Like many people I received 100% of my claim amount from Blockfi Bankruptcy (lets use $11,000 for argument's sake). All of it was distributed in 2024. It was purchased as GUSD in Blockfi at a cost basis of $10,000. I received $1,000 in GUSD in interest before Blockfi went under. I paid the taxes for the $1,000 gain in previous tax years. Please note the bankruptcy took over a year so all assets were held for >12 months when the distribution finally happened. I have records of all of my transactions from Blockfi.

The distribution from the bankruptcy was returned to me via Coinbase as USDC (GUSD was converted to USDC at a 1:1 basis).

Upon receiving the distributions I immediately "sold" at $1/ USDC and withdrew everything as USD to my bank.

In the Coinbase version of 1099 they are reporting $11,000 in short term gains with a cost basis of $0.

I believe I need to fill out a form 8949 to correct the cost basis.

Some questions:

• Do I need to report the conversion of GUSD to USDC somehow?
• In the 8949 do I put my transaction corrections in the long term section (because their cost basis is from 2021) even though the Coinbase 1099 classifies it as short term?
• The 8949 has 14 rows for transactions but I have about 20 to report (mostly monthly interest payments). Can I just fill out a second 8949?

Some Blockchains rely on software NODES to secure the blockchain. These nodes can be purchased and deployed by people. The node owners sometimes utilize Virtual Private Server's "VPS's" where the node instances can be deployed rather than hosting with their own server. In return the node operators are rewarded with DIGITAL REWARDS, most of which can be bridged to the blockchains native token. The VPS sites charge a monthly fee to run the node for you. Does anybody know if the Node purchase price along with the node hosting service expense would be considered a BUSINESS EXPENSE or possibly a part of a COST BASIS. Also what about the price of purchasing the Node? In most cases crypto tokens are bought then sold, but in this case all of the tokens were earned as digital rewards for running a Blockchain node.

Hi,

if any one can help would be greatly appreciated.

picked up some crypto in march 2021, but have lost value, so had to sell at a loss recently jan 2025.

so can this loss be used to offset against other crypto gains going forward?

ie, does the date of sale of this loss act as the date for which it can be used to offset any gains...

or does it go back to the date of purchase?

TIA

Hello,

I’m trying to import my Keplr Wallet transaction data into a crypto tax tool but keep running into errors.

I exported the data as a CSV file using StakeTax and attempted to upload it to CoinTracking.info, but I keep getting the error seen in the screenshot.

Has anyone dealt with this before? How can I properly format the CSV files? Or is there a better way to transfer Keplr data into CoinTracking? If CoinTracking isn’t the best option for Keplr, which crypto tax tool would you recommend instead?

Thanks!

Hi all. Trying to figure out how to proceed with 2024 crypto filing. I'm in Canada and this is the first year I've had taxable events.

In 2024, the following happened:

• multiple purchases of BTC & ETH on one exchange
• staked a bit of BTC & ETH on Celsius
• received shaking sat rewards on Shakepay
• small capital loss from Celsius bankruptcy
• small distribution from Celsius
• sale of some ETH
• a few transfers of BTC & ETH from exchange to cold wallet
• a few transfers back from wallet to exchange

Can something like Koinly handle all of this? With all the small purchases, the rewards, staking, fees, etc, it seems like a lot of transactions!

Can anyone suggest a good crypto tax program that allows you to adjust your cost basis ? I started trading again after a two year absence but the exchanges and one wallet I used to buy certain assets dont exist or where shut down.

I have kept my own records in a basic excel file so I know what and when my actual costs were. All the software I have used only allows the direct import file from Coinbase or Binance but any only picks up the import date from my holding wallet which miscalculates my profit/loss. Any advice appreciated!

Hello everyone! I’m looking for some guidance as this is my first time filing my taxes for crypto.

I use Coinbase to buy, hold, and trade my crypto. In 2024, I converted some profits into other coins and want to make sure I file correctly.

What recommendations do you all have? Should I go through something like CoinLedger or Koinly? Should I hire a local tax professional? It’s all a bit overwhelming and I just want to make sure I do it the right way.

Any advice is greatly appreciated!

