a deposit. Therefore, you may have withdrawal warnings to label without running a scan.
Case 2: You have a withdrawal but no deposit to match it.
Therefore, the withdrawal must be labeled :
🪧 Here are the use cases for each withdrawal label:
Case | Label | Negatively impacts the amount of crypto in stock | Taxable transaction |
I make a transfer between two accounts that I own, but the deposit does not appear | Transfer between | Yes | No |
I swap two cryptocurrencies | Swap | Yes | No |
My account has been hacked | Hack or loss | Yes | No |
I pay at restaurants in Bitcoin | Payment | Yes | Yes |
I give 1 ETH to my brother | Donation | Yes | No |
Withdrawal related to transaction fees | Fees | Yes | No |
I participate in an ICO | ICO | Yes | No |
Add staking | No | No | |
I put 1 ETH and 3000 USDT in a liquidity pool (LP) | Add liquidity | Yes | No |
I send 1 ETH to a wrong address | Hack or loss | Yes | No |
I buy 1 NFT | NFT | Yes | No |
I deposit 1 ETH as collateral for a crypto loan | Add | No | No |
I made a crypto loan and got liquidated | Liquidation | Yes | No |
I use derivative and I am at a deficit | CFD loss | Yes | No |
Any other withdrawal not listed | Other | Yes | No |
💡 We have listed the more common cases. For the less common ones, you can use the “Other Loss” or “Other Withdrawal” labels. We strongly recommend that you consult a tax lawyer to validate the use of these labels, depending on your situation.
If you have any other questions, do not hesitate to contact us via the chat just at the bottom right of your screen! 💬
The Waltio Team