Recursos/guides/How to calculate tax on ETH gas fees

How to calculate tax on ETH gas fees

Last Updated: September 29 2023

At the time of writing gas price is 180 Wei and to do a trade on Uniswap cost around $100 in ETH. This is a significant amount for most users, and adding this to your cost basis is an important part in minimizing your taxes. But in most circumstances you will also need to consider the capital gains realized on the ETH you are spending for gas.

Example:

Date Trade Currency Price Quantity Gas (ETH) ETH Price
1st Jan 2017 Buy ETH 30 2 - -
4th Oct 2020 Buy SUSHI 200 1 - -
6th Feb 2020 Sell SUSHI 1000 1 0.1 1000
6th Feb 2020 Buy DAI 1000 1 - -

In the above example Satoshi sells $1,000 worth of SUSHI on Uniswap for DAI. To do this he pays $100 in gas using ETH. He originally bought his Sushi for $200, and his ETH for $30 each. Satoshi realized a profit of $800 by selling his sushi (1000 - 200), but he also had $100 worth of gas fees, so he overall realized gain is $700 (1000 - 200 - 100). However he originally bought ETH at $30, and at the time of the transaction ETH was worth $1000, so Satoshi needs to consider the gain in ETH. This would be calculated as $97 ((1000 - 30) * 0.1). As you can see there is a lot going on here.

Fortunately CryptoTaxCalculator is one of the few crypto tax software offerings to carefully consider this scenario. All you need to do is import your Ethereum public wallet address into our app, and we will automatically categorise all these transactions and handle this calculations for you. All you need to do is sanity check the results and you are sorted.

La información proporcionada en este sitio web es de carácter general y no constituye asesoramiento fiscal, contable o legal. Ha sido elaborado sin tener en cuenta sus objetivos, situación financiera o necesidades. Antes de actuar sobre esta información, debe considerar la idoneidad de la información teniendo en cuenta sus propios objetivos, situación financiera y necesidades y buscar asesoramiento profesional. Cryptotaxcalculator renuncia a todas y cada una de las garantías, compromisos y garantías, expresas o implícitas, y no es responsable de ninguna pérdida o daño (incluidos errores humanos o informáticos, negligencia o de otro tipo, o pérdida o daño incidental o consecuente) que surja de, o en conexión con, cualquier uso o confianza en la información o consejo en este sitio web. El usuario debe aceptar la responsabilidad exclusiva asociada con el uso del material en este sitio, independientemente del propósito para el cual se aplica dicho uso o resultados. La información de este sitio web no reemplaza el asesoramiento de un especialista.

Shane Brunette

CEO

Shane Brunette founded CTC back in 2018 after dealing with his own crypto tax nightmare. He has worked closely with accountants and tax lawyers to make it easy for fellow cryptocurrency users to be tax compliant.

Lecturas recomendadas

Vista previa gratuita del informe

Importe todas las transacciones y obtenga una vista previa de su informe de impuestos de forma gratuita.
No Credit Card Needed

Copyright © 2023 CryptoTaxCalculator