US crypto/tax people: with brokers/exchanges having to report crypto transactions in 2025, how do you transfer your cost basis to the exchange, so that they report the right gain/loss? Will there be an option to specify that? Anyone know?

Ah, so it turns out any "outside" assets will be deemed "noncovered" and cost basis does not need to be reported. Problem solved.

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Ah, so it turns out any "outside" assets will be deemed "noncovered" and cost basis does not need to be reported. Problem solved.

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Sure. Same for me atm. But for 2025, exchanges *must* report and so if theirs don't match yours, that's an issue. But luckily, you don't have to inform them when it's noncovered assets transferred in.

Afaik their reporting can be ignored so long as your own reporting accounts for any sales. The exchange is not the right place to consolidate your balance sheet if you have activity elsewhere. I just do my crypto books in a spreadsheet and keep records of downloaded tx.

Idk it's always so confusing 😂 GL to us degens surviving tax season. Pretty sure this year I need an actual tax professional to help me so I don't fuck it up... I remember there being some way to manually adjust cost basis but I don't remember if that was on the CB side or the tax software side after importing.