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Wearables Tax Exposure Tool

RejectedGrant Request

Proposal Details

Author0xc375…f84a
PublishedJan 31, 2024 00:26
Voting beginsJan 31, 2024 00:26
Voting endsFeb 14, 2024 00:26
Snapshot#04c6f36

Grant size

16,000 DAI

Tier

Lower Tier

Beneficiary

0xc375…F84a

Description

Tracking your cost basis of Mana and sales of wearables right now is annoying, I want to make that way easier. **Key Benefits** Having a community tool for Wearables tax tracking would have the following benefits: 1. **Easy Wearables Transaction Tracking** - Will scrape data from your wallet to specifically track Mana and Wearables transactions. Will have a Google Sheets and Apps Script interface in the Alpha release and become a simple a webapp in the final product 2. **Free To The End User & Open Source** - Koinly or CoinTracker would require you to have a premium subscription to handle the average transaction volume a user sees buying wearables in a year, which is lame. Some users like myself prefer to file taxes without this added third party cost or track manually. 3. **Will Output CSV** - Compatible with major tax software like Turbo Tax or FreeTaxUSA for filing form 8949 or other requested filing formats for other countries. Will work with multiple countries base currencies for determining tax basis. **Potential Bonus Features** 1. Tracking other currencies - Additional tracking for relevant tokens like Matic, Eth, etc 2. Additional exchanges for historical prices sources - Tiingo supports like 40+ exchanges so you can accurately calculate your cost basis on the day of a sale. To start I'll use major ones like Coinbase(GDAX), Kraken, Binance but will add more on request or just because! 3. Track NFT sales on other chains - Track Eth NFTs or Solana 4. Track other stuff - Alerts for malicious nfts/token air drops, what do you own the most of(wearble, top creator, etc)

Voting Rationale

0x7f83…d61aNo8,512,456

Proposal requests more than 5k funds

6 Comments

daoFeb 14, 2024

Wearables Tax Exposure Tool This proposal is now in status: REJECTED. Voting Results: * Yes 1% 1,258 VP (11 votes) * No 91% 13,722,623 VP (34 votes) * Abstain 8% 1,320,611 VP (14 votes)

maryanaFeb 04, 2024

I actually do like the concept of this idea. I thought about this last type of solution last year, however I just resorted to using Coin Tracker for my wearable basis and the gains/losses if I ever sell them & realize them..(but I'm a wearable hoarder so this rarely happens :slightly_smiling_face: :joy:). Given how this proposal is going, I think the best step forward is for education content on how users can leverage Cointracker/ledger for a cost basis calcuation of their wearables based on their wearable transactions. Id still encourage you to build this tool for a proof of concept in the future! will Abstain for now though

PunkPinkJan 31, 2024

Hello @nohomie, your proposal has caught my attention, since I know perfectly well the battles that must be fought to have correct taxation, so any help regarding this seems interesting to me. On the other hand, I am refraining from voting because although I believe that certain solutions in Decentraland would be appropriate to facilitate taxation for those who have an economic activity here, I would not only limit it to wearables, but also on the issue of grants and tenders, which which can be a serious problem for all those who want to keep accounting records correctly. I also cannot vote yes, since it does not seem to me to be a proposal that is directly aimed at improving Decentraland, and it could be that many users consider it unnecessary. Also, thank you very much for offering us this proposal.

HPrivakosJan 31, 2024

I'm against funding tools to help fund the mafia that is governments. Someone else can fund that but this DAO should not. Taxation is theft.

noh0mieJan 31, 2024

I do agree taxes suck, but they are certainly a reality in many places besides the US. I understand if you still do not support this, but I do intend to support more than just the US. I stated in my proposal that I would include other countries base currencies and tax reporting requirements for determining cost basis and the transaction output format. If this is your only issue I would still love your support.

HPrivakosJan 31, 2024

No, the DAO should not funds tax tools for a single country. Sorry if your country sucks but it's not the duty of this DAO to pay for it.