How To Reconcile NFTs

Step 1

If you already have your wallet(s) synchronized with your NFTs, head to the More tab and click on NFTs.

Step 2

Look for and click on the Unresolved NFTs button on top lefer corner.

Note that you must have ran a transaction calculation before resolving your NFT cost basis. To review our tutorial on how to run a calculation, click here

Step 3

On the NFT Review page, you will see two different NFT transaction scenarios.

• Resolve 

The resolve button appears when the system auto-suggests the transaction for the NFT (in or out). The resolve button will automatically add the cost after clicking on resolve. 

If the "Suggested Amount" is correct, you can simply click on the blue "Resolve" button on the line item for a particular NFT transaction and the cost of the NFT transaction will be confirmed. 

The suggested cost is derived from the ETH value spent plus the transaction fee. 

• Manual Review

No resolve button. The user should go into the manual review, Add the cost directly to the NFT transaction if it's a receive. (The transaction on the top). Otherwise, a sale value if it's a send.

If you see a Manual Review action needed on a NFT transaction, click on Review.

Click on the Info button of the main NFT transaction(s) event. Please note you will need to classify the NFT to remove its ignore status before you change a cost base. 

Choose the currency of the cost and input the cost basis, then click on save.

You may notice in the transaction info interface that the taxability of the NFT transaction is set to "ignored", this is always the case when the NFT transaction is unresolved. Once you resolve the NFT transaction, the taxability will take affect.

Click on the X button to get out of the Info window and then click on "Mark as Resolve". The manual review is now complete. 

If you go back to the Transactions tab and look for the NFT transaction that you resolved during the reconciliation process, you will see that the transaction taxability changes from ignored to taxable.

Repeat these steps for each NFT manual review until all unresolved NFT transactions are resolved.