Tracking BTC Purchases for Tax Purposes
Description:
Track each BTC purchase by the user, recording the amount and the purchase date to manage the 1-year holding period required for tax exemption.
Requirements:
Transaction Logging:
For every BTC purchase, log the transaction amount (X BTC) and the exact purchase date.
Holding Period Management:
Implement a mechanism to calculate the 1-year holding period for each purchased BTC amount.
Data Storage:
Store UTXO (Unspent Transaction Output) details associated with each BTC purchase to track their individual holding periods.
Acceptance Criteria:
All BTC purchases are accurately recorded with the correct amount and date.
The system correctly calculates and updates the holding period for each UTXO.
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Comments5
Wave Space Explorers
Feb 25
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Wave Space Explorers
Jan 3, 2025
Short-term prioritisation:
Track BTC Purchases ✅
Transaction-Table Dashboard (& Tax-compatible Export)
On deposits, ask user to confirm purchase date of UTXOs (Propose current UTXO lifetime as purchase-date).
User can set a UTXO Lifespan – All Bitcoin older than X months will be marked on the relevant screens.
Wave Space Explorers
Jan 3, 2025
Displaying Tax-Free Portions on Sell Orders
Description:
When a user initiates a BTC sell order, display the portion of the sell that is tax-free based on the holding periods of their BTC holdings.
Requirements:
Sell Order Processing:
Upon a sell order, analyze the user's UTXOs to determine which portions are eligible for tax-free sale.
Tax Calculation:
Calculate the amount of BTC in the sell order that can be sold tax-free.
User Interface:
Display a clear breakdown in the sell order confirmation showing:
Amount of BTC being sold tax-free.
Amount of BTC subject to taxation.
Backend Integration:
Integrate with the transaction tracking system to fetch relevant UTXO data during sell order processing.
Acceptance Criteria:
Sell orders accurately display the tax-free and taxable portions based on UTXO holding periods.
Users can easily understand the tax implications of their sell orders from the interface
Wave Space Explorers
Jan 3, 2025
Enable users to select their country of residence within their profile settings. This selection will determine the tax regulations applicable to their transactions.
Requirements:
User Interface:
Add a "Country of Residence" dropdown menu in the user profile section.
Include all supported countries, with Germany highlighted as a default option.
Backend:
Store the selected country in the user's profile data.
Ensure the country selection is accessible to other features that require tax regulation information.
Acceptance Criteria:
Users can successfully select and save their country of residence.
The selected country persists across sessions and is accurately retrieved when needed.
Wave Space Explorers
Jan 3, 2025
Generating Taxable Transaction Overviews
Description:
Provide users with an overview of their taxable transactions based on their country of residence, highlighting each taxable event.
Requirements:
Tax Overview Dashboard:
Create a dedicated section in the user dashboard that summarizes all taxable transactions.
Filtering and Sorting:
Allow users to filter transactions by date, amount, and tax status.
Export Functionality:
Enable users to export their taxable transaction data in common formats (e.g., CSV, PDF) for tax reporting purposes.
Country-Specific Regulations:
Ensure the overview adheres to the tax regulations of the selected country of residence.
Acceptance Criteria:
Users can access a comprehensive overview of their taxable transactions.
The overview accurately reflects all relevant taxable events based on user-selected country regulations.
Exported data matches the on-platform overview