Post
Topic
Board Mining (Altcoins)
Re: Number 9! Ninth altcoin thread. Back to the moon Baby!
by
philipma1957
on 30/07/2019, 23:48:26 UTC
Part of what is wrong  is simple transfers of coin out of coinbase.

Coinbase does not know where the coin goes so they  show it as a cap gain or cap loss.

but if you moved it to your core wallet it is nothing a wash and coinbase reported the transfer as a liquidation thus causing a cap gain or loss.


I still think that it is coinbase fault as transfer out should not be a liquidation by default.
If I send btc to coinbase, do they consider it a BUY?
If yes, then it is ridiculous and a REALLY bad accounting standard.

Example: Say, I send 1 btc to coinbase when the price is 15K. Now I am withdrawing the same 1btc at 9K.
Do they think that it is a $6K loss? If they do, then they are negligent/in error.


Yeah  but it does not help me in my case. 

What kills me is I don't owe money once I do what is wanted it most likely will mean I have a larger cap loss not a lower one.

I have looked at  most materials that were provided. Once I generate a new 2018 amended return I will do a quick recap of time and length of the report.  My 2018 cap losses were 3300 and my ebay/bitcoin sales earned under 5000 for 2018.  I will let you all know how much time it will take me to make reports. and how much money  it makes as a difference.

BTW so far coinbase is refusing to send me a 1099-k.  Which makes for more work for me.