TaxBit has created a tool to help users resolve certain missing cost basis issues. The initial launch of our Resolution Center will help identify and walk you through the following scenarios:
- Integration Issues
- Duplicate Transactions
- Linking Transfer In Transactions With a Matching Transfer Out
- Transfer In Transactions Without a Transfer Out
This article will focus on walking you through how to resolve Possible Duplicates in your account.
Duplicate Transactions: Duplicate transactions can occur for a few different reasons:
- A CSV uploaded to your account contains the same data that is being brought through an API connection
- An error when syncing your exchange or wallet integration caused duplicates to appear
- A transaction that was added manually was already accounted for in your account
There can be other reasons beyond the ones mentioned above that caused duplicates to appear in your account but those are the most common to note.
Example: You have Coinbase connected to your account and you're experiencing a sync fail. You decide that in the meantime, you're going to upload a CSV file to your TaxBit account that accounts for the transactions not coming through the API due to the sync fail. The sync issue is then resolved, and now the transactions that were missing that you accounted for via CSV are coming through the API connection causing duplicates.
How do I work through Resolving Possible Duplicates?
First you'll want to access the Resolution Center, you'll login to your account and navigate over to the left side to select "Resolution Center"
From there, the system will identify if there are transactions in your account that have any Integration Issues or any that may be Duplicate Transactions. This example only shows multiple "Possible Duplicates" going on in an ETH Wallet, you'll want to work through the list from top to bottom.
If you choose to work through the issue that has been identified, you'll click the "Resolve" button.
From there, a screen will appear where you can review and work through the transactions:
When you first begin working through identified issues in the Resolution Center, it gives you the option to review the transactions in question.
If you choose to review the transactions select "Review" on the right side. This will then take you to your Transactions page with the necessary filters already applied, so you can easily take a look at what transactions are in question. Being able to review these transactions will help you determine if they are duplicates or if the transactions are being accurately accounted for within your account.
After reviewing the transactions on the Transaction page, you can work through resolving the issue based on the suggestions presented in the Resolution Center.
For resolving Possible Duplicates, you are presented with two options: Review CSV Files in your Sources page and Delete Transactions.
Review CSV Files in sources: You should select this option if the transactions that are identified as possible duplicates are from a CSV. By hitting "Resolve", it'll direct you to the Sources page in your TaxBit account. From there, you can review the files that you have uploaded to your account. When going through your uploaded files, you want to ensure that if any files came from the same source that they don't contain any duplicate transactions. If they do, the best course of action is to remove the CSV files from your account. After that is done, upload a new file that has all the transactions that need to be accounted for excluding any duplicates.
Example: Say you uploaded a Crypto.com CSV file to your TaxBit account at the beginning of the year. As time has passed since then, you now have new transactions that need to be accounted for. If you leave the already imported file in your TaxBit account, and you go to Crypto.com to export a new CSV file to import into TaxBit, this can cause duplicates if the new file has any of the same transactions.
Delete Transactions: This option provides you with the ability to remove any of the transactions identified as possible duplicates from your TaxBit account. You can select the box next to the transactions you want to delete. In this example, there are three transactions that are being identified as possible duplicates. You want to remove the duplicates so that there's only one of the transactions left in your account, or you can choose to dismiss the transactions if they aren't duplicates. When you check the box next to the transactions you want to remove, you'll then hit "Resolve".
Once you hit "Resolve", a pop up will appear for you to confirm that you want the transactions removed from your account.
Once you've completed resolving your Possible Duplicates issue in the Resolution Center, you can continue working on any other remaining issues that have been identified. The goal is to work through any issues until you no longer have identified issues in the Resolution Center.
Please Note: You'll see a screen with this message if you still have Missing Cost Basis within your account. This message is due to the transactions with Missing Cost Basis not being able to be resolved through the Resolution Center at this time. Right now, the Resolution Center helps users with working through four scenarios: Possible Duplicates, Integration Issues, Linking Transfer Ins with Transfer Outs, and Transfer In Transactions Without a Transfer Out. There are more to come soon!
Still have questions? You can interact with our Chatbot by selecting the Chat Widget located at the bottom right side of your screen, or fill out this form HERE to submit a support inquiry request. Our team is happy to help!
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Missing Cost Basis