Ok, I do not have a lot of crypto. I watched some Coinbase videos and they gave me $10 of a few that have rewards that show up everyday. An example would be ALGO. I get fractions of a cent constantly, so I have so many transactions now that CoinTracker is recommending I do the 1,000 transaction plan. This is worth more than all of these coins combined.
Should I just delete them? Is it possible to not track them? I want my Bitcoin tracked for reporting purposes, but these extra cryptocurrencies make CoinTracker really expensive.
Does no one out there have this issue?
I think this forum seems pretty dead and useless for getting help. Coupled with the slow response to issues from support, it’s pretty concerning and off-putting.
Millions unemployed at this time also, no excuse for not hiring huge numbers of support reps if its really that necessary, in super quick time too. Daily training and within no time you’ve got a huge support team. I’m finding that a number of companies are using this time as an excuse for having poor customer support. Extremely frustrating.
Sorry I can’t help you either, but yeah if it were me id get rid of those transactions and simply add them to your tax calculation manually if you really think it’s needed. It’s probably only a few £/$ anyway.
Thank you for the reply. I’ll probably end up looking for a service with better… service.
I have this problem. I have very little in a coin or two that are I guess staked. Coinbase deposits staking rewards every single day, and it inflates my transaction count by a lot. This next year I will definitely be bumped up a tax plan tier or two over it. I think I was this year too. It is such a small amount of value for the greatly increased cost for taxes I’m tempted to stop accepting them from coinbase.
I got a response in email about it suggesting I remove the transactions and then add them as a manual single entry using an average cost basis etc. In looking around, it seems like the ignore feature in the transactions area, plus the csv download, you can combine them with average cost basis etc, into weekly/monthly/whatever you are comfortable with.
But, it would be nice if the team can resolve this without that…
The problem that I have with Coinbase Rewards is that I have been told by multiple crypto tax advisors that these transactions are taxable, but this Cointracker 8949 form does not show them as taxable transactions! WTF?
I think you need to trade them first or sell them.
They have come in as an item with a cost basis of zero… and I don’t think a taxable event occurs till you do something with it.
Sell or trade a little for btc or something as a test… As a trade is considered a sell then buy…thus a taxable event.
Or you can manually add a transaction you could then delete… to test. If you got say… 2 algo as a reward. Create a transaction that shows you selling 2 algo for …whatever… 10 bucks… for usd. Apply it and let the site redo cost basis. Then look at Tax forms to see.
Then you can just delete your mock transaction…
Having the same problem this tax season. I don’t want to delete/re-add them, so instead I’ll just update them one-by-one… it’s going to take hours I’m sure. I’m going to stop staking on Coinbase just to avoid this in the future… most of these “rewards” are worth pennies…