The basis of Crypto Rewards through Coinbase is $0.
The IRS requires you to report the receipt of cryptocurrency that you receive at the time you are in control of it.
Later when you sell the cryptocurrency, you also report the sale and then your basis is the amount you paid tax on when you received it.
For example, say you receive $10 worth of Bitcoin on June 1. On December 10, you sell that Bitcoin for $15.
On June 1, you report you received $10 and you basis was $0, this results in $10 taxable income.
On December 10, you sell for $15 and your basis is $10, this results in $5 in taxable income.
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