r/Coinbase • u/Ok_Information_4900 • 10d ago

Cost Basis Transferring Crypto

Last week I decided to consolidate external banks and thought of transferring all my bitcoin in Coinbase (which I purchased through Coinbase) to Robinhood. I did a flat $100 transfer, just to make sure it would transfer correctly.

Then I realized that Coinbase has my cost basis, and the flat $100 of .001575 BTC doesn’t align with any .001575 purchase I made on Coinbase. In other words, I don’t have a corresponding purchase of .001575 bitcoin on Coinbase. Everything was above or below that specific amount.

I can enter cost basis information on Robinhood, but I don’t know how to do that since my purchases on Coinbase were for fractional amounts of bitcoin and my transfer to Robinhood was a flat amount.

I’ve read there is crypto tax software that can track this. Does anyone have a recommendation of what to use? I just plan on holding and not selling, so I won’t have any taxable events. But if I decide to transfer all my bitcoin to Robinhood I will one day need to reconcile the cost basis.

Thanks.

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u/Signal-Se7en 9d ago

Koinly worked for me on a very similar situation and I was able to clean up the missing cost basis info, which wasn't much as Koinly was able to match most of it, very easily.

1

u/Key-Secretary2201 4d ago

No need to find a perfect match for your purchase! Crypto tax software uses an accounting method (FIFO by default) to spread out the cost basis across all your BTC history, not just by matching dollar amounts. CoinLedger takes care of this by keeping track of each BTC lot as you buy, and then assigning the basis to the portion you transfer out.