With Coinbase Taxes, it's important that your gains and losses are accurately reflected in your transaction data.
Depending on your transaction types, we recommend that you review and edit certain details to make sure your taxable events are properly reflected.
Receiving crypto from an external source
When you receive crypto 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 crypto 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.
Edit your eligible transaction details
To add transaction details on a browser:
Sign in to your Coinbase account.
Select
and choose Taxes.Select the Activity tab and choose Add details in the Missing details module.
Select Add details for each transaction that needs details added.
Enter the following details:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price)
Select Save.
Download a new gain/loss report when you’re done.
To edit transaction details that you've added:
Sign in to your Coinbase account.
Select
and choose Taxes.Select the transaction in Your tax activity.
The transaction is labeled with Modified.
Select the Modified tab and expand the correct transaction.
Select Edit.
Enter the following details:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price)
Select Save.
Download a new gain/loss report when you’re done.
To add transactions details on the Coinbase mobile app:
Access the Coinbase mobile app.
Select
and choose Taxes.Select the Activity tab and choose Add details in the Missing details module.
Select Add details for each transaction that needs details added.
Enter the following details:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price)
Select Save.
Download a new gain/loss report when you’re done.
To edit transaction details that you've added:
Sign in to your Coinbase account.
Select
and choose Taxes.Select the transaction in Your tax activity.
The transaction is labeled with Modified.
Select the Modified tab and expand the correct transaction.
Select Edit.
Enter the following details:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price)
Select Save.
Download a new gain/loss report when you’re done.
This option will only be available to you if you have editable transactions for your account
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
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