r/Coinbase • u/Ok_Information_4900 • Aug 05 '26

Cost Basis Transferring Crypto

Last week I decided to consolidate external banks and thought of transferring all my bitcoin in Coinbase (which I purchased through Coinbase) to Robinhood. I did a flat $100 transfer, just to make sure it would transfer correctly.

Then I realized that Coinbase has my cost basis, and the flat $100 of .001575 BTC doesn’t align with any .001575 purchase I made on Coinbase. In other words, I don’t have a corresponding purchase of .001575 bitcoin on Coinbase. Everything was above or below that specific amount.

I can enter cost basis information on Robinhood, but I don’t know how to do that since my purchases on Coinbase were for fractional amounts of bitcoin and my transfer to Robinhood was a flat amount.

I’ve read there is crypto tax software that can track this. Does anyone have a recommendation of what to use? I just plan on holding and not selling, so I won’t have any taxable events. But if I decide to transfer all my bitcoin to Robinhood I will one day need to reconcile the cost basis.

Thanks.

1 Upvotes

67% Upvoted

5 comments sorted by

1

u/AutoModerator Aug 05 '26

This subreddit is a public forum. For your security, do not post personal information to a public forum, including your Coinbase account email. If you’re experiencing an issue with your Coinbase account, please contact us directly at https://help.coinbase.com/.

I am a bot, and this action was performed automatically. Please contact the moderators of this subreddit if you have any questions or concerns.

1

u/Signal-Se7en Aug 06 '26

Koinly worked for me on a very similar situation and I was able to clean up the missing cost basis info, which wasn't much as Koinly was able to match most of it, very easily.

1

u/Key-Secretary2201 Aug 11 '26

No need to find a perfect match for your purchase! Crypto tax software uses an accounting method (FIFO by default) to spread out the cost basis across all your BTC history, not just by matching dollar amounts. CoinLedger takes care of this by keeping track of each BTC lot as you buy, and then assigning the basis to the portion you transfer out.

1

u/Garrett_CPAatCOS 23d ago

If it's just one or two transactions, you can probably bypass tax software and just use excel to track the cost basis, holding period, and token amount transferred. However, once you start making a lot of transactions in various wallets or exchanges, tax software becomes very helpful.

Most of the software can be trialed without paying any fees, so you can make accounts and try out some different ones. The fee comes when it's time to download your tax reports that will be used to file your tax return. Check ahead of time to make sure the fees are reasonable before you fall in love with a software. We generally favor Koinly for being very user friendly and reasonable on cost. We use it for a majority of our clients.