What You Will Accomplish And What You Need Before Starting You will build a quarterly documentation system that produces auditor-ready records of DeFi yield activity. The system captures transaction...
Summary
- What You Will Accomplish And What You Need Before Starting You will build a quarterly documentation system that produces auditor-ready records of DeFi yield activity.
- The system captures transaction exports from twelve major protocols, maintains cost basis continuity across wallets and chains, and classifies income according to IRS treatment.
- When you finish, you will have eliminated the year-end scramble that costs $2,000 to $5,000 in accountant time for portfolios above $500,000, and you will have contemporaneous records that prevent the 20% accuracy penalty the IRS applies to underreported income.
- Before you begin, you need active positions on at least one DeFi protocol, wallet addresses for all accounts holding yield-generating assets, and access to a block explorer for each chain where you have deployed capital.
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