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I use Coinbase and yes, it was that difficult. I didn't receive a 1099 from them, so I had to use their "Cost Basis for Taxes" report. That might've worked, ex
by cloakandswagger 9y ago
I use Coinbase and yes, it was that difficult. I didn't receive a 1099 from them, so I had to use their "Cost Basis for Taxes" report.
That might've worked, except it doesn't delineate short and long-term gains, and even worse it counts every transfer to GDAX as a sale. That meant hours of pouring through GDAX's even more bare-bones reports to figure out which coins were sold, which were kept, which were transferred back to Coinbase or to other wallets, which coins were held for longer than a year...
That process, across several different cryptocurrencies and thousands of transactions, took 8 hours of work. At the end of it all you're left with the sinking worry that you overlooked something and are overpaying or underpaying.
- chanfest22 9y agoOooof! Consider checking out tools like www.cointracker.io that help do this for you automatically!