JohnB5677
Expert Alumni

Deductions & credits

I've read these posts and I'll try to consolidate them:

Crypto 1 you got for "Free" .  12 units at a fractional cost less than $1 = Basis "$0"

You traded Crypto 1 for 14.07 DOGE = Value of $2.29

$2.29 are the proceeds for Crypto 1

$2.29 is also the basis for DOGE

The only taxable transaction so far is Crypto 1 Basis "$0" Proceeds $2.29 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"