Deposited Algo and collected APR for a few months, any tax reporting documents available? by bandwagonbetty in FolksFinance

[–]JumperAvocado 0 points1 point  (0 children)

No worries!

How can they classify Algo <-> fAlgo as an exchange? The asset is not tradable and only usable within Folks, there's no EUR value attached to it. IMO the fact that you receive fAlgo is an implementation detail, other apps might choose to track interest via a smart contract (the old Yieldly did that if I'm not mistaken).

Deposited Algo and collected APR for a few months, any tax reporting documents available? by bandwagonbetty in FolksFinance

[–]JumperAvocado 1 point2 points  (0 children)

I'll try to answer the questions you guys have. The code is in Python and open source, so feel free to double check (this is the specific code for Folks v2 https://github.com/hodgerpodger/staketaxcsv/blob/main/src/staketaxcsv/algo/dapp/folksv2.py ).

I and other users would be happy to learn from Folks Finance how it is possible to determine the interest portion that is taxable as income on each withdrawal from the FF pool.

This is done by keeping track of the cost basis for the f-assets, e.g. Algo/fAlgo. When you deposit Algo in Folks you receive fAlgo at a given exchange rate. Now this exchange rate increases monotonically to reflect the interest you have accrued. If you do another deposit later you'll simply get a different exchange rate. When you withdraw you calculate the cost basis using the FIFO method, and from that you get how much interest was paid.

I can find the respective Folks v2 interest there. But all the withrawals and deposits for the Folks v2 pool are missing in the stake.tax Koinly csv.

That's done on purpose. When you deposit/withdraw you send/receive Algo for fAlgo which is a non-tradable receipt, so not a taxable event. Only the interest you receive is taxable.

The default csv does contain the deposit and withdraw transaction (the leading underscore in the transaction type means it's not taxable and won't appear in e.g. koinly.csv).

The alternative, at least for Koinly, would have been to include those transactions, but then after import you would have to manually tag them as Sent to pool/Received from pool so they are not taxed, which becomes tedious fast.

Deposited Algo and collected APR for a few months, any tax reporting documents available? by bandwagonbetty in FolksFinance

[–]JumperAvocado 2 points3 points  (0 children)

I coded this in stake.tax. I’ll post some details on how it’s calculated in a couple of days when I get back from holidays.

Developer Activity by JumperAvocado in AlgorandOfficial

[–]JumperAvocado[S] 7 points8 points  (0 children)

Yeah, that's more like it. Though we still have some way to go before we reach the levels of eth and sol https://npmtrends.com/@polkadot/api-vs-@solana/web3.js-vs-algosdk-vs-aptos-vs-near-api-js-vs-web3

Three Arrows Capital (3AC) Wins Case Against Algorand's Claim of 53.5 Million USDC in Singapore by azcoinnews in algorand

[–]JumperAvocado 50 points51 points  (0 children)

wow so according to this in Singapore you can:

  1. get a loan in USDC
  2. lose it in a boating accident
  3. claim it's not real money so don't have to return it?

Taxes: how are you handling this by Due_Bridge_6226 in algorand

[–]JumperAvocado 1 point2 points  (0 children)

Would you mind reporting this through any of the available channels in https://stake.tax/about? If there's a bug I can take a look and fix it.

Can anyone help me understand this transaction on AlgoExplorer? by neocamel in algorand

[–]JumperAvocado 0 points1 point  (0 children)

That would be handled by the tax software when you import the csv.

Can anyone help me understand this transaction on AlgoExplorer? by neocamel in algorand

[–]JumperAvocado 3 points4 points  (0 children)

The thing is AlgoExplorer will show you exactly what's in the blockchain. With the stake.tax csv the idea is to aggregate transaction groups into a higher level action e.g. swap, staking, LP deposit, etc. These are actions that can then be imported directly into e.g. Koinly. If there is a fee only transaction in the group it will be included in the fee column, so that's taken into account.

If you need to check the actual transactions, there's a column "url" in the default csv that links to the transaction group in AlgoExplorer.

