USD transfers to Coinbase

Hey,

I’ve had my bank transfers to Coinbase disabled, but not sure if that’s the correct way of doing things. See attached for an example of my first purchase in Coinbase. One of them I purchased immediately and the other I transferred money to Coinbase first and then purchased. The $10 payment is just the “Coinbase promotional” payment, so don’t worry about that. Should I be disabling Bank transactions to Coinbase and other exchanges? Do I have to add my Bank as “Other transactions”?

Also, I brought this up in another topic, but my cost basis is incorrect. The cost basis should have the fees subtracted. For instance, in this case my cost basis should be $1,000 - $14.68 = $985.32 for my first purchase of LTC. I’m having to go through all of my transactions again because these are off. Now I’m worried my fees are not being considered for selling and such and so my gains are not accurate.

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Thanks,
Eric

Hi Eric,

You can un-ignore the synced transaction and delete the manual edits. What was originally synced is just right. Also, what you are seeing here is the fees being included in cost basis which is what you want. The basis = amount paid + fees. This is more advantageous for you from a tax perspective. If you remove the fees from the basis, you are lowering your basis, which increases your capital gains, which means you are paying more taxes for no reason.

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Thanks for following up on this, Chandan!

I redid all of my transactions in the system, but am running into a separate problem on normal mining payments that I sell immediately for BTC. Starting a new topic.