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Author Topic: BNB shortfall on transaction history (Binance)  (Read 84 times)
wtfmidn (OP)
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July 25, 2022, 08:37:34 PM
 #1

Hello. I'm trying to prepare my crypto statement for tax purposes and it looks okay except for BNB (Binance coin). I've looked at my transaction history and I appear to have more BNB on Binance than I should do compared to the statements I've downloaded. Not many, just a handful of BNB (I think I should have about 4 BNB left but Binance says that I have about 9). Is there a possible explanation for this other than me being a muppet?
Thanks in advance for any advice/suggestions.
Yogee
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July 25, 2022, 10:12:29 PM
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....(I think I should have about 4 BNB left but Binance says that I have about 9). Is there a possible explanation for this other than me being a muppet?
Maybe it's just the difference in timing of the report. Compare the dates you downloaded the report or its cut-off date to the time you had your last transaction.

Example,
June 30, 2022 - your balance was still 9 BNB.
July 1, 2022 - you sold 5 BNB

The coverage date of your tax report is until June 30 only.

I'm guessing the above sample is what happened in your case that's why you think it should only show 4 BNB.
wtfmidn (OP)
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July 26, 2022, 01:00:05 AM
 #3

....(I think I should have about 4 BNB left but Binance says that I have about 9). Is there a possible explanation for this other than me being a muppet?
Maybe it's just the difference in timing of the report. Compare the dates you downloaded the report or its cut-off date to the time you had your last transaction.

Example,
June 30, 2022 - your balance was still 9 BNB.
July 1, 2022 - you sold 5 BNB

The coverage date of your tax report is until June 30 only.

I'm guessing the above sample is what happened in your case that's why you think it should only show 4 BNB.

Thanks for your response.
The dates I'm interested in are the tax year 21/22 which happen to start/end in April where I am (not sure if this is universal).

1) I had zero BNB at the start of that tax year (April 2021)
2) At the end of that tax year (April 22) my transaction history (only seven transactions directly involving BNB [excluding BNB fees]), read that I should have about 3.5 BNB left (less if you consider the BNB fees).
3) In May 2022 I then sell about 4.5 BNB (and that's my only direct transaction using BNB of the 2022/23 tax year so far).
4) Presently, according to Binance, I still have about 1 BNB in my account.

So, in 21/22 I have 3.5 BNB left by April 2022 (minus BNB fees, which are close to 1 BNB), leaving about 2.5 BNB. Yet a month later I sold 4.5 BNB and still have about 1 BNB left.

The bottom-line is that there's about 3 or 4 more BNB in my Binance account than there should be and I cannot think of a reason why this should be the case unless my transaction/convert history requests are incorrect.

I don't know what to do about it. All I know is that it's going to look dodgy if the tax man ever knocks on my door and asks for a cup of tea, so to speak. Not that they'll lock me up over a handful of BNB, but to be honest I've acquired substantial gains in crypto since early 2019 and I don't want 'prime tax evasion suspect' stamped upon his report.

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July 26, 2022, 02:10:15 AM
 #4

Try to review your BNB transactions. There might have been a transaction or two that you have forgotten. I guess it won't be that big of a task. If you have another wallet which you use to keep your coins, you might also want to check its transaction history as well. You might find it there. But if after reviewing everything you still didn't find where those BNB numbers came from, you might want to communicate with Binance support and ask for some help.
Yogee
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July 27, 2022, 10:58:22 AM
 #5

....(I think I should have about 4 BNB left but Binance says that I have about 9). Is there a possible explanation for this other than me being a muppet?
Maybe it's just the difference in timing of the report. Compare the dates you downloaded the report or its cut-off date to the time you had your last transaction.

Example,
June 30, 2022 - your balance was still 9 BNB.
July 1, 2022 - you sold 5 BNB

The coverage date of your tax report is until June 30 only.

I'm guessing the above sample is what happened in your case that's why you think it should only show 4 BNB.

Thanks for your response.
The dates I'm interested in are the tax year 21/22 which happen to start/end in April where I am (not sure if this is universal).

1) I had zero BNB at the start of that tax year (April 2021)
2) At the end of that tax year (April 22) my transaction history (only seven transactions directly involving BNB [excluding BNB fees]), read that I should have about 3.5 BNB left (less if you consider the BNB fees).
There's a disconnect on the 3.5 balance by April and then selling 4.5 in May but I'm still going to focus on the cut-off dates. Can you confirm if your taxable period starts on April 1, 2021? It  should end on March 31, 2022 if that's the case. Reconcile the tax report with the transactiom history again but up to that period only.
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