I asked Google Gemini the following, and it replied zero taxes? I've asked this exact question a few times on Reddit and everyone always says I would get taxed in this scenario, is AI wrong?

I've netted ~£50k this tax year after a couple years of losses.

This is the first year I'm submitting my taxes because of the ignorant belief I didn't need to because I was making a loss each year.

2 years ago I netted a loss of 10-15k but didn't report this. Is it possible to backdate unreported losses, or have I missed that opportunity?

https://preview.redd.it/doi138krm6ge1.jpg?width=828&format=pjpg&auto=webp&s=ebaf1afcea0269e4a5df1c258ab9c1bece4d2bb9

Hi everyone,

Unfortunately I do hold my bitcoin in cash app lol, but I need help knowing what amount exactly I am being taxed on....is it the sales under out? or the all time returns? All my gains are short term and also I have to mention I am in the 12% bracket for income. Let me know, thanks.

Posted this in Coinbase and it was suggested that I post it here, which seems prudent, so...

I was part of the Blockfi fiasco. Eventually I was able to recover what I had in there and set up a Coinbase account to have everything transferred, to the tune of about $7,000. Blockfi has since disappeared completely and I have the funds in Coinbase. Since that time I have shuffled things around a little (sold Ethereum to buy Bitcoin, used the GUSD to buy Bitcoin) as well as have made several purchases of Bitcoin here and there as funds allow. I had also converted about $2,500 GUSD to cash and transferred it to my bank to pay off a motorcycle. I'm now back up around $7,800 in my Coinbase account.

The question is, it's saying that I have about $6,000 in gains and multiple missing transaction details that I have no idea what to do with. Mainly, I really haven't "gained" anything, right? It was all just money that I had in Blockfi that shifted over to Coinbase. Is that treated as a sale gain from Blockfi? If so, how do I get any tax information on that from them, they're flat out gone!

Also, does Coinbase not provide any simplified form for tax purposes? Am I left to report this on my own, a gain that I never actually realized? And the missing transaction stuff? Do I go through each and save those as "I received a transfer from myself", "I received a payment" or "I received a gift"?? Where's the "None of the above"? Received a payment seems to be the most logical. Just trying to do the right thing and keep this stuff in proper order. Ummm...help?!

Hi guys. So I lost several thousand dollars on voyager in 2022 when it went bankrupt. Didn’t do anything re taxes . This year / 2024 I sold a bunch of crypto so really need to use those losses to offset gains . How do I do it ? I used mostly voyager and Robinhood . Do I ammend my 2023 tax return with losses ? Should I get a crypto accountant . I’m lost

I worked and worked, trying to get all of my years of transactions, from different wallets and addresses into Coinledger. There are a lot of transactions being flagged with missing information. I tried using the one on one turbo tax option and they gave up on me. They don't want to help with any details. I went ahead and filed our taxes thinking I could file crypto taxes separately later. I just read it has to be filed with all other taxes. I'm completely at a loss. I want to work with someone in person but I can't find any crypto experts in my area. I just filed my federal and state income tax online. What should I do next?

This last year I frequently sent crypto to a gambling website wallet from Coinbase, most of the time I just lost the money, on occasion I sent back more money to my coinbase wallet.

To accurately tax these transactions would I mark them as "sent money to myself" and "received money from my self" on coinbase?

The other options are "sent/received a payment" and "sent/received a gift"

Hi, I need some help with reporting taxes on my crypto. I bought all my crypto through BlockFi and had it sitting in a BlockFi Interest Account (BIA). I recieved 100% of my claims from the bankruptcy and I wanted to know if I need to file taxes on it. I have the total amount I initially invested, but I'm unsure how to report this for tax purposes. Could anyone help me understand what steps I need to take and how to figure out any taxable events that may have occurred? (I'm in the US by the way)

I am having a lot of trouble translating Blofin's CSV file to a crypto tax service.

Was wondering if anyone has had experience with uploading/translating Blofins CSV file to anything that will work with TurboTax?

First time poster. Tackling crypto taxes for the first time after a pretty year. I was looking to get a cursory understanding of what were the "best in class" platforms to do this with - trying to stay clear from scams and whatnot. Feels like crypto tax companies have ads everyone I go

I’ve been filing Crypto taxes for years, using a few different tools. With no issues, and detailed records for all the many transactions. Building up steady capital losses over the years (sell dips, and buy back), as my HODL grows in the bull market years.

