Hi Turbotax gurus,
Problem statement –
I have a Crypto account with a renowned service provider. Initially, they were having two platforms for the trade execution - Platform A (main flatform) and Platform B (supporting flatform - with lower commission). I purchased crypto at both platforms.
They decided to close their Platform B and asked me to transfer the crypto holdings to the main platform. Due to this, I transferred the crypto to platform A on “single date”. The acquisition dates in Platform B and transfer dates to Platform A are more than 1 year old now.
Now, the crypto provider is providing me the “Cost report” and asking me to update the cos basis (acquisition values) “Manually” for the transferred cryptos to platform A. I am surprised they have the cost report from platform B and they can update these values from their end.
While manually updating these figures, the platform A is confirming the Qty of the crypto but asking for date acquired (single row per crypto) and total cost basis.
Questions:
- Can I take single date = Date of Transfer of Crypto to Platform A? All the dates are more than 1 year and best of my understanding, IRS is asking only short term (Leser than 1 year and long term (more than 1 year). As per this, it is a case of long term gain.
- Cost basis needs to match with the values provided by the provider. The challenge is that I am sending my interpretation of their cost reports to them but they are not confirming these numbers. I am not sure what can be done here?
