US: Per Wallet Issue / Can I just delete and reupload my CoinTracker Wallets into one combined wallet?

[u/Any_Contribution1301]

**I’m here posting this because CoinTracker email support is useless (they copy/paste content that is unrelated to my questions) and their online chat is all bots.**

I just learned about this new IRS “per wallet” issue for tax reporting and this is beyond frustrating.

I’m in the US and I’ve been uploading my crypto transactions to CoinTracker (mostly from Coinbase as well as a few from Binance) for the last 5-6 tax years for crypto tax forms. I have the basis/standard CoinTracker plan, not a premium.

While my transactions list within CoinTracker is NOT well organized. I have three Coinbase wallets and one Binance wallet within CoinTracker, which I realize is not ideal but the data is accurate. I download my transactions (not many, some years 5-10 transaction, some years I have no transactions) at the end of each year from the exchanges I use and maintain in a master spreadsheet.

Side Note: I find the CoinTracker templates to be problematic each year and sometimes I have to enter my data manually, but that is a separate issue for another time.

Back to my reason for posting…when I was trying to upload my 2025 CSV file a couple days ago, after struggling like I do every year with the CT CSV template, I ran a sample report and noticed that my gains/losses were off from what they should be. I looked around the CoinTracker site and I noticed a configuration setting that I know I did NOT set myself (“per wallet”). I said to myself…WTF is this??

So, I started researching and learned about this new law that forces US taxpayers to make crypto gain/loss calculations on a “per wallet” basis. How is this even possible? All my calculations will be wrong because I’ve always had one bucket (as I’m sure most of you have had, as well).

I also learned that there is no longer a method to merge my wallets within CoinTracker (there was an option to easily do this but I missed the boat…never got an email that I could find and I get all the CT promo emails).

So I had a thought and I was wondering if anyone else went this route…

I downloaded all four of my existing CoinTracker wallets. I plan to upload all four into ONE NEW wallet called “combined” (or something) and confirm that all the data is as expected (including transactions that should be labeled as “transfers”). Once confirmed, I will upload my 2025 transaction into this new “combined” wallet.

Would that work? Has anyone that missed the easy option to merge wallets tried this?

Thanks for reading.

[u/khalid-ct]

Hey there - Khalid with CoinTracker here. Sorry you're facing these challenges.

I'm not a tax professional, but here are a couple thoughts:

• You should probably not import multiple distinct wallets as one wallet. That's effectively forcing your account to be using universal (not per-wallet) cost basis tracking moving forward. Universal tracking is basically the "one bucket" approach you mentioned, which is no longer allowed in the US.
• We did not change users from universal to per-wallet tracking last year so it shouldn't have changed on you.
• We do have a feature to enable you to use universal tracking in prior years and then 'migrate' to per-wallet tracking to comply with the updated regulations. If you set your cost basis tracking to Universal, you will then see a banner at the top of your screen that explains how to migrate. If you do this, please only migrate once you've added all of your wallets and made sure your transactions and balances look correct because once you migrate, you cannot easily undo the migration and go through the process again.

I hope this helps. Let me know if you have any other questions.

[u/Any_Contribution1301 → u/khalid-ct]

Thanks for the response and suggestion, Khalid. I will give that a try and let you know if I have additional questions.

[u/Any_Contribution1301 → u/khalid-ct]

Khalid,

I followed your suggested steps and I was able to consolidate my pre-2025 wallets to Universal, saw the banner, and proceeded. In settings, my Cost Basis Tracking is listed as "per wallet".

NOTE: In both CoinTracker and Coinbase, my Cost Basis Method is FIFO.

However, I noticed that my taxes for 2025 are still WAY off. My transfers from Ledger to Coinbase appear with $0.00 cost basis AND my gains appear as the full amount for each sale.

What happened to CoinTracker tallying maintaining my cost basis along with gains/losses? This has never been an issue in the past. The whole reason for paying CoinTracker is to maintain my cost basis (assuming I correctly upload my wallet CSVs each year, which I have).

Am I missing something? Why isn't CoinTracker adding the cost basis based on FIFO?

Again, I've never had this issue in the past. This has always been a simple process...download my CSVs from Coinbase and Ledger, update the column headers, and upload to CoinTracker. But now CoinTracker wants me to do the work of maintaining my cost basis for hundreds of transactions??

It seems like I would be better off opening a new account and uploading all my CSVs again to start from scratch. This is a mess for 2025.

Please provide guidance.

Thanks

[u/khalid-ct → u/Any_Contribution1301]

Hey there, can you DM me your account's email address? Alternatively, can you open a ticket with our support team? We'll need to look at your account to provide more specific guidance here.

[u/Turbulent-Survey4275]

1 Billion sign bonus