How do I file crypto taxes, when most of my cost basis was from referral bonuses? - Cryptocurrency Reporters - A Light To Cryptocurrency World

Wednesday, 4 April 2018

How do I file crypto taxes, when most of my cost basis was from referral bonuses?


How do I file crypto taxes, when most of my cost basis was from referral bonuses?As I am trying to calculate my crypto tax, I've realized that services like TokenTax and Bitcoin.tax are not my best resources.I received a nice chunk of Bitcoin from referring people to Coinbase over the last couple of years.Should I count my cost basis as $0 for any coin-to-coin exchange or sells since these Bitcoins were technically "gifted" to me?Or should I count the individual $10 referrals bonuses as USD income like on a 1099 and then use that $10 as my cost basis?Finally, does anyone recommend an experience tax account that I could throw a ton of Coinbase and Gdax spreadsheets at to figure out my 2017 liability? :) via /r/Bitcoin https://ift.tt/2EhSAAg

As I am trying to calculate my crypto tax, I've realized that services like TokenTax and Bitcoin.tax are not my best resources.

I received a nice chunk of Bitcoin from referring people to Coinbase over the last couple of years.

Should I count my cost basis as $0 for any coin-to-coin exchange or sells since these Bitcoins were technically "gifted" to me?

Or should I count the individual $10 referrals bonuses as USD income like on a 1099 and then use that $10 as my cost basis?

Finally, does anyone recommend an experience tax account that I could throw a ton of Coinbase and Gdax spreadsheets at to figure out my 2017 liability? :)

As I am trying to calculate my crypto tax, I've realized that services like TokenTax and Bitcoin.tax are not my best resources.I received a nice chunk of Bitcoin from referring people to Coinbase over the last couple of years.Should I count my cost basis as $0 for any coin-to-coin exchange or sells since these Bitcoins were technically "gifted" to me?Or should I count the individual $10 referrals bonuses as USD income like on a 1099 and then use that $10 as my cost basis?Finally, does anyone recommend an experience tax account that I could throw a ton of Coinbase and Gdax spreadsheets at to figure out my 2017 liability? :)

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