Accurately reflecting your gains and losses in Coinbase Taxes is important. Depending on the types of transactions you’ve made, we recommend that you review and edit certain details to make sure your taxable events are properly accounted for.
Editable transaction types
Receive crypto from an external source
When you receive crypto from an external source into your Coinbase account, we don’t have access to cost basis details (the original value or purchase price and/or the purchase or acquisition date). As a result:
We estimate your gain or loss using a cost basis of $0
The date Coinbase received your crypto is treated as the date acquired
If you received crypto as a gift, you should contact the person or entity who gave it to you for the cost basis details.
Send crypto to an external address
When you send crypto to a wallet address outside of Coinbase, we don’t know if you sent it to yourself or someone else. As a result:
We assume you still own the cryptocurrency
No tax impact is applied to the transaction
You can only edit transaction details for eligible transactions. Be sure to download a new gain/loss report when you’re done.
To add missing details:
Go to the Add transaction details page.
In the Needs review tab, select the transaction.
Select Add details.
Enter the necessary details, such as:
Reason for transaction
Date acquired (purchase date)
Total cost basis (purchase price
Select Save.
To edit existing details:
Go to the Add transaction details page.
In the Modified tab, select the transaction.
Select Edit.
Edit the details as needed.
Select Save.
Tax reporting and responsibility
The information you provide is used solely to calculate your gains and losses and is not shared with the IRS. Coinbase does not offer legal or tax advice. You can consult IRS guidelines on virtual currency transactions and/or a professional tax advisor for additional guidance.
Coinbase is not responsible for the accuracy or adequacy of any positions you take on your tax return.
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