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
- Unknown Assets and Prices
This article will focus on walking you through how to resolve Unknown Assets and Prices.
Unknown Assets and Prices: Unknown Assets and Prices can arise for a few reasons like the asset you are transacting with isn’t in the TaxBit database, it's not a well known asset so we don't have pricing information, it's a newer asset, etc. Whatever the reason may be, we want to make sure that the asset is identified and that the pricing information is accurate and accounted for so our system can calculate the proper gains/losses on the transaction in question.
Example: You are transacting on Coinbase. There is an asset that you used that isn’t in the TaxBit database. Since the asset isn’t in our database, we aren’t able to provide pricing information to calculate the gains/loss on the transaction. Once that information is accounted for if the asset is in our database, our system will pull the pricing information. If the pricing information is missing, the transaction will appear in the Resolution Center with missing price information as the identified issue, you can then add the pricing information for that transaction.
Please Note: NFTs shouldn’t show up in the Resolution Center under Unknown Asset and Price Issues. This feature only works for API connections established in your account, if you do remove the connection the transactions will remain in the Resolution Center.
How do I work through Asset Issues?
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 multiple unknown asset and price issues, you'll want to work through the list from top to bottom. You will have to solve these issues one at a time because there’s no bulk edit solution for resolving these issues.
Please Note: If you have more than 100 missing price/asset issues, you won’t be able to view all of them in the Resolution Center past 100 transactions. You'll have to work through resolving the issues in order for the rest of the transactions with these Unknown Assets and Prices to appear.
Defining an Asset
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 transactions:
If you know the Asset involved in the transaction you can search and select the correct asset from the dropdown. For example, if you know that the unknown asset was actually BNB, you can search through the assets in the database to locate BNB.
Once you find the asset that was involved in the transaction, you can select the asset and then hit “Save Changes”. In the example mentioned above, you would select BNB if that was the asset involved in the transaction, and then you would hit “Save Changes” once you’re done.
In the scenario that you can’t find the asset that was involved in your transaction, you can hit “Tell us what it was” next to “Can’t find your asset?. A pop up will appear where you can enter the asset and submit it to be added to our database.
If you solve a missing asset issue, but we can’t find the price for that asset at the time, you will then see a missing price issue show up in the Resolution Center and will have to solve that.
Defining the Price
Under the identified Unknown Assets and Price Issues, if you choose to work through a missing price 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:
For an issue with missing price information, the “Resolve” button will bring you to a screen to define the price of the assets. For example, in the screenshot above there’s missing price for two amounts of BNB. You will enter the price of the assets into the fields and then hit “Save Changes”.
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.
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!
Disclaimer: Keywords below are added to articles to enhance searching for content within our Help Center.
Keywords:
Unknown Asset
Price
Missing Cost Basis