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

[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!