Hi, I have synced my exchanges to Coinledger & Cointracker yet both have given me completely different figures for both the capital gains & total income. In addition, there are missing cost basis (only for 2 coins but w/ many purchases )- which may be the reason why the figures are a bit different. One of the coins has 25 purchases & only 2 sells. I think the reason why it's not syncing is b/c of how some exchanges no longer are in existance. I DO Have however, the excel sheets downloaded showing size, price of coin at the time of purchase, fee & US price at which they were purchased at.
I know the IRA may not accept it but after some research I plan to tally the USD that I've paid for these coins, then divide that figure by the sum of the size units of the coins and use that figure as the cost basis. Your thuoghts?
You'll need to sign in or create an account to connect with an expert.
Unless, I am missing something, you already have the cost basis for each of your coins in the spreadsheet because you mention you have this information. Your cost basis for each coin remains the same no matter how many transactions you make.
For the missing information for the two coins, use the purchase price and fee in the spreadsheet for each transaction. If you are summarizing and combining transactions, your solution should work. Be as specific as possible and summarize your calculations in a well-written statement in case if the IRS has questions about it. As the old adage goes, "Be prepared for the unexpected".
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
liveoutloud300-g
New Member
slunell
New Member
leahcate1976
New Member
brian851
New Member
jonofthefunk
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.