| Swap | Generally a disposal |
|---|---|
| New cost basis | Market value at the swap |
| Stablecoins | Not automatically tax-free |
You give up one asset and receive another. The Ministry of Finance treats that as an exchange. The fact that no euro is paid does not remove taxability. Only the one-year holding period of the lot given up can make the event tax-free.
The market value at the time of the exchange, with both sides plausible if possible. If a price is missing, many tools use zero or a made-up value. Then either the gain on the outflow or the cost basis of the inflow is wrong — often both.
Typical case: Ledger or an on-chain wallet shows a withdrawal and a deposit. Without swap classification the withdrawal becomes a sale without proceeds and the deposit becomes an inflow without cost basis. That is what classifying the contract as a swap in CleanUp fixes.
Not automatically. USDT for USDC is still an exchange of two assets. The gain may be small, but the event still has to be documented.
Economically it is often treated as a mere change of form, but the tax authorities may treat it as an exchange. Document the event and the equal value.
You need a traceable market value at the time of the swap. Without it, neither the gain on the outflow nor the cost basis of the inflow can be right.
This guide structures the data issues and common German administrative practice. It is not tax advice. The assessment in your case stays with you and your tax advisor.
Mark unclear smart contracts as a swap. chain.report then puts outflow, inflow and cost basis into the same event.
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