Improve 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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Sam - CoinTracker
in progress
Update, thank you all for your patience - here is an update on expected behavior and what is ahead!
ETH to ETH2 transfer:
Our accounting engine correctly transfers over the cost basis of ETH to ETH2 when you start staking on Coinbase.For example, let's say you convert 1 ETH (acquired at $1,000 cost basis) into 1 ETH2. Our engine will then propagate your cost basis to the ETH2 token for tax calculations.
NOTE: There's a known (visual) bug on our transactions page display that does not make the cost basis transfer obvious, users may see the trade from ETH to ETH2 as both assets with a cost basis of $0.00. Our team is working to resolve the issue soon.
ETH2 staking rewards:
Our integration automatically tags all ETH2 rewards from Coinbase as staking rewards that factor into your taxable income.ETH2 to CBETH swap:
Our integration does not yet correctly handle ETH2 to CBETH swaps, but this is on our near-term roadmap. Coinbase released the feature in 2023, and so it should not affect 2022 taxes.Also see our Tax Guide for ETH 2.0. Thank you all for your feedback!
Sarah T. - CoinTracker
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Emma - CoinTracker
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CT-BXabKx6O
NOTE: There's a known (visual) bug on our transactions page display that does not make the cost basis transfer obvious, users may see the trade from ETH to ETH2 as both assets with a cost basis of $0.00. Our team is working to resolve the issue soon.
Is there any update on this bug?
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CT-7XRx5vwq
Staking ETH on Coinbase still shows as a taxable disposal for me, which is clearly not correct. Is there a plan to fix this and do workarounds exist?
Sarah T. - CoinTracker
Merged in a post:
ETH2 to ETH from Coinbase
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When unstaking ETH2 on Coinbase it is treating it a taxable event. Is this something that Cointracker will be addressing?
Sam - CoinTracker
Merged in a post:
Unstaking ETH on Coinbase
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CT-6QrW9dyX
Currently when unstaking ETH2 on coinbase it is treating it a taxable event.
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CT-mO2jWeBO
Unstaking back to ETH is also not working properly. It shows as net capital gains.
Sam - CoinTracker
in progress
Update, thank you all for your patience - here is an update on expected behavior and what is ahead!
ETH to ETH2 transfer:
Our accounting engine correctly transfers over the cost basis of ETH to ETH2 when you start staking on Coinbase.For example, let's say you convert 1 ETH (acquired at $1,000 cost basis) into 1 ETH2. Our engine will then propagate your cost basis to the ETH2 token for tax calculations.
NOTE: There's a known (visual) bug on our transactions page display that does not make the cost basis transfer obvious, users may see the trade from ETH to ETH2 as both assets with a cost basis of $0.00. Our team is working to resolve the issue soon.
ETH2 staking rewards:
Our integration automatically tags all ETH2 rewards from Coinbase as staking rewards that factor into your taxable income.ETH2 to CBETH swap:
Our integration does not yet correctly handle ETH2 to CBETH swaps, but this is on our near-term roadmap. Coinbase released the feature in 2023, and so it should not affect 2022 taxes.Also see our Tax Guide for ETH 2.0. Thank you all for your feedback!
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CT-eWBDp8VLNn1xz
this seems like a pretty fundamental bug that should've been fixed by now smh
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