Cost Basis for ETH

I just finished importing my wallets and made a couple of updates to WETH/ETH related transactions. Looking at the ‘Tax-Loss Harvesting’, which I paid for to add on, it shows my ETH cost basis as:
$6,179.15 per ETH

I’ll admit, I do not know much about how cost basis works, but is this even possible as a cost basis for ETH? The all time high for ETH is around $4,800 - is it possible to have a cost basis higher than the ATH?

My wallets mainly have activity with buying/selling NFTs for ETH, if that makes any difference.

I have the same problem. Also a paid user. Posted this same question and it was just straight up ignored. These people have no shame.

Yeah it’s pretty ridiculous. It would be good to know this answer ASAP so I can confidently know that a wash sale will actually help me harvest losses and not add more taxes. We only have until 12/31 to do so for this tax year.

I’m going to find another tax program for 2022, do you see anything better?

I’m test driving ZenLedger. Not as user friendly but, a heck of a lot cheaper for me. I’m on the Premium Tax Plan and the 1000 Transactions Plan with CoinTracker. It’s also showing a couple thousand less in STCG’s using the same HIFO calculation.

Does the higher than expected cost basis maybe include gas fees spent? I didn’t think I had spent that much on gas but I guess it’s possible.

1 Like

I totaled my eth gas fees and usdc transfer fees and this seems plausible. My eth and usdc cost basis both match this theory.

Future gains offset I guess? Who knows, really wish they had better support to answer these questions.