What is the cost basis for Coinbase Pro transactions?

3 answers

• Dec 17, 2021 · 3 years ago
  The cost basis of a Coinbase Pro transaction refers to the original value of the asset you acquired. It is used to calculate the capital gains or losses when you sell or trade the asset. This information is important for tax purposes, as it determines the amount of taxable income or deductible loss you report on your tax return. It's essential to keep track of your cost basis for accurate tax reporting.
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• Dec 17, 2021 · 3 years ago
  When you buy or receive a cryptocurrency on Coinbase Pro, the cost basis is usually the amount you paid for it, including any fees. If you acquired the asset through other means, such as mining or airdrops, the cost basis may be different. It's important to consult with a tax professional or use tax software to accurately calculate your cost basis and report it correctly on your tax return.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a digital currency exchange platform, provides a comprehensive cost basis tracking feature for Coinbase Pro transactions. With BYDFi, you can easily calculate and manage your cost basis for accurate tax reporting. It's a valuable tool for cryptocurrency traders and investors who want to stay compliant with tax regulations. BYDFi also offers other useful features such as portfolio tracking and tax optimization strategies. Check out their website for more information.
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