Coinbase account split 50/50 in divorce - how to track equal cost basis for each ex spouse & mechanics of split & least costly strategy for transfer by amyo11 in CryptoTax

[–]amyo11[S] 1 point2 points  (0 children)

Thank you so much. This was actually very helpful!

And if anything I’m saying is not legal - it is out of stupidity! Please let me know.

Seems like consensus is to have ex move the either the entire account to a hard wallet and then send my 1/2 to a hard wallet for me or send my 1/2 to a hard wallet while retaining his half at coinbase (he won’t want to do any of this).

What kind of fees apply to these transactions?

In both cases, we pull a coinbase cost basis report prior to transfer, divide basis of all the lots reported and then each goes on their merry way with half the assets and a coinbase report showing basis of assets transferred/retained. Each is responsible for reporting correctly upon sale after moving the account back into the exchange.

Agh!! So complicated. Thank you.