The I.R.S. has been rather clear about their intentions to collect taxes on cryptocurrencies , yet vague about in what fashion to do so. Many in the crypto community bought some of their first coins on coinbase basic, despite their exorbitant fee's and wild point spreads , and coinbase as well as coinbase pro (gdax.com) , being U.S. based companies have been subject to IRS demands for information as early as 2016. Coinbase successfully defended the privacy of some users at that time, but the I.R.S. isn't going to stop there and we all know it. Coinbase' shamefully expensive base site and their step up platform have both led the way in informing users of their tax responsibilities , yet cannot as of this time generate workable .csv outputs.
Opened in Excel , there are missing timestamps - imported into tax software , sales show up as withdrawals ; in the end the information they provide is not only inaccurate and incompatible with everything that I have tried , it generates negative coin balances , usd balances , unfulfilled withdrawals - transfers , resulting in the cost basis of the incoming exchange currency being 0 dollars. Imagine the taxes on that.
The community needs to DEMAND better from coinbase. If your account still exists it is time to write support tickets, if it doesn't , they hopefully have your history or the cost basis for transferred currency to a new exchange is 0. Example :You bought in this year , early , buying a Bitcoin in March for 8800 USD. You didnt sell it , but transferred it to a different exchange , and used some of it to buy another currency. That is a sale with a cost basis of 0 , meaning it's all profit even at it's current , low price. What would have been a deduction is now an additional , potentially very significant expense. Or perhaps you bought in early , and later transferred your BTC to Binance, where you sold 30 BTC for 18k each. Your original cost basis according to coinbase generated reports is 0. Not 100, or 500 , or 4k , but 0. It's like a gift subject to capital gains.
The IRS doesn't like inconsistencies , and coinbase even has links to the latest , vague IRS doc on CC's , but still provides b.s. info.
Perhaps coinbase should be made aware not only of this , but the possible consequences of THEIR failure to comply.
On a side note, what is with BCHSV? Is it sharkpool? Is there still a war against crypto being mined properly??
How could someone support that? This is about CHOICE , something that camp wants to eliminate.
Opened in Excel , there are missing timestamps - imported into tax software , sales show up as withdrawals ; in the end the information they provide is not only inaccurate and incompatible with everything that I have tried , it generates negative coin balances , usd balances , unfulfilled withdrawals - transfers , resulting in the cost basis of the incoming exchange currency being 0 dollars. Imagine the taxes on that.
The community needs to DEMAND better from coinbase. If your account still exists it is time to write support tickets, if it doesn't , they hopefully have your history or the cost basis for transferred currency to a new exchange is 0. Example :You bought in this year , early , buying a Bitcoin in March for 8800 USD. You didnt sell it , but transferred it to a different exchange , and used some of it to buy another currency. That is a sale with a cost basis of 0 , meaning it's all profit even at it's current , low price. What would have been a deduction is now an additional , potentially very significant expense. Or perhaps you bought in early , and later transferred your BTC to Binance, where you sold 30 BTC for 18k each. Your original cost basis according to coinbase generated reports is 0. Not 100, or 500 , or 4k , but 0. It's like a gift subject to capital gains.
The IRS doesn't like inconsistencies , and coinbase even has links to the latest , vague IRS doc on CC's , but still provides b.s. info.
Perhaps coinbase should be made aware not only of this , but the possible consequences of THEIR failure to comply.
On a side note, what is with BCHSV? Is it sharkpool? Is there still a war against crypto being mined properly??
How could someone support that? This is about CHOICE , something that camp wants to eliminate.