You may notice a balance adjustment on your account. This is part of an upgrade to our tax engine that ensures every asset in your account is backed by accurate tax records, so your tax calculations reflect your actual holdings.

The adjustment was applied automatically.

When a balance is adjusted upward, new lots are created with a $0 cost basis. This means Summ does not know what you originally paid for those assets, which could affect how much tax you appear to owe. No action is required, but if you would like your tax calculations to be as accurate as possible, we recommend reconciling your historical transactions.

As part of this upgrade, our system checks that your tax records align with your actual holdings. Where a gap exists, typically due to transactions that haven't been fully categorized, an adjustment is applied to bring everything in line.

The most common cause is transactions sitting in an Incoming or Outgoing state, meaning they haven't been assigned a category yet. Until they're categorized, they can create a gap between what you actually hold and what your tax records show.

No action is required. Your account has been updated automatically. However, if your balance was adjusted upward, the new lots will have a $0 cost basis, meaning Summ does not know what you originally paid for those assets. If you want your tax records to fully reflect your actual acquisition costs, you can reconcile your historical transactions to resolve the adjustment. Note that reconciling may affect your prior tax calculations.

Your actual holdings — the assets you own — are not affected. The adjustment applies only to your tax records, not to the assets themselves.

Not necessarily. Balance adjustments are typically caused by uncategorized or unreconciled transactions rather than errors in our calculations. That said, if your balance was adjusted upward, the resulting lots carry a $0 cost basis, which may affect the accuracy of future tax calculations. Reconciling your historical data is the best way to ensure everything is correct.

The best way to keep your account accurate is to ensure all transactions are categorized and reconciled. Transactions left in an Incoming or Outgoing state are the most common source of balance discrepancies.

The adjustment ensures your tax records match your actual holdings, which improves the accuracy of your tax calculations going forward. If you have questions about how this affects your specific situation, we recommend speaking with a crypto tax professional.

If you have any questions or need help, we're here for you! Feel free to reach out to us via the in-app chat in the bottom-right corner or send your inquiries to [email protected].