kirbyrj
Fully [H]
- Joined
- Feb 1, 2005
- Messages
- 30,673
I have BTC and ETH in Coinbase, and moved some of it over to BlockFi in order to make interest on it. I have a question about cost basis.
So... I use Taxbit.com because it seems like it's a pretty reasonable website to keep track of taxes, etc. I used it to file my 2020 taxes without issue.
Do I have to assign a cost basis to the transferred BTC in BlockFi? My understanding is that it's a transfer from one exchange to another, so it's not taxable. Taxbit shows the "value" in USD that was transferred from Coinbase, but Taxbit does not show a cost basis for the incoming transfer to BlockFi. If I try to manually edit the Cost Basis, it tells me the transaction cannot be edited. What am I missing?
So... I use Taxbit.com because it seems like it's a pretty reasonable website to keep track of taxes, etc. I used it to file my 2020 taxes without issue.
Do I have to assign a cost basis to the transferred BTC in BlockFi? My understanding is that it's a transfer from one exchange to another, so it's not taxable. Taxbit shows the "value" in USD that was transferred from Coinbase, but Taxbit does not show a cost basis for the incoming transfer to BlockFi. If I try to manually edit the Cost Basis, it tells me the transaction cannot be edited. What am I missing?