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noahliebs
New Member

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

 
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5 Replies

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

wrong compared to what?

proceeds and cost basis are not calculated.

That is the data that you enter. gain/loss is the calculated value.

 

@noahliebs 

noahliebs
New Member

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

The summary for Coinbase shows 3 things:

1. Total gain or loss 

2. Proceeds

3. Cost basis

 

This is generated by importing a CSV of transactions. eg: Buy, Sell, Interest, Reward, etc.

 

The proceeds and cost basis are both in the ballpark of $500k, but i didn't trade an amount anywhere near that. 

 

I fear that some sort of rounding error / floating point precision botched the calculation

noahliebs
New Member

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

Resolved.

 

Instead of downloading from Coinbase from directly using my credentials I used, "Enter another way" and directly input the gains and losses.

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

I see you're saying you imported a large number of transactions, but the subtotal is wrong.

 

Yes, this can happen due to rounding errors that result from the way TurboTax does rounding.

 

To be off by $500,000 sounds pretty unlikely but what do I know.
I've never seen a coinbase csv file.

There must be something strange about the data in your csv file.

post a sample line for a couple of transactions.

also post the header line.

@noahliebs 

noahliebs
New Member

Calculation of coinbase transactions is wrong. The individual transactions are correct but the proceeds and cost basis are totally wrong. How do I fix this?

There was nothing strange in the csv; I got it directly from Coinbase.

 

I narrowed it down to my SHIB transactions.

 

$500 of SHIB was 12,1 million coins. Before TurboTax compiles the buys and sells into taxable events, the numbers were correct. But as a transaction it basically said i bought $490,000 and sold for the exact same price. 

 

Sadly, there is no way for me to correct TurboTax's bad math

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