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54235381 No.54235381 [Reply] [Original]

Ameribros, how am I supposed to report my cost basis on 19 ETH if I accumulated over the last 2 years on different exchanges if i decide to sell? I have a rough estimate of my cost basis using the Delta app. Can I just put 19 ETH and the estimated cost basis and sell price and be okay with Uncle Sam?

Pic related is an example

>> No.54235396

>>54235381
Worst case scenario is you have a $0 cost basis and pay full income tax on it.

>> No.54235410

>>54235381
>Ameribros, how am I supposed to report my cost basis
Youre not, faggot

>> No.54235414

>>54235396
This

>> No.54235456

>>54235381
If they audit you and you’re wrong about the cost basis but you’re still under, then you’re fine. No need to declare a cost basis of zero

>> No.54235480

>>54235456
He could also just use the lowest ETH price as his cost basis since that would give the IRS the most amount of taxes

>> No.54235532

>>54235396
True but I clearly don't. I haven't sold any ETH since I started accumulating about 2 years ago. If I were to sell, can't I just put "19 ETH", total sell price, then my total estimated cost basis? I see no point in listing every single buy amount of ETH at the respective ETH price

>> No.54235558

>>54235480
>>54235456
Good idea. Average buy price according to Delta app is $1757.58. I suppose if and when I do sell I could just put my cost basis at $1700 to cover my ass

>> No.54236305

>>54235558
That is what I had to to with fantom because kucoin seems to lost records but wallet logs are still there so can see amounts and dates but no prices. had to use historic prices on coinmarketcap for cost basis.

>> No.54236370
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54236370

>>54235381
Just make a up a number lol. The IRS isn't tracking any of this shit since most exchanges don't report to them. I import everything and fudge the numbers a little bit so I get refund. I've been doing this since 2018 and haven't gotten into trouble yet.