Calculate using the right cost-basis for every transaction.
Our workflow helps you get through the cryptocurrency taxes in an efficient way. Reviewing any transactions that don’t have the right source helps you define the right cost-basis for every transaction. This avoids any assets getting wrongly assigned with a $0 basis (which could lead to huge gains).
As per updated guidance provided by IRS, the cost basis for various cases has been explained here in their FAQ section. It is important to understand that assigning a wrong basis could lead to huge gains as well as an audit holds you for providing wrong information.
Avoid this with our review transaction step
For every deposit transaction that we could not match with an appropriate withdrawal on another exchange or a wallet, we'll flag it as a review item.
A list of such transactions will be shown for your review. You have to fix these transactions by providing the right source (which defines the right cost basis).
Our options in the review process comply with the various cases suggested by updated IRS guidance and guarantees an accurate calculation of gain or loss depending on the purchase price and selling price.
Not sure exactly what we’re looking for or just want clarification? We’d be happy to chat with you and clear things up for you. Anytime!
Using chatbox on the bottom right corner.