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Taxbit Cost Basis Question

kirbyrj

kirbyrj

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Feb 1, 2005
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I have BTC and ETH in Coinbase, and moved some of it over to BlockFi in order to make interest on it. I have a question about cost basis.

So... I use Taxbit.com because it seems like it's a pretty reasonable website to keep track of taxes, etc. I used it to file my 2020 taxes without issue.

Do I have to assign a cost basis to the transferred BTC in BlockFi? My understanding is that it's a transfer from one exchange to another, so it's not taxable. Taxbit shows the "value" in USD that was transferred from Coinbase, but Taxbit does not show a cost basis for the incoming transfer to BlockFi. If I try to manually edit the Cost Basis, it tells me the transaction cannot be edited. What am I missing?
 
So you basically switch wallets and never sold or traded either BTC and ETH. IRS does not care about how you store your coins only when you sell or trade them is my understanding. So basically if you had 10 BTC, Sold 5 or traded, IRS is only concerned about what value they were worth when sold or traded, not if you switched storage locations/wallet etc. Anyways I use BitcoinTaxes so no idea about Taxbit.com
 
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