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VeChain
$0.12036 5.90%
VET · 3d

Confusion about cost basis (VEN -> VEN Token-Swap)

Hey Guys, i would be grateful it there is anyone who could give me advice: In 2018 I bought 200 VeChain (VEN) on a cost basis of 1500€. At the end of July 2018, the token swap from VEN to VET (1:100) took place. The resulting 20,000 VET subsequently had a cost basis of 400€. ​ Likewise, from the time of the token swap, VeThor (VTHO) was also automatically generated, which, as I see it now, means that the speculation period increases by 10 years and would therefore no longer be tax-free after one year. (Germany) ​ I then sold my VET tokens in Q2 2021 at a value of 2100€. ​ My understanding is that based on the cost basis at the time of acquisition of VEN and the sale after 3 years of VET, I should have made about 600€ profit: → 2100€ cost basis (VET - 2021) - 1500€ cost basis (VEN - 2018) = 600€. ​ However, Koinly (crypto tax software) actually shows me a profit of \~1,400€. This is because the tool adds the €400 as the cost basis (the value that the 20,000 VET tokens were equivalent to in FIAT at the time of the token swap in July 2018). ​ But is that correct at all, to put the profit on the newly created cost basis? After all, I originally bought the tokens for €1,500 and would therefore also have tax disadvantages due to the higher profit (assuming that a 10-year holding period for VeChain is triggered by the generation of VeThor). Thanks in advance for your time! :)
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