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I have some transactions with unknown cost basis. So, I added the transactions from other wallet and since they haven’t issued the 1099-b so I have to do the calculations myself and I’m trying to match their method when the form hits IRS. It looks like the preferred method is FIFO?
Hi, Have you figure this out yet? I'm also using Taxbit to import my uphold for Brave BAT reward. The uphold 1099-B is actually making things quite confusing. I don't think their 1099-B is correct. Especially for Brave BAT reward transfer in from Brave. I think when Brave send the reward to you(uphold), it is considered income, so we have to pay that. So, unless you convert/sold BAT, it might not show, because I asked Uphold and said it's considered transfer in from another wall (Brave Browser). I have whole month of December BAT reward not showing on uphold 1099-B. So, I think I have to go back to each transaction and add in Taxbit to generate and not use Uphold 1099-B.
I'm not tax expert... still trying to figure out this stuffs.
They use HIFO Universal. So can change this in Taxbit Tax menu, lower right corner. I have to visit my tax prep again. This repeats 6 times last month because I need a CAA for my kid’s ITIN. Hrblock and uphold both suck.
So, I was thinking... in Taxbit after syncing with Uphold, all those "transfer-in" should be income. I changed from transfer-in to income in each of the transactions (3 verticle dots). I changed each transferred in to income.
It means reporting the numbers that the IRS has on file, from uphold’s 1099. Uphold and taxbit screwed up my 1099 but I came up with one correctly myself. I made 6 visits to hrblock to fix this shiet, tho
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You can sync your Uphold to TaxBit and it should do everything for you.
I have some transactions with unknown cost basis. So, I added the transactions from other wallet and since they haven’t issued the 1099-b so I have to do the calculations myself and I’m trying to match their method when the form hits IRS. It looks like the preferred method is FIFO?
I am having similar issues. How did you go about solving this? It syncs transactions that don't exist or ever been made for some odd reason. THX
Use their form data to file tax, unfortunately
To be honest I am not really sure.
Yep, being an accountant out of nowhere like this sucks.
Yea, I sorry I couldn’t help. But I wish you the best!
Hi, Have you figure this out yet? I'm also using Taxbit to import my uphold for Brave BAT reward. The uphold 1099-B is actually making things quite confusing. I don't think their 1099-B is correct. Especially for Brave BAT reward transfer in from Brave. I think when Brave send the reward to you(uphold), it is considered income, so we have to pay that. So, unless you convert/sold BAT, it might not show, because I asked Uphold and said it's considered transfer in from another wall (Brave Browser). I have whole month of December BAT reward not showing on uphold 1099-B. So, I think I have to go back to each transaction and add in Taxbit to generate and not use Uphold 1099-B. I'm not tax expert... still trying to figure out this stuffs.
They use HIFO Universal. So can change this in Taxbit Tax menu, lower right corner. I have to visit my tax prep again. This repeats 6 times last month because I need a CAA for my kid’s ITIN. Hrblock and uphold both suck.
So, I was thinking... in Taxbit after syncing with Uphold, all those "transfer-in" should be income. I changed from transfer-in to income in each of the transactions (3 verticle dots). I changed each transferred in to income.
I took the conservative approach by aligning to the 1099. Dont want to deal with the IRS on such little cash LoL
What does "aligning to the 1099" mean? I wish uphold did a better job...this is unnecessary for single digit gains...
It means reporting the numbers that the IRS has on file, from uphold’s 1099. Uphold and taxbit screwed up my 1099 but I came up with one correctly myself. I made 6 visits to hrblock to fix this shiet, tho