I’ve searched the forum and surprisingly did not find anything on this topic.
If I deposit $5,000 from my bank account to Coinbase it’s showing as ‘Received’ which I understand is a taxable event. But I’m not taxed for putting fiat into Coinbase. Shouldn’t this be marked as a transfer to avoid paying tax on it?
transferring fiat around without purchasing and selling is not taxable
Right it’s not taxable. But coin tracker is showing it as received, which tracks it as taxable… Unless there is some magic in the code that treats fiat “received” differently from crypto “received”. Which is why I’m going for a response.
I like coin trackers dashboard but finally gave up on there tax service. I use Coinbase pro for trades and coin tracker doesn’t deduct transaction fees in their cap gain computations. That was a deal killer for me. I ended up using Koinly