Tuesday, December 21, 2021

Understanding taxes in Coinbase transactions?

I transferred some bitcoin to my Coinbase account from Binance this year. With that money I bought Ethereum and transferred it to my coinbase wallet. In my wallet, I swapped my ethereums with a token multiple times using uniswap and right now I only have that token.

My initial transfer was around $1000. At the time of my latest swap my tokens worth about $9000 Current worth of my tokens are about $5000.

So I have couple of questions: 1) Will coinbase provide me a document that includes information about my transactions. Note that most of my transactions were in Coinbase Wallet. Not in Coinbase 2) At what price I will be taxed? I dont understand this because I never sold my coins for dollar. I just swapped them. I read that coin swaps are taxable events, but I dont understand how to calculate tax basis.

I want to understand my tax responsibility before end of the year, so that I can sell some of my stocks on Fidelity for loss to offset the gain. I did some research online but nothing I found was clear.

I am based in New York


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