Unlike most digital asset platforms, the Flow blockchain on which the NBA Top Shot ecosystem is built is completely closed, which means that crypto tax software like TokenTax cannot use APIs to sync users' trade histories. This means investors and crypto tax professionals must manually import transaction data.
At TokenTax we recommend using LiveToken, a third-party tool that reduces the workload for this process.
Follow the steps below:
Create a free account at https://livetoken.co/myaccount.
Follow the instructions for linking your Top Shot account with LiveToken.
LiveToken will display some details of your Top Shot portfolio. It will look similar to the info below:
299 sales · Sales of $52,044 · Cost Basis of $24 · Realized gain of $49,418 (after 5% MP fee)
These numbers allow you to properly calculate overall gains or losses without manually adding each individual transaction.
For VIP filers and up: Send the data provided by LiveToken to your recon specialist.
For Premium and Pro filers: Manually enter the data provided by LiveToken as two line items formatted like the example below:
(Click image to see it enlarged)
Make sure that you calculate the 5% fee applied to sales and add it to the fees column of the sale transaction.