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 Transfer Outs
- Transfer In Transactions Without a Transfer Out
This article will focus on walking you through how to resolve Linking Transfer In Transactions With a Matching Transfer Out.
Linking Transfer In Transactions with Transfer Outs: If you have a Transfer In transaction without a Transfer Out, it can cause missing cost basis flags in your TaxBit account. The Resolution Center can help you work through this situation. A few common causes for a Transfer In transaction not being linked with the Transfer Out:
- Mismatched Timestamps: The time of the Transfer In is outside the timeline of any potential matches within your account
- You manually added the missing Transfer Out transaction
There can be other cases where a Transfer In transaction isn't linked with the Transfer Out, but those above are the most common.
Example: You have a Transfer In transaction of .5 BTC in your Coinbase account. You transferred the .5 BTC out of your BlockFi account. The Transfer Out transaction is showing in your account but the timestamp is showing that it happened a lot sooner than the Transfer In transaction. This can cause an issue with the transfers being linked together.
How do I work through Matching Transfer In transactions with Transfer Out transactions?
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 transaction issues in your account that can be resolved through the Resolution Center. This example shows a Transfer In without a matching Transfer Out in Coinbase. If you have more than one issue identified, 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 resolving the transaction:
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 transaction 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 which transaction is in question. Looking at the transaction may help you remember where that Transfer In was transferred out from.
After reviewing the transaction in question on the Transactions page, you can work through resolving the issue based on the suggestions presented in the Resolution Center. This option is able to identify matching Transfer Outs for Transfer In transactions and allows you to link them.
If there is an identified matching transfer transaction, you will be presented with the option to Link Transactions.
Link Transactions: This option is available if the system can identify a Transfer Out that potentially matches with the Transfer In transaction in question. It’ll show you the transaction that looks like a match and asks you if it’s a match. If this is a match, you can select the box next to the transaction and then you’ll select “Resolve”. From there, you’ve now linked those transactions together, so the system can track your cost basis through the transfers.
Example: You have the Transfer In of .07 BTC into Coinbase that is being flagged in the Resolution Center for missing a Transfer Out. The Resolution Center realizes that you have a Transfer Out transaction of .07 BTC from BlockFi on the same date around the same time. You have the ability to link the transactions together so that your cost basis can be tracked from BlockFi into Coinbase.
Once you've resolved Linking Transfer In Transactions with Transfer Outs 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