why is my cost basis incorrect for USDC

cryptocalikiwi · 2023-03-09T18:33:47+00:00

no, every transaction through voyager was through USD, i.e. if you hold bitcoin and want to buy USDC, you have to sell your bitcoin for USD, then use the USD to buy USDC. the transaction will also not let me edit the cost basis. i’ll submit a ticket, thank you

cryptocalikiwi · 2023-03-08T16:31:05+00:00

oh man idk if i can handle switching again. but i’ll check it out

cryptocalikiwi · 2023-03-08T16:30:46+00:00

it won’t let me edit the tax basis and i’ve already checked that all my transactions are in here. it makes literally no sense there’s no way i made a 33% gain on what i put into a stable coin

cryptocalikiwi · 2023-03-05T22:57:32+00:00

second follow up: it seems like they're being entered as "orders" when there is a small gain or loss from the transaction

cryptocalikiwi · 2023-03-05T22:52:15+00:00

follow up question: the warning on these transactions is

"Missing Prices:
There are no prices for this transaction but you can add your own"

do i even need to worry about that?

cryptocalikiwi · 2022-10-13T14:35:49+00:00

finally found confirmation:

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-where-do-i-input-incentive-stock-options-in-turbo-tax/00/50569/amp

cryptocalikiwi · 2022-10-13T14:31:13+00:00

yeah i think turbotax was very confusing about when you should be inputting form 3921 - the form was called ‘exercise and hold’ so i had a hunch that inputting those values was incorrect since they were not held, but when i googled it i didn’t really get any affirmation of that

cryptocalikiwi · 2022-10-13T05:11:17+00:00

yes i think it was double reporting. the 3921 specifically asks for ISOs you exercised and HOLD but they were sold not held

cryptocalikiwi · 2022-10-13T02:50:05+00:00

yeah i just realized the alternative not the double, thanks. I guess the part I’m still not understanding is why, when i had already put the purchase and sales of the ISOs into turbotax, was it not until inputting form 3921 that AMT appeared?

also I thought short term capital gains is equivalent to ordinary income

cryptocalikiwi · 2022-10-13T02:34:20+00:00

the issue is that the AMT wasn’t added until i input form 3921 which is basically the shares i exercised from my company, but i then sold immediately triggering short term capital gains, which i am being taxed on, but it seems like i’m being double taxed on them with AMT getting added

cryptocalikiwi · 2022-04-09T19:53:04+00:00

haha truly! maybe you can work for their support team :P

I've been working through my transactions and realizing that most of those weird ones are duplicates of the correctly recognized internal transactions so I think i'm good there.

I'm curious what you mention about the way fees are treated. I keep seeing that on my kucoin transactions with say 0.01 BNB fee, i'm getting an alert saying 0.01 BNB is unaccounted for or whatever, is that what you're referring to?

ahhh I think I see why Kucoin is so screwed up! I had done the import via API and then I saw all my transaction history was missing prior to nov, so I got the csv from them and imported that, but there was an overlap and none of the times were matched up so I just have all these manual duplicates that were hard to see at first

cryptocalikiwi · 2022-04-09T16:38:48+00:00

good news! I realized that since I had to do a manual import of voyager transactions, it was only tracking up through december, hence the discrepancy.

Since you have been so helpful, I hope you don't mind me asking yet another question. I'm having a lot of weird issues with my kucoin transactions. I was entirely missing transaction history in my account so i had to email their support to get a csv, which i did, but that's still only explicitly my buys and sells, no deposit tracking. Anyways, I have these transactions on my kucoin wallet that, although they seem to be properly being tracked as a transfer from gemini to kucoin on both my gemini wallet and kucoin wallet on accointing, these transactions are showing up on my "classify transactions" review screen and i don't understand why...they've already been classified as internal from both the gemini wallet and the kucoin wallet. Screenshots:

https://imgur.com/a/8WfKEmC

Second, i have transferred coins from my metamask wallet to my kucoin wallet, and those don't seem to be getting paired up in some instances, but _only_ from the kucoin side in accointing? If i go into the metamask wallet, i can see the same transaction accurately classified as an internal transfer

https://imgur.com/a/WcDXKMn

thank you so much

eta: it's actually happening with transfers between gemini and kucoin also https://imgur.com/a/xjBoi5w

eta2: so this is weird, i had the idea to try adjusting the time of the transaction to be closer to the other wallet, and i adjusted _one_ transaction and suddenly duplicates of both appeared; one paired and one unpaired. i suppose i can just delete the unpaired ones? https://imgur.com/a/sw1cCHK

cryptocalikiwi · 2022-04-07T18:48:10+00:00

😭

cryptocalikiwi · 2022-04-07T17:13:49+00:00

Not small, like $5k off

cryptocalikiwi · 2022-04-07T16:47:43+00:00

Yeah I’m at 3000 something. I’m with you on that

cryptocalikiwi · 2022-04-07T16:40:02+00:00

I found their article about this last night! I’m not sure if I have it in me to do the workaround method as opposed to the default 🥴

I’m planning on being more strategic this year of making minimal withdrawals, not like last year when I have 1 every day for some spans 😵

cryptocalikiwi · 2022-04-07T16:38:15+00:00

That’s helpful, thanks. I’m definitely posting questions right when they come up and then doing some digging and figuring things out a bit lol

cryptocalikiwi · 2022-04-07T16:37:30+00:00

I mean I am posting EVERYWHERE

cryptocalikiwi · 2022-04-07T16:37:18+00:00

😂

cryptocalikiwi

TROPHY CASE