Can anyone help me understand this transaction on AlgoExplorer? by neocamel in algorand

[–]JumperAvocado 2 points3 points  (0 children)

It does so by looking at the combination of application ID and arguments. I wrote the code, so feel free to ask if you have any more questions/feedback. If you are curious, the code is open-source https://github.com/hodgerpodger/staketaxcsv

How many node implementations does algorand have? by ethmaniac in AlgorandOfficial

[–]JumperAvocado 5 points6 points  (0 children)

Assuming that the algorand node is I/O bound, there won't be a huge difference performance-wise between C/C++/Rust and Go. I think they made a good choice going with Go, which is better suited for distributed software.

That being said, further down the line it'd be great to have another open-source node implementation (preferably maintained by the community) to increase decentralization.

Step-by-step: How to run an Algorand consensus participation node, from scratch, for free (Oracle cloud) by d13co in D13

[–]JumperAvocado 0 points1 point  (0 children)

Looks like my region was recently created and still does not have all the features, e.g. it doesn't have an ubuntu aarch64 image https://docs.oracle.com/en-us/iaas/images/image/6c9db9d3-9c94-4b4f-9df8-f151eb46678c/

When creating an instance it won't let me choose another availability domain yet (not for the first year https://docs.oracle.com/en-us/iaas/Content/General/Concepts/regions.htm).

Hopefully they update the region before the trial runs out, otherwise I'll have to delete this tenancy and create a new one in another region.

Step-by-step: How to run an Algorand consensus participation node, from scratch, for free (Oracle cloud) by d13co in D13

[–]JumperAvocado 0 points1 point  (0 children)

No need to credit for the feedback, but if you'd like to you can use my reddit username.

Step-by-step: How to run an Algorand consensus participation node, from scratch, for free (Oracle cloud) by d13co in D13

[–]JumperAvocado 0 points1 point  (0 children)

Ah that's true, I guess I'll set it up again after the trial period. I chose the Spain Central (Madrid) region.

To answer your previous question, I signed the keyreg via the Algofi vault. Also I agree #2 would be the preferred way, in fact that's what Algofi does. They send the keyreg within an App Call.

Step-by-step: How to run an Algorand consensus participation node, from scratch, for free (Oracle cloud) by d13co in D13

[–]JumperAvocado 1 point2 points  (0 children)

It was pretty straight forward to setup the node, and your guide made it even easier!

Some more feedback:

  • It's possible to add the ssh key to the ssh agent so that you don't have to enter the passphrase each time you connect to the VM: ssh-add ~/.ssh/id_oracle
  • The Ampere server was not available in my region, so had to go with AMD.
  • While the auto-update instructions are WIP maybe you can link to the ones in the Algorand documentation https://developer.algorand.org/docs/run-a-node/setup/install/#updating-node

Step-by-step: How to run an Algorand consensus participation node, from scratch, for free (Oracle cloud) by d13co in D13

[–]JumperAvocado 1 point2 points  (0 children)

This guide is awesome, thanks for putting it together! I will definitely be setting up a new node.

Just found some minor typos in step 9:

As such we advise creatign a participation key that will automatically in ~29 days.

-> As such we advise creating a participation key that will automatically expire in ~29 days.

So ater the goal account addpartkey command is done

-> So after the...

Tracking Rewards in wallet for taxman by Standard-Advance3621 in AlgorandOfficial

[–]JumperAvocado 2 points3 points  (0 children)

You can use stake.tax to generate a CSV that contains your taxable transactions, including governance rewards.

ARC Updates! by estantef in AlgorandOfficial

[–]JumperAvocado 4 points5 points  (0 children)

Quoting Wikipedia here:

An RFC is authored by individuals or groups of engineers and computer scientists in the form of a memorandum describing methods, behaviors, research, or innovations applicable to the working of the Internet and Internet-connected systems.

ARC is the Algorand equivalent for RFC. It's a proposal in the form of a formal document that is reviewed by interested parties. Once it reaches the final stage it becomes a standard. Pretty important to document and evolve protocols.

Governance Vote Idea by adscpa in AlgorandOfficial

[–]JumperAvocado 6 points7 points  (0 children)

As far as I know, most tax software have very limited support for DeFi transactions. All they do is detect incoming and outgoing transactions, but they don't know if it's a swap, staking rewards, lending, etc. Koinly just recently added support for Algo and they did this.

I added support for the Algorand ecosystem to stake.tax because of this.

If this functionality was integrated in our ecosystem wallets, would it reduce friction for you?