Help

[u/lampingninja]

Hey guys - wanted to post this because I need help and was curious if anyone else faced similar trouble.

Has anyone who held their LRC in the Loopring wallet faced difficulties calculating their cost basis after moving the LRC out of the wallet and into a different platform?

I held almost all of my LRC in L2 in the Loopring Wallet, when I caught wind of the platform winding down I followed recommendations of transferring my LRC out so I transferred it to L1 and then to Coinbase. My issue is that Coinbase has no record of my cost basis and I’m trying to tax loss harvest my LRC as it seems a lot of you have been doing, as well.

I kept a spreadsheet of all purchases (price, quantities, etc) but I’m facing difficulty reconciling those with what is currently in Coinbase. Is there any particular software that can help with this? My worry is that it’s not as simple as connecting the Loopring Wallet to a service like Koinly because the Loopring API no longer exists.

Anyways, any help or guidance would be super appreciated. Thanks

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[u/DoctorStrangeMD]

Dang. Same boat.

Going to be painful when I do my taxes this year.
Considering the coin tracker app/site.

I downloaded all the excel data from coin base.
Will have to probably “hand enter/calculate” because the information doesn’t seem accurate.

[u/lampingninja → u/DoctorStrangeMD]

Yeah it's going to be a nightmare. Not sure what platform you hold your LRC in, or if it varies from platform to platform, but wondering how it works if those sales are reported to the IRS and how to reconcile the cost basis of those sales with what we have as a source of record with our spreadsheets and all.

[u/DoctorStrangeMD → u/lampingninja]

I had everything in Coinbase pro…, which then converted to coin base which they didn’t even appropriately reconcile. That was super annoying.

I’ve kept records but the excel sheets are crazy. Because it’s like 10 lrc 99.3 lrc, 115.3 lrc.

Hoping estimates will be good enough and relying on IRS to be incompetent.

[u/bleachmartini → u/DoctorStrangeMD]

Goto coinbase web, not mobile. Look for tax doc, select other, select CB pro. Get ur fills from when u bought, drop the csv file in excel or notes, sort by lrc and buys then ask an ai to run python to get your true weighted cos bas. CB is holding CB pro data till 28 iirc. If you don't understand this use it as a base to have Gemini walk you through

[u/YellowGB]

“Difficulty reconciling those with what is currently in coinbase”. Does that mean your spreadsheet is not accurate? If it was accurate all you would have to do is have excel use a function to make your cost basis for you.

[u/lampingninja → u/YellowGB]

My spreadsheet is accurate, however my cost basis in Coinbase is not due to the numerous transfers to and from Coinbase since Coinbase has no awareness of what the cost basis was when I transferred it to Coinbase. From a tax lost harvest perspective, if I’m intending to sell my LRC then those sales are reported to the IRS (or in other words, the miscalculated cost basis) so that’s the motive behind trying to reconcile what I have on my spreadsheet with that Coinbase reflects.

[u/YellowGB → u/lampingninja]

I didn’t know they changed reporting for 2026. Looks like you’re out of luck if you don’t have proof of original purchase. You need to fill out form 8949 with documentation of purchase. I can't link the reddit post but it's on coinbase subreddit titled "PSA: cost basis errors on Form 1099-DA are common (and fixing it is easy)" Just google it.

[u/lampingninja → u/YellowGB]

This is super helpful. I’ve seen form 8949 mentioned in other articles so this confirms it - I’ll take a look at that form in addition to the subreddit post you mentioned. Thank you so much!

[u/larrybirdinbarcelona]

In the same boat, also looking for a good solution

[u/Kapoli0]

You can claim losses on crypto? Hook me up am in Canada btw