I think I made a big mistake. I staked all my SHIB tokens on Shibaswap in 2021 and honestly did not think about the fact that I had to convert it into xSHIB which would be considered another token thus triggering capital gains tax. Was not a fan of the rewards so I ended up converting my xShib back into Shib thus triggering another taxable event. I have all my transactions listed on Cointracker and its telling me I made alot on short term capital gains apparently because of those actions. Is there any way to bypass this? It seems like complete bs that I owe money on gains that were not even converted into FIAT. I just ended up with the same tokens but now I owe capital gains on the total amount converted TWICE.
submitted by /u/Sinistuh23
[link] [comments]
