Things to Review Before Finalizing Your Tax Report

Before finalizing your tax report, take a few minutes to review your capital gains, income, and tax treatment settings to catch any final issues and make sure you're reporting correctly.

Start by reviewing your capital gains. Look through the transactions that are being counted as disposals. Ask yourself: Are these all really disposals?

For example, some transactions may look like taxable sales or swaps, but they may actually be transfers, staking deposits, bridging transactions, or other non-taxable movements.

If something looks wrong, click into the transaction and update the labels as needed.

Next, review all transactions being counted as income (full guide here).

Make sure each income transaction is actually income. A common issue is that withdrawals or transfers may be overestimated as income if Awaken does not have enough context.

If a withdrawal is really just your own funds moving back to you, make sure it is labeled correctly.

Finally, review your tax treatment toggles to determine what types of transactions you want us to count as taxable events (full guide here).

Awaken lets you choose whether certain transaction types should be treated as taxable or non-taxable, including bridging, liquid staking tokens, staking & lending swaps, wrapping, and airdrops.

These settings can be updated under Settings → Tax Settings, and changes will automatically recalculate your tax reports.

Before finalizing, ask yourself:

Your answers may depend on your tax position and filing strategy. If you are unsure, review the toggle settings with a tax professional before filing.

Please also see a legal argument we worked on with Fenwick & West about what types of transactions may not need to be considered taxable.