Show tax lots
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Chandan - CoinTracker
Show how cost basis calculations are made.
- Date acquired for each lot
- Holding period for each lot (short/long term)
- Cost basis of each lot
- Unrealized gain of each lot
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Sam - CoinTracker
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We now track tax lots via our new tax lots view in CoinTracker! This feature is live for Ultra plan users, you can upgrade your tax plan here.
See our articles on Navigation the tax lots view and Reviewing tax lots by asset.
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Sam - CoinTracker
Sam - CoinTracker
Merged in a post:
Email notification to set purchase date for cost basis calculation
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Is there a way that Cointracker or Coinbase could contact you when you receive a deposit to allow you to set the purchase date? It would solve the issue of not knowing how long the cryptocurrency has been held without automatically defaulting to the day it was received.
We already receive an email any time there is an incoming deposit. If they sent a link in that email that asks for the date of purchase, users could manually enter the date so it would be classified correctly when we sell the coins. It would ensure that the proper information is sent to the IRS so users don't get audited for nonexistent "discrepancies."
When I send my coins from my private wallet to Coinbase, they automatically set the purchase date to the time the coins were received. This is incorrect. If we can set the purchase date upon receipt, it would save users a lot of headache during tax time. I had to spend several hours changing the purchase dates on TurboTax. There was a massive difference (over 60% less) in taxes I owed after properly classifying my trades as Long-term, however, if Coinbase sends the incorrect dates to the IRS, it will most likely result in a completely unnecessary audit.