(Very long post, I’m at a loss of what to do; tldr is at the bottom.)
So I finally have somewhat of a good grasp on filing capital gains or losses on cryptocurrency. I used crypto to purchase goods and services. I have two taxable events.
I’m using a tax program that allows me to import my wallets and exchanges through API or CSV files (coin tracker). I used several different exchanges to buy coin for both taxable events; not realizing the major headache this would cause over a few hundred dollars worth of Bitcoin; all over being impatient to wait the few days to buy more on my primary exchange. (coinbase)
For two of my buys, I used the exchanges coinbase, and cash app. I bought Bitcoin at another service that wasn’t an exchange, and would not generate a csv report for me (Moonpay). Coinbase, and cash apps csv files imported without a problem. The problem starts with the third place I bought BTC, Moonpay.
The taxable event happened on the exchange coinbase. Moonpay is not an exchange so it got sent to a Bitcoin.com wallet that was on an old phone of mine that I broke and never backed up any of my data so it was lost for good.
From Moonpay to a Bitcoin.com wallet address, it was then sent to coinbase. The purchase made through cash app went to coinbase as well. All three BTC purchases went to coinbase, and the taxable event occurred on coinbase.
Now the problem is the time of day when I transferred BTC between exchanges, and when I sold show different times (roughly around a half hour difference) between coinbase and cash app/Moonpay. The blockchain site that coinbase uses to track transactions (blockchain.com) also differs in time from the block chains I’ve used (Bitcoin.com/blockchair) to track the transfer of BTC from: Moonpay - Bitcoin.com - coinbase.
This has screwed up my cost basis because of the discrepancies between the times. I know my cost basis through my mobile banking app, and my proceeds match up to the amount I sent; but my cost basis is still off by 2 dollars and some change.
So I guess what I’m trying to find out here is what blockchain site/exchange is correct, or most accurate? Unfortunately I will need to use a blockchain for my second taxable event because I do not have access to the multiple exchanges/wallets, except for a csv file from a deleted coinbase account. I’ve been able to trace the origin from where I started, and at some point from looking at the blockchain I sent BTC from two wallet addresses at the same time to another Bitcoin wallet addresss, to finally the address I sent Bitcoin to for goods and services.
I know my cost basis for both transactions thanks to my mobile banking app, and I made sure the times were in UTC (it’s what the crypto software I’m using wants.) I’m also using FIFO for reporting.
One last thing, so for Moonpay I bought crypto using fiat, and I had a processing fee and a network fee that equaled to about $15. Should I be reporting any and all fees that I incurred from buying, transferring BTC, and sending Bitcoin? Any help or advice is greatly appreciated.
(To sum it up blockchain.com is showing a different time for the transaction occurring; around 20-30 minutes later then the time stamp from Bitcoin.com/blockchair which have the same time with each other.)
No comments:
Post a Comment