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!
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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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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CT-lONEBZ6X
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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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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this seems like a pretty fundamental bug that should've been fixed by now smh
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🫠
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this doesnt appear to be true anymore for me. I now have a difference of the total amount in my Coinbase to my dashboard. It seems like it just does not read ETH2 at all anymore despite it being present in the transactions
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Another ping on this! CoinTracker team?
How are folks dealing with this from a tax accountant standpoint, since CoinTracker is insufficient?
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CT-mO2wnwxq: Wait until you hear about their other bug that reports incorrect gains/losses for Coinbase Advanced trades: https://feedback.cointracker.io/bugs/p/coinbase-advanced-trade-incorrect-sell-prices-on-transactions-when-those-transac
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