With Coinbase Taxes, we want to make sure your gains and losses are accurately reflected in your transaction data.
Depending on your transaction types, we recommend that you review and edit the eligible details to make sure your taxable events are properly reflected.
Note: This feature is currently available on desktop only.
What are the transaction types?
Receiving cryptocurrency from an external source
When you receive cryptocurrency from an external source with your Coinbase account, we don’t have access to the cost basis (original value or purchase price) or date acquired. As a result, we estimate your gain/loss using a cost basis of $0 and treat the date received on Coinbase as the date acquired.
Sending cryptocurrency to an external address
When you send cryptocurrency to a wallet address outside of Coinbase, we don’t have access to the address to know if you sent it to yourself or someone else. As a result, we assume that you continue to own your cryptocurrency and that there is no tax impact.
How do I edit eligible transaction details?
To edit transaction details on Coinbase.com:
Sign in to your Coinbase account.
Click and select Taxes.
Click the notification box in the Estimated gain section.
Click Add details for the correct transaction(s).
Enter the following details:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price)
Download a new gain/loss report when you’re done.
Coinbase is unable to determine the cost basis of assets received as a gift
To determine the cost basis, we recommend that you reach out to the person (or entity) who gifted you the asset
Information you provide isn't currently shared with the IRS and isn't currently included in any tax documents that Coinbase is required to send directly to the IRS
This information is only used to help us better calculate your gains/losses
You're responsible for consulting with your own professional tax advisors concerning specific tax circumstances for your business
Coinbase disclaims any responsibility for the accuracy or adequacy of any positions taken by you in your tax returns
Although Coinbase can't provide legal or tax advice, the US Internal Revenue Service has released guidelines for how to report and pay taxes relating to virtual currency activity
Learn more about Coinbase Taxes.