ICOs are still not explicitly regulated by law in many countries. A taxable event occurs if tokens from an ICO are sold within less than one year of receiving them in your wallet. Since the tokens issued by an ICO are usually related to the business model of the issuing company, a VAT exemption may be applicable.
- In your desired manual Depot, click Add Transaction.
- Under "Transaction Type", choose "ICO participation".
- Enter the date and time of the transaction.
When entering an ICO participation in Blockpit, please note that the date to be stated must be the time at which you received the tokens, and not the time of purchase (e.g. ETH was transferred to the smart contract).
- Enter the currency and the quantity of both paid and received coins. In the input field for the currency, you can either choose from the drop-down list or enter a currency manually if it does not appear in the list.
- If any fees have accrued enter them with currency and quantity as well.
- You can choose to add a note. Notes can be helpful to sort trades into categories. You can also indicate that the transaction is to be ignored in the balance.
- Click Save to display the transaction in the Depot.