With Celsius bankruptcy I also plan to recognize some sizable cost basis losses for 2024 that I can now recognize (Just for the portion of holding not returned and subject to forced liquidation in early 2024). When use “Universal” and HIFO, these 2024 Celsius losses are significantly maximized.

Question: Is “universal” accounting method going to be a “red flag” for determining Celsius 2024 losses on forced liquidations? (i.e. the tool is looking across all my Crypto accounts to find the highest cost basis, and so minimizing the gain, and maximizing the losses). Understand any feedback is not financial advice. Thanks.

I made the life altering mistake of working with someone who I trusted but ended up stealing all my crypto. I sadly went all in when the profits looked daily only to realize the entire platform was fake too late. This is losses at the multi six figure level.

How do I prove or show this on my taxes and is this a deductable loss? Can it create carry over losses for future years of there's an annual max threshold?

Thanks

Is there an open source crypto tax software that can automatically add transactions by inputting crypto addresses and also supports multiple chains?

cryptotaxcalculator io exists but their prices kinda suck

My uphold account was banned in 2022 but I need my transaction history from 2021 to prove that I bought xrp on their exchange for tax purposes. I’ve tried reaching out to them and I get no response. Does anybody know a way I can get that transaction history or proof that I purchased it from uphold? I have the address and looked it up on xrp scan but it seems it only shows that I sent it. Can anybody please help?

Last year I sold HBAR for 8,159 USDC on Coinbase. Coinbase transaction history verifies the sales proceeds. On my Coinbase capital gain/loss report it shows I received proceeds of $ 8,401. Coinbase explanation as to the difference is that when I put in an order they lock in a price, and variance from the locked in price is a "Spread" that Coinbase charges, so the amount $ 8,401 is correct. Under tax law if I sell something and I only received $ 8,159, that is my sales proceeds. if Coinbase locks in a price andit changes, that is their problem. I can't pay taxes on income I never constructively received, right?

Context:
-in 2017 we bought a few bitcoin and traded them for alt coins here and there, At that stage in our young investing lives we never realized those small trades had to have taxes paid on them. None of them really made any money, it was more alt coins that crashed in value. Question one: I have no idea how to figure out what taxes I owe on the small trades we did. Its been over 7 years now.
- from 2020 until present my wife and I used Swan to DCA about $100 a week using swan.
- In 2024 we finally sold some crypto for USD on coinbase (around 90k) most of it is from from 2017 when we bought bitcoin, and some of it is short term from bitcoin we DCAd the prior year.

I am feeling overwhelmed and just want to make sure I do this right, how do I got about gathering all this information and file taxes properly since most of it is longterm gain.

Any recommendations on a CPA or attorney to help execute on this would be greatly appreciated

Hi Everyone,

I recently became a CPA and i wanted to learn more about crypto tax especially on the cryptotracking website/software. i have plenty of experience preparing taxes but i feel like this a growing field and there’s a need for CPAs in it. So I wanted to ask if anyone knew any guides or resources for a beginner to use to learn the software.

Thank you all very much for your help and I hope once I learn the field I can help you guys out in return!

I started to report my crypto capital loss due to Blockfi's Bankruptcy via turbo tax and I see Blockfi did not include their liquidation on my transaction history. Also I bought the crypto through Gemini and just held it in Blockfi's interest account. In summary, even though I have all the numbers, it's very complicated to report this with specifics. If the IRS does an audit, it will be confusing to explain for many reasons. Anyone doing this by yourself or are you rockstars using a professional accountant in this space? Also are you debating not even reporting this loss because hiring someone isn't worth the money you'd save in taxes? Thanks

How do we claim losses for those coins that have died and are abandoned in our wallets. There is no liquidity to convert them, so no taxable event. Can we still claim these as losses?

Hi.

I have lots of transactions for this tax year. Coin Tracker has a condensed 8949 which dramatically reduces the pages I’ll have to submit.

I saw on the IRS website that it specifically mentions for the date of purchase you can put “various,” but doesn’t state the same for the date of sale. Coin Tracker uses various for both columns when applicable.

Is that permissible?