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How do I resolve 'Missing Price' warnings in ZenLedger, and what if FMV becomes available later?

Written by Rebecca Lowe
Updated today

Resolving 'Missing Price' Warnings in ZenLedger

When using ZenLedger for crypto tax calculations, you may encounter "Missing Price" warnings. These warnings indicate that ZenLedger could not determine a fair market value (FMV) for a specific token or NFT. Below, we outline how to address these warnings and handle scenarios where FMV becomes available in a later tax year.

Understanding 'Missing Price' Warnings

A "Missing Price" warning appears when ZenLedger cannot obtain the FMV for a token or NFT. This can happen for various reasons, such as the token being newly issued or having limited market data. These warnings need to be resolved to ensure accurate tax calculations.

Steps to Resolve Missing Prices

  1. Locate Missing Price Warnings: - Navigate to the Transactions section in ZenLedger. - Apply the Warnings filter and select "Missing Price" to view affected transactions.

  2. Evaluate the Token or NFT: - Some tokens may be worthless. In such cases, you can leave their value at $0, which has no tax impact, or mark them as "Ignore."

  3. Manually Update the FMV: - Open the transaction details. - Edit the transaction and enter the FMV in the "Total (USD)" field. - Save the changes.

  4. Recalculate Taxes: - After updating the missing prices, recalculate your taxes to ensure the changes are reflected in your tax reports.

Handling FMV Updates in Later Tax Years

If the FMV for a token or NFT becomes available in a later tax year, it is important to update the transaction in ZenLedger:

  1. Edit the transaction to include the newly available FMV in the "Total (USD)" field.

  2. Save the changes.

  3. Recalculate your taxes to ensure the updated FMV is accounted for in your tax reports.

Best Practices for NFT Taxation in ZenLedger

  • Regularly review your transactions for warnings and resolve them promptly.

  • Keep track of tokens or NFTs with missing FMV and update them as soon as market data becomes available.

  • Always recalculate your taxes after making changes to ensure accuracy.

By following these steps, you can effectively manage "Missing Price" warnings in ZenLedger and maintain accurate tax records.

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