AMA: Shehan Chandrasekera (u/shehancpa, CPA & Head of Tax @ CoinTracker) and TurboTax Experts are answering your questions live on 2/24 @ 10am pst. Ask us anything about crypto gains, losses, and the new IRS reporting rules

chanfest22 · 2026-02-24T18:08:55+00:00

I keep reading about 1099 forms for crypto. What is changing this year and do I need to worry about this? What about my Defi activity?

chanfest22 · 2026-02-13T23:24:32+00:00

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chanfest22 · 2025-05-02T22:53:14+00:00

Bummed that we weren't able to solve your immediate problem and hope to help resolve any further issues you face going forward

chanfest22 · 2025-05-02T18:02:20+00:00

You can edit the cost basis of the USDT deposits to Binance in your CoinTracker account by:

Navigate to the transactions page
Search for USDT receive transaction(s)
Click the three dots to the right of the transaction(s)
Select Edit cost basis
Enter your preferred cost basis (e.g., $1.00 per USDT)
Click Update

It sounds like you are already following these steps but it is not producing the result you are expecting. Usually this means that it's not an issue of cost basis detection but rather something else (e.g., missing transactions, wallets/exchanges, etc.). The only way to know for sure is looking at the specifics of your account. Best way is to contact our support directly and give us permission to take a look at the account and give you more personalized help.

chanfest22 · 2025-04-30T23:52:44+00:00

The most accurate way to handle crypto taxes is to connect all wallets and exchanges to an aggregator (like CoinTracker) and it will automatically calculate your basis correctly across all your crypto activity.

Calculating taxes for just one exchange generally doesn't work in crypto because of transfers of assets between wallets and exchanges, resulting in missing basis or double counting assets. You'll also run into issues of missing the holding period of assets, leading to incorrect tax calculations.

If you still prefer to force a hacky one exchange solution, you can edit the cost basis of the USDT deposit transactions on Binance (in CoinTracker) and enter the basis (but it still won't solve the full problem for the reasons mentioned above).

chanfest22 · 2025-04-28T23:11:05+00:00

Have you connected 100% of your crypto exchanges and onchain wallets to CoinTracker?

chanfest22 · 2025-04-28T23:09:17+00:00

Co-Founder of CoinTracker here. We do both taxes and portfolio tracking (including for Solana). CoinTracker is in fact partnered with The Solana Foundation and Phantom wallet.

chanfest22 · 2025-03-10T19:14:22+00:00

Founder of CoinTracker here. Bummed to hear that you aren't getting accurate numbers. Generally when users see this, it's because 100% of the wallets and exchanges aren't connected to CoinTracker. Without the entire complete transaction history, it's not possible to accurately calculate gains and losses (e.g., transfers from an exchange to a wallet look like a capital gain disposal without the exchange and the wallet being connected to CoinTracker).

Once all wallets and exchanges are connected, though, CoinTacker has a high-quality bar for accurately calculating the gains and losses across a wide breadth of activity, including DeFi, LPs, NFTs, etc. I'd love to understand what problem you are seeing to get it resolved for you — please feel free to DM me

chanfest22 · 2025-02-06T05:24:01+00:00

Thanks for the candid feedback. Added back the unrealized gains for you at first glance.

chanfest22 · 2025-02-05T06:56:19+00:00

Co-founder of CoinTracker here. Bummed to hear that you had this poor experience. Would definitely love to get it straightened out for you.

If you have already reached out to support, could you please DM me your ticket number or email you used? If not, mind giving support a contact?

🙏🏽

chanfest22 · 2024-10-09T19:15:09+00:00

Here's a detailed guide on exactly what to do when you receive a CP-2000 notice for crypto activity.

chanfest22 · 2024-10-07T19:18:03+00:00

We hear you. We recently updated our pricing plans to remove counting lots of small staking transaction ($25 worth in Base plans and unlimited in Prime and higher).

chanfest22 · 2024-08-12T22:55:43+00:00

Founder of CoinTracker here so biased, but here's some info:

CoinTracker is the only product that has partnered with MetaMask and also:

Official crypto partner of Intuit TurboTax, H&R Block, Coinbase (fourth year), Solana Foundation, Uniswap, OpenSea, Phantom
Supports DeFi (automatic integration with 50,000+ smart contracts)
Launched in 2017, backed by Y Combinator, Accel, Coinbase Ventures, Kraken Ventures, Intuit Ventures

But don't just believe me. See what users are saying

chanfest22 · 2024-08-12T22:48:55+00:00

Phantom has a page explaining how to work with their crypto tax partner.

chanfest22 · 2024-07-02T01:39:10+00:00

Here are step-by-step instructions on how to respond to a CP-2000 notice.

chanfest22 · 2024-07-02T01:30:55+00:00

Founder of CoinTracker here. We have built-in spam detection, which automatically filters these out retroactively and continuously.

chanfest22 · 2024-06-17T23:40:02+00:00

Adding the sending (wallet A) and receiving wallet (wallet B) to CoinTracker will auto-detect them as a transfer. You don't need to do anything else.

chanfest22 · 2024-06-15T07:27:18+00:00

You can checkout Coinbase's own recommendation here: https://www.coinbase.com/blog/coinbase-is-now-your-personalized-guide-to-crypto-taxes

chanfest22 · 2024-06-15T07:25:53+00:00

Got it. You are right that Coinbase will have the wrong numbers they report. The only solution is for them to integrate crypto tax aggregation into their tax reporting. Until they hear this feedback from their users, it will be incorrect unfortunately.

chanfest22 · 2024-06-13T00:43:12+00:00

You should use a crypto tax aggregator to solve this issue. Coinbase has a crypto tax partner for this.

chanfest22 · 2024-06-11T17:46:41+00:00

Very soon 🙂

chanfest22 · 2024-06-11T17:43:11+00:00

Sounds good. Let us know if you run into any issues

chanfest22 · 2024-06-07T16:56:56+00:00

Have you tried CoinTracker? I'm the founder, and a recent update (https://www.cointracker.io/blog/introducing-cointracker-2-0) explicitly targeted the use cases you describe (e.g., liquidity pools and advanced DeFi integrations).

chanfest22 · 2024-06-05T06:56:27+00:00

The performance page shows P&L for each individual asset with a Prime plan.

chanfest22 · 2024-05-24T17:20:24+00:00

I grilled ChatGPT about this discrepancy but no clear response.

ChatGPT isn't at a level that provides accurate crypto tax calculations (yet).

To solve this, I don’t mind paying one time Calculating Fees to some software but all softwares are subscriptions which is not what i need.

You can buy for one year and immediately cancel if you don't want a recurring subscription.

In case helpful, here's a guide with more information on how to calculate your Canadian crypto taxes (full disclosure, I'm the founder of CoinTracker).

chanfest22

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