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ETH2 staking on Coinbase
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Eivind
Coinbase has issued temporary ETH2 tokens in anticipation of the ETH 2.0 launch. We should support these.
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Eivind
in progress
We are displaying ETH2 balances and transactions on Coinbase, but we are not yet tracking the cost basis correctly. This is something we want to fix.
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CT-Rqvdb8X5
We must coz this recommendation will be favorable to everyone.
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CT-2qknKgxO
Please make sure the update is not just ETH2 staking on Coinbase, rather it is ETH2 staking, period. For example, if a solo staker is running their own ETH2 validator, they have 32ETH on the beaconchain, and they get rewards every ~6 minutes. As CoinTracker is set up today, the deposit of 32ETH to get the validator running is showing up as 'taking proceeds' instead of being accounted as assets currently being held in an ETH2 validator address. Thank you for all of your support against this issue!
Eivind
in progress
We are displaying ETH2 balances and transactions on Coinbase, but we are not yet tracking the cost basis correctly. This is something we want to fix.
Eivind
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CT-7XRd5gNq
I see that this is currently being handled as a non-taxable event where the cost basis carries over. Are we sure this is the right way to handle it? I believe the previous post from godronlaw states that it should be non-taxable in the event it's sent via the deposit contract (not on an exchange like Coinbase). The same guy from gordonlaw mentioned that staking on Coinbase could be taxable since you're given a token to represent your stake... see: https://talk.bitcoin.tax/defi-and-crypto-taxes-liquidity-staking-nfts (at 12:07). Also, if it then IS a taxable event, what about when our ETH2 is involuntarily reverted back to ETH. Is that going to show up as a conversion - hence another taxable event (likely short term)?
Thomas Hils
CT-7XRd5gNq: You can read about the tax implications here: https://www.cointracker.io/blog/ethereum-2-tax-guide
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CT-7XRd5gNq
Thanks Thomas! Happy to see more professional clarification in regards to Coinbase. :)
CT-BXabKx6O
How will cointracker handle the conversion. Will it be considered a taxable event or will the costbasis just be transferred over to eth2?
https://gordonlawltd.com/ethereum-2-tax-guide/ Seems to indicate that the conversion itself isn't taxable and the eth2 maintains the costbasis that the original eth was purchased at.
Eivind
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CT-BXaARvxX
We need this!
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CT-RXPoEglQ
Is there a way to ignore ETH to ETH2 as a taxable event?
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CT-mQykgmpO
CT-RXPoEglQ: Anyone ever get any clarification from the IRS on whether this is treated as a taxable event? From what I understand, Coinbase will only send 1099-MISC forms showing staking rewards but will not send 1099-K's anymore due to the confusion to the IRS. Also any update on when our ETH2 staking rewards will show in the app? I don't also see how we can be taxed on staking rewards, when we are not in control of the rewards until Ethereum 2.0 comes out. From what I understand from the tax law, you are are taxed when you gain control of the rewards, and since we don't actually own it because Ethereum 2.0 might not be successful and we can't touch it, doesn't make sense to be taxed on it. Just my 2 cents...
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CT-ZX60Av4q
Want to add my support that an ujpdate to support ETH@ should be a high priority
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