Your acquisition data is critical to calculating cost basis for a disposal as your acquisition data literally defines what your cost basis is! Crypto can be acquired in four different ways:
- You can buy it using FIAT.
- You can trade one crypto for another.
- You can receive crypto as income.
- You can receive crypto as a gift.
Let’s say that I bought 313 $FUN using $ETH on GATE.io. I transferred out that 313 $FUN and into my Atomic wallet because I wanted to swap it to $ENJ on Uniswap. I have my Atomic Wallet syncing but notice that my $FUN -> $ENJ trade is missing cost basis. I then would think back and ask myself: “Where did I get that $FUN again?”
Once I remember that it was acquired on GATE.io, I get an export of both my trades and transfers from GATE.io and upload them to my account. That will bring in a $ETH -> $FUN trade, as well as a transfer out of 313 $FUN. With that additional data, my cost basis is resolved!
Still have questions? Send us an email at firstname.lastname@example.org or chat with us using our live chat feature, and we'd be happy to help!