Question

What is the cost basis of crypto received from someone else?

Forum|Forum|2 years ago
February 16, 2024
1 reply
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I use Coinbase and have received crypto from another person then immediately sold it. In the CSV from Coinbase imported into Turbotax desktop, the cost basis is 0. This would cause the capital gains to be the full amount of the proceeds. I didn't make any capital gains as I received it and immediately sold it. Should the cost basis be the same as the proceeds?

Not A Product Question

R

RobertB4444

The cost basis is what you paid for it. It sounds like you paid zero so, yes, the cost basis is zero. However, if this was a transfer from your friend then their cost basis transfers. So you can enter what they paid for the crypto in as the cost basis. You just need to get some kind of proof from them of what they paid.

@tombk

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