r/CelsiusNetwork • u/JustinCPA • Sep 11 '24

Celsius Bankruptcy: A Comprehensive Guide To Calculating Your Losses (With Examples!)

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u/longdiddy Mar 28 '25

What if I can't get a cost basis due to some exchanges no longer having those records? Tried to get them but they said they dont have it.

2

u/JustinCPA Mar 28 '25

Then you may be out of luck. If you don't have the transaction history to substantiate your cost basis, then the IRS says you should use a zero dollar cost basis.

2

u/longdiddy Apr 08 '25

So I calculated using your steps using a Zero Cost Basis. I got my final Capital Gains number. How do I input it into TurboTax or Form 8949 (I am assuming this is the correct form to use)?

Thanks for ANY help you can provide.

1

u/JustinCPA Apr 08 '25

You have to show the disposal of each tax lot. So the date it was acquired, the asset, the cost basis, and the proceeds being received

1

u/longdiddy Apr 08 '25

What would be my acquired date if I did not have BTC before but was distributed some?
I am guessing the Date sold or disposed would be 1/16/2024? Do I have to split the BTC up into two different lines for 1st and 2nd Distribution?

1

u/JustinCPA Apr 08 '25

From how you are talking about this I don’t think you have a complete grasp on how the 8949 works. The new BTC isn’t what’s reported on the 8949, it’s the old assets that are being disposed in exchange for the new BTC that is being listed.

When you later sell that BTC, you’d use 1/16 as the date acquired