The Transaction Labe “Income” is used to record the inflow of assets received as other forms of income. The transaction is valued based on the market value at the time of the inflow.
💡 For protocol-based distributions such as staking rewards, lending income, or airdrops, the corresponding labels “Staking,” “Interest,” or “Airdrop” should be used instead, as these may be classified differently for tax purposes.
💡 For payment for services rendered or income from an economic activity (such as compensation for affiliate marketing or similar), the label “Bounty” should be used primarily.
🎓 More details on the tax implications and categorization of all transaction labels can be found in the tax results under the menu item “Reports” and in the last pages of your tax report.
How do I create an Income transaction?
Open your Blockpit Account and click on the menu item Transactions.
Now select + Transaction.
Enter the Date and Time of the transaction.
In case of a manually created transaction directly in the WebApp, use your local time.
If the transaction is imported via CSV/Excel, use the standard exchange time UTC.
Now select the Transaction Label Income.
Now enter the Integration, Asset and Amount. If you paid Fees, enter them with quantity and currency as well.
Tip: In the input fields for assets, you can enter the short name (BTC) or long name (Bitcoin) as a search term to narrow down the search of the displayed list. If your asset is not selectable, you can get more information here.
Finally, click Save to complete the process and display the transaction in the Integration.
🧮 Effects of manually created transactions on your integration balance
If Income is created as a manual transaction in a Manual Integration, it will have a direct impact on the displayed asset balance of your integration.
If Income is created as a manual transaction in an Exchange or Wallet Integration,it will not directly affect the automatically and independently imported synced asset balance of your integration, but it will affect the calculated asset balance and your tax report.
How are fees considered in Income transactions?
Example: Income of 0.001 BTC with 0.0001 BTC fee.
Fees are mostly considered on the withdrawal side, but can also occur on deposits.
Fees, if paid in the incoming asset, will be considered as follows:
If fees are paid in the incoming asset:
Case1: No additional fee on the deposit side.
Incoming Amount: Net transaction amount (amount excluding fees)
Fees Amount: Enter nothing or 0
Case2: Additional fee on the deposit side.
"If the fee is paid in the incoming currency, the input must be increased by the amount of the fee. The fee will be treated as a separate outflow."
Incoming Amount: Net transaction amount (amount excluding fees) + fee amount
Fee Amount: Enter fee amount as well