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Level 2
posted Mar 19, 2023 1:31:16 PM

What if I don't have the cost basis for my crypto holdings because I bought it years ago?

I bought it from an exchange, but since then have moved it once or twice to where it is now.  Exchanges didn't give tax forms back then.  I don't have access to those exchanges (if I even remember which ones I used).

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1 Replies
Expert Alumni
Mar 19, 2023 4:09:31 PM

If you do not have the cost basis of your crypto, you have to use zero and pay tax on the entire amount as gain.  Try looking for bank statements that show how much you paid in or any other evidence or you will have to pay extra in taxes.