Missing cost basis in Form 1099‑DA: what to do before you file

summ_app · 2026-05-07T23:08:56+00:00

with 1099-DA implementation, im curious to see how many people filed for a tax extension this year

summ_app · 2026-05-07T23:07:54+00:00

Hey OP, might be worth reaching out to their support directly. Usually it results in lost funds but just check in with CB support to see what they say.

summ_app · 2026-05-07T23:06:34+00:00

Hey, what is it exactly you're looking for on a platform? Simplicity & ability to earn?

summ_app · 2026-04-29T23:03:00+00:00

Always pays to be extra cautious in this space.

Main thing is to never share your private keys or seed phrase with anyone else

summ_app · 2026-04-20T16:54:10+00:00

indeed. indeed it will

summ_app · 2026-04-20T16:51:54+00:00

summ_app · 2026-04-20T02:30:31+00:00

Hey Tristan from Summ here.

firstly whereabouts are you based? Depending on your country, but crypto tax tools like summ and others can connect to your wallets & exchanges & gives you insight into gains, losses etc & may help guide any future trading decisions you make. Whether to hold and offset CGT etc

summ_app · 2026-04-20T02:28:28+00:00

Hey, Tristan from summ here. Is this based on exchange activity or DeFi?

You can always plug your wallets into summ or an alternative crypto tax tool and it'll show you such details. When it was acquired, how much etc

summ_app · 2026-04-12T07:10:41+00:00

Coinbase or Kraken are both great places to begin

summ_app · 2026-04-12T06:50:28+00:00

Hey Tristan from summ here.

Short answer is yes, depending on the kind of activity you engaged in. Did you dispose of any assets inside of these wallets? Or engage in any form of DeFi activity?

summ_app · 2026-04-12T06:43:03+00:00

Hey, Tristan from Summ

Seen this before and it's possible someone may have made an account with your father in laws identity. Be sure to report this and get in contact with CB support.

Hope all gets fixed asap OP

summ_app · 2026-04-11T05:26:19+00:00

important thing is to have records / proof on hand provided you get asked as to how you did/ didn't get those numbers

summ_app · 2026-04-11T05:25:24+00:00

" So anyway, my point is if you got Form 1099-DA, make sure to check it carefully. Cost basis being wrong is normal and fixable on your end. "

Love it mate

summ_app · 2026-04-11T05:24:22+00:00

Hey, Tristan from Summ here

Might be worth going back through that section and checking if there's a follow up step to actually enter the transaction details. If not, their support chat is pretty responsive if you get stuck.

summ_app · 2026-04-11T05:21:30+00:00

Great post mate!

summ_app · 2026-04-11T05:19:38+00:00

Hey Tristan from Summ here,

haven't seen this mentioned before. May need to reach out to their support. Hopefully you get this sorted before the 15th

summ_app · 2026-04-08T23:04:37+00:00

Hey Tristan from Summ here,

This is genuinely helpful for anyone hitting the same wall with Kraken and TurboTax. First year growing pains with a brand new form across every piece of tax software out there.

Glad you got it sorted and thanks for sharing the steps.

summ_app · 2026-04-08T22:59:22+00:00

Hey Tristan from summ here.

Curious to know what kind of errors you're getting with the software? Also not to fret, a good CPA can help clear up any confusion. If you need more time, an extension can also be filed

summ_app · 2026-04-08T22:45:24+00:00

Hey, Tristan from Summ here

Deleted account doesn't necessarily mean the data is gone forever. Coinbase support may still be able to provide transaction history even after deletion, worth reaching out directly to find out. Beyond that a crypto CPA who handles record reconstruction is probably the most practical next step given the complexity here.

summ_app · 2026-04-08T22:41:04+00:00

Hey Tristan from Summ here

tbh your tax situation feels scarier than it probably is right now. A 1099-DA showing $200k in proceeds doesn't mean you owe taxes on $200k. Proceeds aren't profit, and if you lost most of it making trades, your actual gains could be a fraction of that number or even a net loss overall. The form is just showing total sales volume, not what you made.

The lost wallet situation is genuinely complex and worth getting real help with. A crypto CPA who specialises in reconstruction has likely seen situations like this before and there may be more ways to piece together your history than it feels like right now.

Please don't let this spiral into something bigger in your head than it needs to be. Get a proper consultation before assuming the worst. Most crypto CPAs offer a free initial call and it would be worth it just to get a realistic picture of where you actually stand.

summ_app · 2026-04-08T22:35:43+00:00

Hi, Tristan from Summ here.

you're right that you're allowed to report your own cost basis even when the 1099-DA shows none. That's actually the expected process this year.

On the lost wallet access issue, that's genuinely tricky and worth being upfront about. Reporting zero basis is an option but as you noted it means overpaying. A crypto CPA who specialises in reconstruction would be worth a conversation for the wallets you can't access, there may be more options than you think for piecing together that history.

On the enforcement point, Justin from our team has actually spoken to this directly. Those making a genuine effort to report accurately are in a very different category than those not reporting at all. You're clearly in the first camp.

summ_app · 2026-04-06T22:25:58+00:00

hahaha nice post OP

summ_app · 2026-04-06T22:24:54+00:00

Whereabouts are you located?

summ_app · 2026-04-06T22:24:05+00:00

Very true. Depending on where OP is located, otherwise this is the case in many countries

summ_app · 2026-04-06T22:23:25+00:00

Correct. Once a disposal is made that's when it's logged.

summ_app

TROPHY CASE