Hoping someone can help me with transfers between accounts and how to categorize to establish a cost basis. Here is the Scenario.
I have 2 Accounts setup in Cointrackin.info. 1 for Mining/trading and 1 for HODL. Im going use made-up numbers for the scenario.
1. I mine .5 ETH to Account A worth $500
2. Of that I transfer .25 ETH into Account B worth $250
3. I should now have .25 ETH in account A and .25 ETH in account B both with a cost basis of $250
I am not sure how to achieve this in the software as i was testing tonight. I did the following.
1. Created a Withdrawal in Account A for .25 ETH (now my balance is good in account A, and i am pretty sure the tax is correct)
2. Did an API import in Account B for my HODL wallet.
3. This created a deposit in Account B for .25 ETH
My issue is now when i look at my realized/unrealized gains area it shows the gain as $250. Also when I ran a tax report it also showed a gain of $250
So this is making it so my cost basis is $0
Can anyone help me and tell me what I need to modify on my transaction to establish cost basis? Do I need to add another manual transaction of some kind? I have the accounts linked in Cointrackiing.info Is there anyway to make them aware of the transfer?
thanks!!
anyone got an answer for this its something i want to do as well. is it just a case of doing your reports under "total"?
@Balkos try doing a report under "total" and let us know if you'd be so kind