tombk
Returning Member

What is the cost basis of crypto received from someone else?

I use Coinbase and have received crypto from another person then immediately sold it. In the CSV from Coinbase imported into Turbotax desktop, the cost basis is 0. This would cause the capital gains to be the full amount of the proceeds. I didn't make any capital gains as I received it and immediately sold it. Should the cost basis be the same as the proceeds?