VEN to VET Token Swap
Note: This method is no longer necessary to enter your swapped data. The "Swap" feature is now available on the Trading Tab for US customers. You can manually enter coin swaps on the Trading Tab -> Add Trades -> Use the drop-down to select "swap" instead of "buy" or "sell".
On July 23, 2018 a token "re-branding" occurred with the VEN token. VEN was replaced by a new token, VET. Holders of VEN were required to initiate a VEN -> VET swap via exchange or wallet; this was done at a 1:100 ratio. For example, if you had were holding 20 VEN at the time of the change, and initiated the swap, your VEN would be replaced with 2,000 VET.
This can lead to some complexities when it comes to importing, tracking, and calculating your VEN/VET data. We are currently working on a more intuitive way to account for these swaps - in the meantime, it is possible to accurately record these swaps by following these steps:
- Find the volume & cost basis of your VEN holdings prior to the swap. This can easily be done by going to the Reports & Exports Tab and navigating to the Closing Report.
- Navigate to the Trading Tab and enter a sale of your remaining VEN using the date you swapped the coin. Use the cost basis as the total amount of the sale.
- Navigate to the Income Tab and enter a GIFT transaction of VET (categorizing this as a gift will not trigger a taxable income entry). Multiply the VEN balance by 100 (i.e., 4 VEN becomes 400 VET) and enter into coin received . Use the date of the swap as the date, and use the cost basis of the VEN as the total value of the income received.
This will result in a 0 gain/loss trade of VEN to VET and will properly track the acquisition date and cost basis of VET.
This option can be used in a similar fashion to account for other swaps as well. Be sure to account for the specific ratio of the swap (i.e., VEN to VET is 1:100 while others are 1:1, or some other ratio), as well as the date of the swap.
Further Information (External Sources):
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